The next Elevate your Business Series with the National Bank of Arizona will tackle the importance of working capital as a critical tool to propel businesses to a new level.
Working capital is money used to grow your business.
This educational and networking event, which is becoming popular among business owners and entrepreneurs, will take place Thursday, June the 2nd. 2022 at 6001 N. 24th St, in Phoenix.
National Bank of Arizona’s Small Business Diversity Banking Program Elevates business in Arizona.
The National Bank of Arizona, a division of Zions Bancorporation, and Novle, Community Activators are hosting the event.
The topic to be addressed by the expert bankers with the National Bank of Arizona is the importance of working capital, how these funds can help businesses to grow, and how Latinx Business owners can access capital with NBAZ.
Data on Latinx and Business Banking
According to the State of Latino Entrepreneurship 2020 research study from the Stanford Latino Entrepreneurship Initiative, Latinx struggle to secure working capital from banks, despite being the fastest-growing segment of the U.S. small business ecosystem.
Stanford’s report found that only 20% of Latino-owned businesses that applied for bank loans over $100,000 obtained working capital and funding from banks, compared to 50% of white-owned companies. The percentages change when looking at loans of all sizes but not the gap: 51% among Latinos received loans versus 77% for Whites.
We Latinx know many stories about how our business owner fund their ventures. Many of us use our savings or ask a tio or tia to lend us money to start or grow our businesses.
The Latinx reliance on informal loans through friends and family exposes our businesses to financial risk and our personal lives to severed relationships.
“…working capital is critical for the growth and sustainability of your business”. Carlos Velasco, Novle Founder and CEO.
There are reasons why Latinx businesses fail to access formal working capital from banks. Many banks do not have programs to tend to the Hispanic segment’s real needs, many times due to a lack of cultural competency or because they do not take the time to educate the entrepreneurs on the steps it takes to access formal capital.
Diversity in Banking
The National Bank of Arizona is different. As a committed advocate for the community, The National Bank of Arizona offers a Small Business Diversity Banking Program, which brings greater access to capital for minority business owners, with expert bankers knowledgeable of the community.
His team works with Novle to bring these Elevate your Business programs to open the doors to new and meaningful banking relationships.
“Every successful entrepreneur understands that money is a key tool to growing your business,” said Carlos Velasco, Novle’s founder and CEO. “To get money, you need to have a plan to borrow money.” Make sure you are integrating this mindset into your entrepreneurial thinking because working capital is critical for the growth and sustainability of your business”.
Novle is proud to partner with the banking experts at the National Bank of Arizona to educate our community about the importance of accessing working capital through their bank and stop depending on informal ways of financing. These jumps will professionalize your business and will make it more competitive.
The National Bank of Arizona is a steadfast ally that takes our community seriously and has a dedicated program and educational community events to facilitate access to capital.
What is the National Bank of Arizona?
National Bank of Arizona is a leading Arizona-based community bank, a member of the Zions Bancorp network.
It is one of the very few banks in the country with a Small Business Diversity Banking Program, focusing on women-owned, minority-owned, and veteran-owned businesses. Follow the National Bank of Arizona at nbarizona.com.
What is Novle?
Novle is a new kind of marketing and PR firm.
We help brands build an authentic relationship with the Latino Community. We connect and facilitate a meaningful relationship with the community through a Latino-friendly marketing strategy and relational maps. Follow us at wearenovle.com.