BOISE, Idaho — Owning a business can be hard, but also a rewarding experience.
"If you are already all the way down, there is only one way to go up," Jossue Ruiz, owner of Ruiz Marketing said.
Idaho’s small businesses are an important part of the Gem State’s economy. The U.S. Small Business Administration reports over 176,000 small businesses in Idaho, including those that are minority-owned.
"In Idaho, we have such a community spirit," Idaho Hispanic Chamber of Commerce’s Director of Operations Mari Ramos said. "We want to help each other, we want to collab. We have this small-town community even when it's not so small anymore.”
A new Lendio report shows Idaho ranks as the tenth best state for minority entrepreneurs to succeed, and many Idaho minority entrepreneurs agree.
"Being in Idaho allows me to do a lot of great things for my community and it's easy for us to do what we need to do and grow without having to jump through a lot of hoops,” Ruiz said.
Ramos says business owners receive support from their own minority groups which plays a big part in their success.
“The Idaho Black Alliance, they have a following within their Black business owners that they can make them grow," Ramos said. "And the same with our Hispanic community."
Ramos said that is slowly changing as time goes by.
"We have a lot of Idahoans that are realizing the diversity and the richness that other foods and products can bring to their lives as well,” Ramos said.
Although community support is there, Ramos said it is still not an easy path.
“There is a lot of background teaching that needs to happen to get a business ready for that step and it takes a little longer,” Ramos said. “Also, a lot of education we did for the lenders, just because they [entrpreneurs] don't have all these credit lines does not mean they can't pay a loan."
Ruiz said he comes from a family of entrepreneurs in his home country, but starting a business in Idaho can look different and come with its own unique challenges.
"How you do business is different here,” Ruiz said. “When I started my business, I didn't have knowledge of how to get credit, what credit is and how to open a bank account, how to balance your sheets — so it's more complicated."
Ruiz said having minority-owned businesses in Idaho is important and reflects the state’s communities.
“It's important that we are in all those businesses because we know the culture and it makes us feel safe,” Ruiz said.
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