Latino business ownership in the US is growing at a rapid pace

RICHARDSON GROUP, WEALTH PROTECTION AND RETIREMENT. NOW, WE ARE ALREADY FIVE DAYS INTO THE BOFA HISPANIC COURSE. IT’S A MONTH LONG CELEBRATION OF HISPANIC AND LATINO HISTORY AND CULTURE. AND THIS MONTH, OUR HEAD OF THE SMALL BUSINESS ADMINISTRATION, KNOWN BY THE NAME OF THE SBA, IS BETTER KNOWN. $34 MILLION FOR SMALL BUSINESSES. AND IT’S COMFORTABLE. AND I JOIN NOW LIVE WITH ISABEL CASILLAS GUZMAN, SBA DIRECTOR. THANKS SO MUCH FOR JOINING US, ISABEL. IT’S NICE TO BE HERE WITH YOU. THANK YOU. MICHAEL. YES, IT IS NICE TO BE HERE WITH YOU AND HAPPY TO BE WITH YOU. FIRST, TELL ME A LITTLE ABOUT HISPANIC SMALL BUSINESS FINANCE AND WHY THIS PROJECT IS SO IMPORTANT. NOW, WE’VE SEEN SMALL BUSINESS EMERGING IN THIS COUNTRY MORE THAN ALL THE BUILDINGS. 19.4 MILLION BENEFIT APPLICATIONS FILED IN PENNSYLVANIA, ONLY 550,000. That basically means there are ALL THESE INCREDIBLE NEW STARTS. WHO’S GOING TO BUILD, BUILD SUSTAINABLE BUSINESSES AND GROW OUR ECONOMY. NOW, MORE THAN JUST, IT IS IMPORTANT THAT WE CAN WORK SO THAT THEY ARE SUPPORTED AND SUPPORTED. AND IT’S HISPANIC FELLOWSHIP MONTH. SO IT IS OBVIOUS THAT THIS BOOM IS BEING DRIVEN BY WOMEN AND PEOPLE OF COLOR, ESPECIALLY THE PEOPLE AND BOSOOOOO LATINOS STARTED TO RISE IN HIGHER NUMBERS OVER THE TEN YEARS NOW, ABOUT 10% OF LATINO FAMILIES owns small businesses. SO IT’S A GREAT TIME. YOU KNOW, THE SBA HAS THE AUTHORITY OF OVER 50 BILLION A YEAR IN SMALL BUSINESS SERVICES, AND THAT’S 34 BILLION IN LOANS NATIONWIDE. AND THEREFORE WE WANT TO KNOW THAT WE CAN CONTINUE TO REACH ALL NATIONS. BUT FOR LATINO COMMUNITIES, WE MADE HUGE PROGRESS DURING THE BIDEN-HARRIS ADMINISTRATION. MORE THAN DOUBLE THE NUMBER OF LOANS TO LATINOS. THAT’S INCREDIBLE. AND I WANT YOU TO UNPACK THAT A LITTLE BIT MORE, BECAUSE, AS YOU SAID, IN LATINO BUSINESS, THE ISSUE HAS BEEN MUCH MORE NECESSARY THAN THE LAST FEW YEARS. HOW DID SBA KEEP UP WITH THAT GROWTH AND PROVIDE ASSISTANCE AND JOBS TO THOSE BOOM BUSINESSES? YES. WELL, AND THIS WAS BEFORE THE BIDEN-HARRIS ADMINISTRATION AND WHY WE’VE BEEN SO INTERESTED IN THE SMALL BUSINESS TRADE OVER THE LAST THREE AND LARGE YEARS, BECAUSE, YOU KNOW, SMALL BUSINESSES DURING THE VISION OF COVID. , THE PAST HAD THIS DISRUPTION IN THE PAST, AS CHALLENGES OF COURSE. THEY ARE RUNNING AROUND PRICE PRESSURE, LABOR PROBLEMS. BUT WE WANTED TO MAKE SURE THAT THEY GET ASSISTANCE, THE MONEY THEY NEEDED TO CONTINUE TO MAKE POWER BY DOING PLANTS. AND AT SBA, WE HAVE LOCAL JOBS AVAILABLE, BUSINESS SUPPORT AREAS AS WELL AS DISTRICT OFFICES WHICH ARE WORKING TO MAKE THEIR BUSINESSES BUSINESS-PRECISE, LOCAL, THROUGH TO RECOVERY, RECOVERY. In the