Hispanic entrepreneurship is driving the nation’s small business boom with SBA support
Hispanic-owned businesses are growing at an unprecedented rate in the United States, especially as National Hispanic Heritage Month brings attention to their contributions to the nation’s economy. From September 15 to October 15, this annual celebration highlights the influence of the Hispanic and Latino communities, including their impact on the booming small business sector. Recent trends reveal that more Hispanics are starting small businesses than ever before, thanks in large part to the efforts of the U.S. Small Business Administration (SBA), which is focused on helping Hispanic entrepreneurs pursue their American dream.
The Biden-Harris Administration has prioritized the growth of small businesses, and the SBA has been integral in advancing this mission. Under the leadership of Administrator Isabella Casillas Guzman, the SBA is committed to empowering Hispanic entrepreneurship.
A surge in Hispanic entrepreneurship
The entrepreneurial spirit within the Hispanic community is stronger than ever. According to recent statistics, more than 80% of Hispanic business owners have experienced growth over the last year. This rate is notably higher than that of the general population of small business owners, which further highlights the momentum behind Hispanic-led businesses. Over the last three years, the creation rate of Latino-owned small businesses has surged, reaching its highest level in over a decade.
The Southeastern U.S. has emerged as a key region for the growth of new businesses. In the past year, the Small Business Administration (SBA) approved $813 million in loans for Hispanic-owned entrepreneurships in this area, resulting in the creation of over 15,000 jobs. This economic surge highlights the significant contributions Hispanic entrepreneurs are making, not only to their local communities but also to the overall economy. Beyond financial aid, the SBA collaborates with Hispanic chambers of commerce, minority supplier councils, and various organizations to provide workforce development, and training programs for comprehensive support.
Legislative support for Hispanic entrepreneurs
The Biden-Harris Administration has made significant strides in promoting equity for underserved communities, including minority and Hispanic business owners. President Biden has directed a comprehensive government-wide plan to address equity, justice, and opportunity for minorities, veterans, women, and rural entrepreneurship. In line with these efforts, the SBA has established four major equity goals that emphasize direct assistance to small business owners. These goals include improving access to capital for underserved communities and increasing the use of federal contracts for minority and women-owned businesses.
In addition to these equity-focused goals, other legislative measures like the American Rescue Plan and the Infrastructure Investment and Jobs Act are also creating new opportunities for Hispanic-owned businesses. These programs aim to reduce costs and open up historic opportunities for the nation’s 36 million small businesses and startups, with a focus on supporting those in underserved areas. Hispanic entrepreneurs stand to benefit greatly from these initiatives, which help level the playing field and allow their businesses to thrive.
As National Hispanic Heritage Month celebrates the rich history and contributions of the Hispanic community, it also serves as a reminder of the importance of supporting the next generation of Hispanic business leaders. The SBA remains dedicated to helping Hispanic entrepreneurs succeed, ensuring that they have the resources needed to build sustainable and thriving businesses.
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