Here's how Latino small business owners are keeping their businesses running during coronavirus. investinyou (In partnership with acorns.)
86% of Latino small business owners report significant negative impact on their businesses by the pandemic.Mark Cuban recently helped a local Latina-owned Dallas coffee shop with a purchase that equalled a full day's sales.
Many small businesses owners are still waiting for government relief in the form of Payroll Protection Program loans, after funding from the initial $349 billion authorization ran out and a second small business loan program was rolled out this week, but immediately ran into technical issues. In all, the federal government has authorized over $650 billion in loans for small businesses.
Gomez said it breaks her heart to see the coffee shop she carefully curated and designed now have its chairs pushed against the walls and empty. Despite the emotional challenges of closing the shop, her priority remained clear: keep her four employees working and the business running.She cut her shops hours, doubled-up staffing on shifts while increasing payroll by 15% to accommodate the increase and branched out into online ordering and delivery.
She handed out brochures while walking her dogs and began to see orders slowly come in from the Dallas community. Gomez even caught the attention of Shark Tank host and Dallas Mavericks ownerCuban, whose team plays across the street from Gomez' coffee shop, placed an order of over 120 coffees and pastries for first responders at a nearby testing site and City Hall.We were up 1,200% on sales one morning, with only $44 in the register, so it's safe to say we're not back on top yet.
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