Each year from Sept. 15 – Oct. 15, Americans celebrate National Hispanic Heritage Month as a time to recognize the many contributions, diverse cultures, and extensive histories of the Latino communities in the United States. The American dream of small business ownership is embraced by people of all cultures and heritages.
As a Hispanic small business owner myself, I can attest to the challenges faced by small businesses. In my role, I am devoted to ensuring that small business owners and entrepreneurs have the tools they need to succeed. I have come across many entrepreneurs whose journeys reflect my own.
The Hispanic community is one of the most entrepreneurial spirited groups in the nation. It lives in the dreams of those who have only just arrived here and in the legacy of families who have been here for centuries.
The Biden-Harris administration and U.S. Small Business Administration Administrator Isabel Casillas Guzman are committed to the success of Latino communities. More Hispanic individuals than ever before are seizing the opportunity to create new businesses which improve their cities and neighborhoods.
Data shows that five million Hispanic-owned businesses contribute $800 billion each year to our economy. In the past decade, Hispanic entrepreneur growth rates have risen 10 times faster than non-Hispanic business rates.
SBA Administrator Guzman, the highest-ranking Latino woman in the President’s Cabinet, has made strengthening our Hispanic-owned small businesses a priority. Over the last 44 months we have seen the fastest creation rate of Hispanic-owned businesses in over a decade, which was more than 20 percent faster than pre-pandemic levels. The Biden-Harris administration has also made a goal of increasing by 50 percent the amount of federal contracting dollars going to small, disadvantaged businesses by 2025—which would translate to an additional $100 billion for minority-owned and other underserved businesses.
SBA is committed to empowering Hispanic businesses as they continue to break down barriers and achieve success in business. As we celebrate Hispanic Heritage Month, let us not only recognize the contributions of Hispanic entrepreneurs but also uplift the next generation of business leaders and build a prosperous business landscape for all.
For more information about SBA’s programs and services visit www.sba.gov.
