Nora Anaya, a native of Bolivia who in 2018 started a food truck in Chapel Hill – Ta Contento Mex Fast Food – has advice for entrepreneurs: Educate yourself.
It can be tough to give yourself a crash course in business when you're not a native English speaker.
Her Mexican-themed food truck, which Anaya calls her "baby," has put her on a difficult journey, made all the more difficult by a language and cultural barrier. Anaya, who came to the U.S. in 2004, has a master's degree in psychology. She has the entrepreneurial itch. And a love of Mexican food.
But it can take more to navigate the minutiae of starting a business. That's where Prospera came in, a Hispanic entrepreneurial support group, which even helped her navigate the federal Paycheck Protection Program to successfully obtain a $2,000 loan last year. Prospera, founded in Florida, has an office in Charlotte and come January will have an office in Raleigh – bringing bilingual support services to more Triangle startups like Ta Contento.
“The majority of [Hispanic] entrepreneurs are first foreign born,” said José Alvarez, the Charlotte-based vice president for Prospera’s North Carolina operations. “So when they come here, they know how to do business in Latin America, so 50 percent of their homework is done. But the other 50 percent is knowing how to do it here.”
Thom Ruhe, CEO of the North Carolina IDEA Foundation, said the firm's decision to expand to Raleigh makes for a timely opportunity.
“Hispanic entrepreneurship is the fastest-growing segment of entrepreneurship in the nation right now,” Ruhe said. “North Carolina is poised to be a leader in that category, so to have a partner like Prospera, who can provide the vital services they do, but in native language and culturally relevant, that’s just icing on the cake.”
Alvarez said the firm provides bilingual assistance to business owners. That includes offering workshops in Spanish that help entrepreneurs navigate initiatives such as the Covid-19 Economic Injury Disaster Loan program.
Prospera is the recipient of funds from several organizations, including the state of North Carolina. The Ewing Marion Kauffman Foundation and the NC IDEA Foundation are also contributors. NC IDEA Foundation awarded Prospera a $100,000 “ecosystem grant” in 2020.
Prospera’s Raleigh office will be located in the North Carolina Rural Center alongside Thread Capital. The office will be staffed with a single consultant.