National Hispanic Heritage Month, observed from Sept. 15 to Oct. 15, is a time when Americans celebrate the rich contributions, diverse cultures and deep histories of the Latino community within the United States. It serves as a reminder that Hispanic heritage and traditions are integral to our national identity, showcasing the tapestry of diverse traditions and stories that make up America. This celebration underscores the strength of our country’s diversity.
Under the leadership of administrator Isabella Casillas Guzman, the U.S. Small Business Administration exerts a strong commitment to supporting Hispanic communities. The surge in Hispanic-owned businesses, contributing $800 billion annually to the national economy, highlights the growing entrepreneurial spirit within this community. Over the past decade, Latino entrepreneurs have seen remarkable growth rates, outpacing non-Latino businesses by tenfold. In the southeast alone, Hispanics own over 1 million businesses, making significant contributions to local economies.
“National Hispanic Heritage Month, observed from Sept. 15 to Oct. 15, is a time when Americans celebrate the rich contributions, diverse cultures and deep histories of the Latino community within the United States,” Allen M. Thomas writes.”Hispanic heritage and traditions are integral to our national identity.” Photo by Alexander Schimmeck on Unsplash
President Joe Biden and Administrator Guzman have prioritized the strengthening of Hispanic-owned small businesses. In the last 33 months, the rate of Hispanic-owned business creation has been the fastest in more than a decade, surpassing pre-pandemic levels by more than 20%. The president’s goal to increase federal contracting dollars to small, disadvantaged businesses by 50% by 2025 equates to an additional $100 billion for minority-owned and underserved businesses, fostering more opportunities for entrepreneurial dreams to flourish.
Lending to Hispanic small businesses is also on the rise. In the 2023 fiscal year, lenders have approved more than $743 million in SBA backed loans in the southeast region, assisting 1,787 small businesses and saving or creating nearly 15,000 jobs. This is a 46% increase in the number of loans afforded to Hispanic businesses compared to last year.
SBA’s Equity Goals For Direct Assistance
This administration has also initiated an ambitious government-wide interagency plan aimed at advancing
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