Raising capital, language barriers and workforce challenges were issues discussed during a roundtable discussion with Hispanic business leaders Monday in Prince William County.
Roundtable host, U.S. Rep. Abigail Spanberger, D-7th, said she has long heard about this range of difficulties facing Latino small businesses in Virginia.
“These challenges are also seen in the data, as Hispanic and minority-owned businesses have a harder time securing loans, face higher rejections rates, and are approved for lower loan amounts than white-owned businesses,” according to a release from her office.
Virginia has nearly 70,000 Hispanic-owned small businesses—more than 9 percent of businesses in the Commonwealth.
Nationwide, about one in four businesses are Hispanic-owned, contributing $8 billion dollars to the American economy annually, the release stated.
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At the roundtable held at Todos Supermarket in Woodbridge, Spanberger answered questions, took feedback, and provided insight on federal legislation she has supported to bolster small businesses and entrepreneurs in Virginia’s Seventh District, according to the release.
“I’ve seen firsthand the vital contributions of Hispanic-owned businesses to our local economy. In the U.S. House, I’ve been a strong supporter of responsible investments to improve access to the capital and resources necessary for Hispanic-owned businesses to thrive — because when small business thrives, Virginia thrives,” said Spanberger.
“I want to thank all the business leaders, business owners, advocates, and entrepreneurs for taking the time to be here today. Your contributions to our community—driving economic growth, creating jobs, and supporting families—cannot be overstated.”
Joining the roundtable were Todos Supermarket Founder Carlos Castro, Prince William Chamber of Commerce Hispanic Council Chair Alfredo Athie and other chamber officials, Prince William Chamber of Commerce Ambassador and Co-Chair Juan Chavarriaga and Hispanic business leaders.
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