By Jennifer Rodriguez
President & CEO
The Greater Philadelphia Hispanic Chamber of Commerce (GPHCC)
GPHCC is a local partner in Accelerate Latinx powered by Interise.
As the President & CEO of the Greater Philadelphia Hispanic Chamber, I am concerned every time I hear small business owners who want to scale their business reject debt as a tool for growth. Why is debt so misunderstood?
I will not forget a very successful Latina entrepreneur speaking at a panel about her ambition to sell products to Walmart, yet, her scaling plans did not include any form of debt. I remember thinking, not only that it would be nearly impossible to self-finance that level of growth, but also, that she had probably missed many opportunities along the way, simply because debt was not part of her entrepreneur’s toolbox.
I often advise business owners that debt comes in many shapes and sizes and that what is appropriate depends on their needs and the stage of growth.