10/4/2023 0 Comments Camino financial latino![]() ![]() When Sean and Kenny were ready to leave the nest, they followed the same path their mother did, and came to the U.S. "So we moved back to Mexico and grew up in Mexico until we were 20 years old." "Kenny and I were twelve when she closed her doors," said Sean. It's that full catalogue of entrepreneurial problems experience by their mother that eventually would inform Camino Financial's holistic take on providing financial support, as well as fiscal expertise, to their clients.Īfter their mother's last unsuccessful attempt at building a business, and a life, in the U.S., the Salas family had to move back to Mexico. "Lack of resources, lack of talent and expertise around her to help her scale her business," but as Sean added, "and then capital, of course." "It was for reasons that go beyond capital, quite frankly," said Sean. Unfortunately, after being in business for 25 years, she closed her doors down."Īs Sean noted, the problem wasn't just because of a lack of funding. "Over the life of her career, she opened over 30 Mexican restaurants in southern California. "Our mother was a business owner," recounted Sean. What happened to her (and the young Salas twins by extension) is the reason why Camino Financial exists. with a drive to go into business for herself. The Salas brothers' mother immigrated to the U.S. That's because the Salas twins' have entrepreneurial roots in their family. "So eventually they can qualify to get a bank loan."įor Kenny and Sean, providing that path is both a unique business opportunity and a calling. "They need a path - or in Spanish, camino - towards building their credit history, getting their financial reporting on track, and finding the potential vulnerabilities in their business, said Kenny. "Especially working with a first-time borrower. "We fundamentally believe that capital in isolation is not the solution," he added. But instead of just being a loan procurement company, the firm also provides guidance for building credit and growing the business.Ĭamino Financial is officially an online lending marketplace, but as co-founder Kenny Salas noted in an exclusive interview with Latin Post, "You could really position us as a small business advisor." The Salas's especially target Latino small business owners, which has made up the majority of their client base so far. Providing a path for Latino small business owners to get funding is the key to closing that gap, and one Latino startup is dedicated to doing just that.Ĭamino Financial is a growing online lending startup founded by two twin brothers, Sean and Kenny Salas, that finds alternative funding for small business owners who are struggling with credit or find themselves consistently turned down for bank loans. It's a problem for Latinos, but it's also a problem for the economy at large: Stanford found the "opportunity gap" keeping Latino businesses from growing past the startup phase can be measured at about $1.4 trillion in economic activity. But, as the Stanford Latino Entrepreneurship Initiative recently found, that wave isn't cresting as high as it could, because while Latinos are starting businesses at an increasingly fast rate, many of those businesses don't grow past the initial phases. There is a wave of Latino entrepreneurship sweeping across the country.
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