Community Development Financial Institution
we collected over 2,000 surveys from latino residents in kent county
OUR Goal
To better understand our Latino community with their financial needs.
There are several potential barriers that Latinos may face when trying to start a home or a business. It’s important to note that individual experiences can vary widely, and not all Latinos will encounter the same challenges. However, we understand that there are some common barriers that they may face. Subsequently, we created a survey to better understand those barriers and how the Hispanic Center can help our Latino overcome those barriers.
The Assessment Question: Are Latinos in Kent County lacking in access to financial products and services for home ownership & small businesses?
The Focus Area: Using seven zip codes that comprised the most significant portion (1,470) of the 2,000+ survey respondents, a “target” was developed to enable more specific market & demographic understanding. These zip codes, it turned out, were more heavily Latino and manifested a faster growing, younger population, larger households, lower AMI, & lower housing costs. Survey data, combined with current ESRI demographics & projections, indicate a growing & unmet market of consumer needs for both home & small business financial services.
Barriers that Latinos could encounter
Here are a few examples Latinos could face when starting a business or buying a home.
Financial Constraints
Economic barriers can be a significant challenge for many Latinos. Limited financial resources, lower incomes, and difficulties in accessing affordable housing options can make it harder to save for a down payment or qualify for a mortgage. Discrimination in the lending industry can also contribute to disparities in homeownership rates.
Language and Cultural Barriers
Language proficiency can sometimes pose challenges, particularly for recent immigrants or those who primarily speak Spanish. Difficulty understanding complex legal documents, navigating the home-buying process, or accessing relevant information and resources can be obstacles.
Limited Network and Support
Building a network of professionals, such as real estate agents, establishing connections and relationships within existing business networks, can be crucial in navigating the home-buying process or starting a business. Limited connections and a lack of established relationships within these industries may make it harder for Latinos to access trustworthy advice and support.