• Businessmen
• businesswomen

Miami, Dec 2 (EFE).-

The percentage of businesses created by Latin Americans in the United States surged from 25% to 36% between 2019 and 2023, according to a University of California analysis of U.S. Census data.

This trend continued into 2024, despite persistent challenges—one being the financial system. Banks are now offering tailored solutions to help this demographic continue doing business.

“We are targeting Latin America. We want Latin Americans to feel they have a bank that can support them in their U.S. business endeavors,” Carlos Romero, CEO and president of EasyBank, said in an interview with EFE. Romero emphasized that the bank’s expertise has enabled it to identify the most pressing need for Latinos: the ability to open a U.S. bank account easily from their home countries.

“When you think about opening a bank account in the U.S., you first need to get a visa, then cover travel expenses to Miami, open the account, but after that, no one will assist you,” Romero said. “We can provide direct support to all these countries. I believe that’s a big advantage.”

Challenges for Latin American Businesses

One of the biggest hurdles Latin Americans face in the U.S. is access to the financial system, whether due to language barriers or difficulties entering the country. Adding to this, securing credit—and having it approved—is often more complicated for businesses owned by Latin Americans compared to those established by U.S. citizens.

The National Minority Supplier Development Council (NMSDC) reported that Latin-owned businesses increased their total revenue by 50% in 2023 compared to 2020, reaching $114 billion annually—a figure that underscores their market potential.

Latin Americans continue to persevere despite the challenges of being migrants, Romero said. “It’s easy to open an account [in the U.S.], but everything that comes after is far more complicated, such as financing, issuing credit cards, cash management, payments, and more.”

The Need for Financial System Inclusion

EasyBank’s initial research has identified that the groups most in need of support to enter the U.S. financial system include small business clients, shareholders of these enterprises, and key executives such as managers and administrators.

Romero acknowledged the diversity across Latin America, noting that each country has distinct characteristics. However, he highlighted three markets that, despite their complexities, offer significant opportunities: Argentina, Peru, and the Dominican Republic.

“We like Argentina. Peru is also a market we’re very interested in, and the Dominican Republic is fascinating. Its economy has impressive numbers, and there’s so much to do and so many people to assist there,” Romero remarked.

A Streamlined Approach

EasyBank, formerly known as BanPlus International Bank, has revamped its operations to make the financial system “easier” for its clients.

“This rebranding strategy is about renewal, modernization, and updating. It aims to position us as a fresh brand with a clear concept of making things easier for our customers,” Romero explained.

The bank plans to continue enhancing its platforms, enabling users to complete most processes online. Additionally, EasyBank intends to travel across the Americas to better understand the needs of small business owners. This initiative will allow the bank to develop tailored products and potentially establish a physical presence in the future. EFE

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This content was produced with the collaboration of EasyBank.