There are many ways credit unions can provide the right mix of products to better meet business banking needs in the Latin community, according to a panel discussion this week at the 2024 National Association of Latino Credit Unions and Professionals Conference in San Antonio. Ligia Vado, Ph.D., senior economist at America’s Credit Unions, participated in the panel.
Titled “Financial Readiness for the Latino Community,” panelists said meeting these business needs can not only increase new membership growth, but also improve credit union engagement with an entrepreneurial and fast-growing sector of the population.
“According to Filene’s research institute, most U.S. businesses are small businesses. Small business account for 99% of all U.S. business, they provide 46.4% of private sector employment and contribute 43.5% to the economy’s GDP… demographically, Latinos and Hispanics have been leading the trend of new business creation and have done so for the past 20 years,” Vado said.
Panelists also discussed:
- What the American dream means for the Latin community in the U.S.;
- Statistics that make the Hispanic market an attractive segment of the population. For instance, Latinos lead new business creation in the U.S., are younger on average than the rest of the population, and have experienced significant homeownership growth in recent years; and
- How credit unions can better leverage their financial education programs to educate Latin communities in the U.S. on how to build more generational wealth with the use of insurance and financial investments.
The conference was timed in conjunction with the Sept. 15 kickoff of Hispanic Heritage Month.