market. AND WHAT REALLY IS USING A BUSINESS, FOR THE ECONOMY? HOW DOES THAT APPEAR AT THIS TIME WHERE WE KNOW THAT MONEY IS CHANGING THROUGH OUR ECONOMY? YES. SO, WE KNOW, THE NUMBERS ARE NOT GOOD. DATA WAS GOOD FOR THE ECONOMY. WE SAW THAT, YOU KNOW, WE WERE ABLE TO END UP FIGHTING THE PRICE UNTIL THE FEDERAL RESERVE LOWERED RATE RATE. MORE GOOD IS MORE FOR OUR SMALL BUSINESSES. WE HAVE SEEN CONSUMER EXPECTATIONS CONTINUE TO REMAIN STRONG, ESPECIALLY FOR E-COMMERCE. THAT’S GOOD FOR BUSINESSES THAT TRUST THEIR CUSTOMERS WITH MONEY IN THEIR POCKETS AND FOR SMALL BUSINESSES, HOWEVER, YOU KNOW, UNDERSTANDING EVERYTHING IS GOING ON YOUR MONEY , ESPECIALLY AT A VERY HIGH TIME. , YOU KNOW, KNOWING HOW TO MARKET YOUR BUSINESS AT HOME AND GET A LOT OF PEOPLE IN THE DOOR, ESPECIALLY BECAUSE YOU ARE, YOU KNOW, A MODEL. YOUR BUSINESS MODEL IS CHANGING WITH COSTS, AS, OR YOU KNOW, HOW TO ENTER WHOLE NEW AREAS, SUCH AS GOVERNMENT CONTRACTING OR REAL ESTATE OR E-COMMERCE, DIGITAL E-MARKETING. HOW ALL THOSE SUBJECTS ARE INCLUDED BY INFORMING THE SBA PEOPLE USING JOBS FROM AROUND THE COUNTRY. OUR SMALL BUSINESS DEVELOPMENT DEPARTMENTS, OUR WOMEN’S BUSINESS CENTERS, OUR NEW MAKELLE BUSINESS CENTER, AND OUR DENTISTS. WE NEED TO BE THE TEAM BEHIND ANY DEALER AT ANY TIME, AND MAKING A BENZ IS A POWERFUL BUSINESS. WE KNOW YOU WAKE UP EVERY DAY WITH NEW CHALLENGES, BUT THE OPPORTUNITIES AND HAVING FREE ADVICE FROM A RELIABLE LOCAL CONSULTANCY CAN GIVE YOU THAT EDGE TO CONTINUE TO COMPETE. IT IS POWERFUL WORK AND YOU KNOW, FOR MANY FAMILIES, THE AMERICAN DREAM IS BUSINESS. TALK ABOUT THEM FIRST. MORE THAN 10% OF LATINO FAMILIES HAVE SMALL BUSINESSES IN THEIR HOME. HOW MANY FAMILIES WOULD YOU SAY THE ORGANIZATION HAS BEEN SUPPORTED BY FAMILY BUSINESSES? BECAUSE AGAIN, I THINK A LOT OF PEOPLE JUST THINK, OH, YOU SET UP A BUSINESS, YOU RUN IT. WHAT DOES IT TAKE TO NOT ONLY WORK, BUT SAVE AND SUCCESS THE FAMILY BUSINESS FOR FUTURE GENERATIONS? CHEAT. SO, LET’S START WITH THAT BECAUSE THEY ARE DOING A POWERFUL JOB. THEY ARE THE ONES YOU KNOW, WHO EXPLAIN OUR PLACES, PRODUCE THE PRODUCTS AND SERVICES WE USE AND WHICH MAKE US AWESOME IN THE WORLD. SAME COUNTRY. AND IT IS NECESSARY TO BE SELFISH, THAT ABILITY TO BE POWERFUL WITH YOUR IDEA, TO GET PEOPLE TO FOLLOW YOU, YOUR WORKERS, AND OF COURSE TO GO AGAINST THAT DREAM AND GIVE PEOPLE TO SUPPORT YOU AND YOU SUPPORT YOU AND YOURSELF WITH LOVE. THE PRODUCT OR SERVICE THAT YOU ACHIEVE AND ALL THAT TAKES A LOT OF CARE AND KNOWLEDGE AND IT IS ALSO A VISION AND AN EXPECTATION FOR THE FUTURE. YOU KNOW, YOU HAVE TO BELIEVE IN WHAT YOU’RE DOING AND BELIEVE THAT IT CAN HAPPEN, BUT HONESTLY, THE, THE, THE EDGE ABOVE THE EU GIVING ADVANTAGES