Features

Published on October 20th, 2014 | by Millennium Magazine Staff

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Hispanic Businesses are at the Forefront of Small Business Growth

By Maria Contreras-Sweet, SBA Administrator

As we close out another successful Hispanic Heritage Month, the SBA would like to congratulate the more than 3.2 million Hispanic-owned businesses and entrepreneurs who work tirelessly to ensure that the economic prosperity of our nation is alive and well. Your businesses contribute more than $468 billion to our economy, each year. In fact, our nation has experienced an historic 55 months of consecutive job growth, and small businesses are at the forefront of this effort, creating 2 out of every 3 net new jobs.

As an entrepreneur myself, I understand the challenges America’s small business owners face.  Before joining President Obama’s cabinet, I founded California’s first Hispanic-owned business bank in 35 years to help unleash the enormous economic potential of Los Angeles’ Hispanic community.  The local SBA office was a valuable resource in helping entrepreneurs gain access to capital, counseling and contracts – the lifeblood of our small businesses and key determinants of their success.

As SBA Administrator, I have made “inclusivity” the watchword of my tenure.  The face of American entrepreneurship is changing; more belong to women, African-, Asian-, Native, and Hispanic Americans.  Last year, the SBA broke our record for lending to Hispanic entrepreneurs, facilitating more than $1.3 billion in loans to this highly entrepreneurial community. We set fees at zero for loans under $150,000, increasing access to valuable capital for small business owners across the nation. Lastly, our resource partners have counseled hundreds of thousands of Hispanic business owners on the fundamentals of starting and growing their businesses.  Every day, our dedicated SBA staff works to help Hispanic businesses get more government and corporate contracts, and expand into international commerce.

My goal is to make the letters S B A stand for Smart, Bold and Accessible, so our agency’s programs and outreach are as inclusive and dynamic as the communities we serve.   There is no better time than now to open and grow a business in America.  The SBA is here to help this generation of small business owners – and the next – realize their entrepreneurial dreams. So join us as we continue to strengthen the economic fabric of our nation and expand the world’s best, most innovative small business community.

For more information on SBA loans for your business, visit:http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans

 

 

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