Jeri Sanchez Agripay
The small business entrepreneurship boom in Indiana, the Great Lakes region, and across the country is driven primarily by owners from traditionally underserved communities, with Latino communities leading the way. Masu. Over the past three years, the United States has seen the fastest rate of Latino small business creation in 30 years.
From September 15th to October 15th of each year, National Hispanic Heritage Month recognizes the contributions, diverse cultures, and their historical impact in America, including the current record-setting Latino entrepreneurship. Hispanic small business owners are on the front lines of strengthening America’s economy under a landmark bipartisan bill passed under the Biden-Harris Administration’s Economic Policy for America.
They win contracts from infrastructure projects such as installing high-speed internet, reducing lead pipes, manufacturing and maintaining EV parts, climate-resilient roads and bridges, and energy-efficient homes and buildings to increase revenue and increase revenue. It creates income-generating jobs.
Customer growth and revenue expansion are the key to small businesses that qualify through SBA contract assistance programs such as HubZone, women-owned small businesses, service-disabled veteran-owned small businesses, or the 8(a) business development program. This is a particularly good omen.
Job creation by Hispanic small businesses helps close the wealth gap, where Hispanic and Latino households own only about 15 to 20 percent of the net worth of the average white household. Fairness has been a top priority for the Biden-Harris Administration and the SBA since its inception.
In the field, we are acutely aware of the difficulty of finding trusted advisors who can provide business capital and the knowledge capital needed to manage funds and operate a business. And for too long, systemic obstacles have prevented most Latinx entrepreneurs from accessing the capital, tools, and resources to succeed in business.
That’s why the SBA works diligently to provide affordable capital, accessible contracts, and fair counseling to Latino entrepreneurs. Under the leadership of SBA Administrator Isabel Casillas Guzman, the U.S. Small Business Administration (SBA) has broken down barriers and made significant progress. The percentage of Latinos in the SBA’s loan portfolio has increased by 4 percentage points over the past three years, from 7.8% to 12.2%. In fiscal year 2023, the agency provided a record-breaking $3 billion in funding to Latino-owned small businesses. Over the past three years, Indiana and five states in the SBA’s Great Lakes region have increased funding to Latinos by nearly a third starting in fiscal year 2021.
American small business ownership is in the green zeitgeist with an economic policy of investing in America. It is important to drive both business success and sustainability while addressing climate change, ensuring businesses, families and communities have clean air, water, affordable and safe transportation. .
All of this enriches our daily lives in business, work, education, and recreational activities, while conserving energy, reducing business costs, and promoting economically stronger and healthier communities.
During Hispanic Heritage Month, let’s celebrate the successes of Hispanic small businesses and together ensure they receive continued support to thrive in America, so we all continue to benefit.
Connect with SBA staff and resource partners across Indiana at www.sba.gov/in and follow us on LinkedIn.
Jeri Sánchez Aglipay was appointed by President Biden to serve as SBA’s Region V Great Lakes Regional Administrator, overseeing SBA field offices in Illinois, Indiana, Michigan, Minnesota, Ohio, and Wisconsin. Founded in 1953, the SBA is the only Cabinet-level federal agency dedicated entirely to small businesses, providing counseling, capital, and contracting expertise.
