Since 1968, this nation has officially observed the cultures and traditions of those who trace their heritage to Spain, Mexico and the Spanish-speaking nations of Central America, South America and the Caribbean. Their contributions to our nation are innumerable. I’d like a moment to reflect on how our nation’s economy is being driven, in large part, by the growing number of Hispanic entrepreneurs.
The Hispanic community is one of the most entrepreneurial groups in the nation. Since 2021, our nation has seen the fastest creation rate of Latino-owned small businesses in more than a decade. According to recent studies, more than 73 percent of small business owners say their business has grown in the last year, with an even higher percentage of Latino owners (80%) saying the same.
As the highest-ranking Latina on the President’s cabinet, U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman shares President Biden’s commitment to the success of Latino communities. More Hispanics than ever before are seizing the opportunity to create new businesses. Last year, the SBA loaned a record $3 billion to Hispanic entrepreneurs and assisted Latino businesses access nearly $10 billion in federal contracts. Economic data also shows that five million Latino-owned businesses contribute $800 billion each year to our local economies.
From the start, President Biden has directed the development of an ambitious, government-wide interagency plan to advance equity, justice, and opportunities for underrepresented communities. The SBA established four equity goals focusing on direct assistance including increased access to capital; expanded the use of federal contracts to boost minority, veteran, and women-owned businesses; greater support and expanded access to disaster assistance; and increased availability of business counseling, training, and services.
These equity goals are in addition to legislative successes over the last several years including the American Rescue Plan, the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act of 2022 which makes urgent investments to bring down costs, level the entrepreneurial playing field, and open historic opportunities for America’s 36 million small businesses and startups – especially those in underserved areas.
The Hispanic American business community has an entrepreneurial drive that is difficult to match, and the SBA will continue to support them in their journey to achieve the American dream. As you go about your day, take a moment to observe how many products and services are the result of Hispanic Americans. You may be surprised by what you learn.
John Fleming is the SBA Mid-Atlantic Regional Administrator
