This April, during Financial Literacy Month, Ascendus partnered with Telemundo and Prospera to bring practical financial education to Latino communities across the country. Paul Quintero, CEO of Ascendus, appeared across a series of posts and videos under Telemundo’s “El Poder en Ti” platform covering four topics: emergency funds, credit, responsible borrowing, and financial practices for entrepreneurs. Here’s what was covered. 

Emergency Funds: Start where you are 

The goal is 3 to 6 months of essential expenses set aside and untouched. For small business owners, that number should also cover fixed business costs: rent, utilities, insurance, loan payments, for at least 2 to 3 months. If that feels out of reach, start smaller. $25 a week adds up to over $600 in six months, enough to cover a real emergency without going into debt. 

The mechanics matter as much as the amount. A separate savings account at a different bank than your everyday checking keeps the money accessible within a day or two but out of your daily spending flow. Automatic transfers remove the decision. The goal is to build the habit first, then scale it. 

73% of Latino entrepreneurs rely on personal savings to start their business. When those savings run out in an emergency, the business is exposed. An emergency fund is not a luxury. It is the base of financial stability. 

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Credit: A tool you can learn to use 

Your credit score is not a verdict. It is a number generated by five factors: payment history (35%), credit utilization (30%), length of credit history (15%), credit mix (10%), and new credit (10%). Two habits alone control 65% of your score: pay on time and keep balances below 30% of your limit. 

The stakes are concrete. On a $250,000 mortgage, a score above 720 means roughly $276,000 in total interest paid over the life of the loan. A score between 560 and 619 means over $408,000. That is $132,000 more for the same house. 

For those starting from zero, Ascendus built Get Ready Program: a $500 line of credit paired with one-on-one coaching. 41% of participants graduate to $5,000 within six months. 75% remain in good standing, according to a study from The Urban Institute funded by MetLife Foundation. 

Common mistakes to avoid: late payments stay on your record for up to seven years. Closing old accounts reduces your available credit and shortens your credit history. Not checking your report means errors go uncorrected. Free annual checks are available at annualcreditreport.com. 

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Borrowing: Know what you’re signing 

Before taking a loan, answer three questions: How much do you actually need? What can you repay monthly without strangling your cash flow? And what will this money do for your business — is there a clear return? 

Healthy debt creates value. Equipment that increases production, inventory for peak season, a hire that generates revenue. Risky debt fills a gap you don’t fully understand, or funds something that won’t generate income. A simple test: after the monthly loan payment, can your business still operate normally? If the answer is uncertain, the terms are too aggressive or the amount is too large. 

Four things to check on any loan: the APR (the true cost including fees), the repayment schedule (daily or weekly withdrawals are a red flag), the total cost over the life of the loan, and whether the lender has a hardship process if you hit a rough patch. If a lender cannot show you a clear APR, walk away. 

For reference, Ascendus microloans run from $1,000 to $25,000, rates between 7.75% and 15.99%, terms up to 60 months. Small business loans go up to $100,000. Minimum credit score: 575. No U.S. citizenship required. 

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Entrepreneurs: Build business credit separately 

Personal and business finances need to be separate from day one. Beyond that, building a business credit profile under your Tax ID gives your company its own financial identity. Register with Dun & Bradstreet, Experian Small Business, and Equifax Small Business to start that record. It opens doors that personal credit alone cannot. 

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The full series is available on Telemundo’s Instagram under #ElPoderEnTi.  
To access Ascendus financial education resources, visit ascendus.org or ascendus.org/get-ready.