Los Estados Latinos

Wilmington, Del., _ Congratulations to Voices Without Borders, Delaware Community Reinvestment Action Council and the Latin American Community Center for sponsoring the state’s first money fair aimed at letting Latinos know and understand more about finances, access to money and entrepeneurship opportunities.

“Dinero Sin Fronteras” brought together financial organizations, HUD and IRS to share knowledge about money and money management. Guest speaker and Paraguay native Xavier Teixido gave Hispanic attendees practical business world advice. He gave distinctions between fine print business arrangements here versus the handshake and trust relationships among Latinos.

Important lessons of the day:

• Banks are about ability to pay, business plan and their risk
• 50 % of Latinos are “unbanked”
• Too many financially illiterate due to language, mistrust, immigration status
• Need to learn and understand credit reports and mortgages
• Hispanic Business Association there to network and show how to make money
• Hispanic businesses growing three times faster than national average
• Latino purchasing power will be $1 trillion by 2011, from $490 billion in 2000
• Immigrants can use ITIN tax numbers to open bank accounts and get loans.

Categories: Business
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