In hopes of spurring job growth and creating more jobs, the Small Business Administration (SBA) has joined with the US Hispanic Chamber of Commerce (USHCC) to help provide Hispanic entrepreneurs with access to loans, business counseling and educational opportunities in their local areas.
“An economy built to last includes boosting entrepreneurship opportunities in Hispanic American communities,” said SBA Administrator Karen Mills. “The SBA is having a powerful impact in this sector, with a billion dollars in loans to Hispanic-owned businesses last year alone. The pilot program we are announcing today will help us do better.”
The USHCC was established in 1979 to create and develop a strong, cohesive network among Hispanic business owners. It strives to bring to the nation’s forefront the economic issues of importance to the Hispanic business community, which currently comprises nearly 3 million businesses.
The collaboration between the SBA and USHCC will allow national and local Hispanic organizations to work more closely together to ensure an increase in participation of Hispanic-owned small businesses in SBA programs.
According to the SBA, programs available to small business owners include loan programs and access to capital initiatives, government contracting programs like the 8(a) program and the Women-Owned Small Business Program, and international trade opportunities to achieve the goals of the President’s National Export Initiative.
“Minority-owned businesses are some of the fastest growing segments of the economy,” said SBA Deputy Administrator Marie Johns. “In fact, the fastest growing segment in the sector is Hispanic-owned small businesses.”
The SBA hopes to increase its impact on this small business segment by focusing on networking between the SBA, local lenders, and small businesses. The pilot program will be launched in 4 US cities (Austin, El Paso, Nashville, and Philadelphia) and 4 states (Florida, California, Ohio, and Utah).
Johns, Marie. “New Partnership with the Hispanic Chamber of Commerce Will Help SBA Reach More Small Business Owners” SBA.gov. Updated August 15, 2012.
“SBA Increases Support for Hispanic Entrepreneurs” sba.gov. September 18, 2012.
United States Hispanic Chamber of Commerce. USHCC.com.