Many More Hispanics Starting Businesses
10/01/2024
 By Allen Thomas
Each year from September 15 to October 15, Americans celebrate National Hispanic Heritage Month to recognize the many contributions, diverse cultures, and extensive histories of the Hispanic and Latino communities across the United States. The Biden-Harris Administration’s Small Business Boom is being driven in large part by Hispanic founders, business owners, and innovators. During Hispanic Heritage Month, the United States Small Business Administration (SBA) is shining a spotlight on the incredible entrepreneurial spirit of this diverse community, while also highlighting the SBA’s historic work to help more Hispanics than ever realize their American dream of business ownership.  The Hispanic community is one of the most entrepreneurial-spirited groups in the nation. In the past three years, our nation has seen the fastest creation rate of Latino-owned small businesses in over a decade. According to recent studies, more than seventy-three percent of small business owners say their business has grown in the last year, with an even higher percentage of Latino owners (eighty percent) saying the same.
As the highest-ranking Latina in the president’s cabinet, United States SBA Administrator Isabella Casillas Guzman is committed to the success of Hispanic communities. More Hispanics than ever before are seizing the opportunity to create new businesses, which also improves their cities and neighborhoods. Last year, the SBA backed a record $3 billion in small business loans to Hispanic entrepreneurs and assisted Latino businesses in accessing nearly $10 billion in federal contracts.
In the Southeastern Region, over $813 million in SBA lending was approved for Hispanic-owned small businesses last year. These loans were responsible for the creation of over fifteen thousand jobs. Across my eight-state region, the SBA regularly engages Latino organizations including Hispanic chambers of commerce, minority supplier councils, workforce development boards, and community-based groups that support Hispanic business advocacy and outreach.
Early on, President Biden directed the development of an ambitious, government-wide interagency plan to advance equity, justice, and opportunities for minority, veteran, women, and rural communities. The SBA established four equity goals that focus on direct assistance including increased access to capital for underserved communities; expanded 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 the Investing in America Agenda, which includes legislative successes over the last several years. These include the American Rescue Plan, the bipartisan Infrastructure Investment and Jobs Act, and the Inflation Reduction Act of 2022, which makes urgent investments that will bring down costs, level the playing field, and open historic opportunities for America’s thirty-six million small businesses and innovative startups—especially those businesses located in underserved areas.
During National Hispanic Heritage Month, we carry on the important work of honoring Hispanic culture and entrepreneurship. We thank the many generations of Latino leaders who have helped build this country and continue to fight for equality and justice. We pledge to invest in the next generation of Hispanic entrepreneurs who hold the destiny of our nation in their hands. For more information on SBA’s programs and services, please visit www.sba.gov.
About the United States Small Business Administration
The United States Small Business Administration (SBA) makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
About Allen Thomas As Region IV Administrator, Allen Thomas oversees SBA programs, offices, and operations in the SBA’s Southeast Region, serving Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee. Mr. Thomas is a former three-term mayor, businessman, entrepreneur, and leader in public and private enterprise. As mayor of Greenville, one of North Carolina's largest cities, Mr. Thomas led the post-recession recovery, rapid expansion, and robust economic growth, better connecting the city and region. He was recognized by the White House during the Obama-Biden Administration for community engagement in law enforcement and public safety. A serial entrepreneur, Mr. Thomas co-founded healthcare technology startup IQMax, which grew to service one hundred sixty medical facilities in thirty-six states, processing eighteen million patient records per day. Mr. Thomas was appointed executive director of North Carolina Global TransPark by North Carolina Governor Roy Cooper, to revitalize the state's global multimodal transportation and logistics hub, spearheading growth in advanced manufacturing jobs, innovation, and investment.
Source:US SBA
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