IN THE MARKET IS SURE TO BUILD A STRONG RIGHT. AND THAT’S WHAT SBA CAN COME TO HELP, HELP SUPPORT SMALL BUSINESSES. BECAUSE YOU SHOULD HAVE PEOPLE YOU CAN TALK TO ABOUT ADVICE AND HOW TO GET CUSTOMERS THROUGH TESTS, SO THAT YOU CAN GET GOOD PEOPLE THROUGH LINES. AND IT’S REALLY, YOU KNOW, YOU NEED TO BUILD THAT SUPPORT AROUND YOU AND ACTUALLY WHAT DOES IT DO TO MAKE EVERYTHING GO. BUT WE ARE VERY INTERESTED IN WHAT AMERICAN VIOLENCE HAS CHANGED IN THE LAST THREE YEARS, WHERE THE BUSINESS SYSTEM IS BACK. THESE SMALL BUSINESSES CREATE JOBS AND BENEFIT OUR ECONOMY AND SBA, IN FACT, FOR TEN YEARS, HELPING TO SUPPORT SMALL BUSINESSES AND OTHER SUCCESS STORIES AROUND THE COUNTRY. THE PRODUCTS FROM SBA, EVERYTHING FROM CHOBANI YOGURT TO SWEETGREEN WAY IS A TRULY INCREDIBLE BRAND. AND WE ARE THE ONE TO TRUST TO THE NEXT DEALERS IN HARRISBURG AND BEYOND. AND SO, YOU KNOW, WE HELP 1.5 MILLION SMALL BUSINESSES EVERY YEAR WITH THAT FINANCIAL AID. KNOW THE TRUTH AND BEYOND THAT, YOU KNOW, WE HELP THOUSANDS OF GOOD BUSINESSES EVERY YEAR. YES, AND WE ARE HUMAN TO LIVE HERE. BUT CAN YOU TELL US VERY, VERY, VERY QUICKLY, HOW A FAMILY CAN APPLY TO HAVE THIS BENEFIT AT SBA.GOV. WE HAVE FREE COURSES CALLED LALIDI MARKETS AND YOU CAN CONNECT ONLINE WITH PEOPLE USING JOBS. AND THAT SERVICE TODAY. CONFIRMED. ISABEL CASILLAS GUZMAN, SBA DIRECTOR, THANK YOU SO MUCH FOR JOINING US.

Latino business ownership in the US is growing at a rapid pace

Updated: 9:50 PM EDT Sep 20, 2024

Hispanic Heritage Month is a celebration of the culture and contributions of Latino communities. According to the US Small Business Administration, Latino business owners are growing at the fastest rate in three decades and this now they are at the highest level. The SBA said America’s more than five million Latino businesses employ approximately three million workers and contribute $800 billion to the US economy annually. News 8 spoke to the head of the SBA about what the agency is doing to ensure that these entrepreneurs are supported and financed. Watch the interview in the video player above.

Hispanic Heritage Month is a celebration of the culture and contributions of Latino communities.

According to the US Small Business Administration, Latino business owners are growing at the fastest rate in three decades and are now at their highest level.

The SBA said that America’s more than five million Latino businesses employ nearly three million workers and contribute $800 billion to the American economy each year.

News 8 spoke with the head of the SBA about what the agency is doing to ensure that these entrepreneurs are supported and given financing. Watch the interview in the video player above.