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SBA And US Hispanic Chamber Of Commerce Form Partnership To Promote Hispanic Entrepreneurship
Written by Tim Morral
New strategic alliance will target increased participation in SBA programs, government contracts and other entrepreneurial initiatives.
The U.S. Small Business Administration and the U.S. Hispanic Chamber of Commerce recently agreed to a Strategic Alliance Memorandum designed to create new opportunities for Hispanic small businesses and promote entrepreneurship in the Hispanic community.
Key provisions of the agreement include joint efforts to increase Hispanic involvement in SBA programs and initiatives, including:
- SBS lending and capital programs
- Federal contracting programs like the 8(a) and Women-Owned Small Business initiatives
- Global commerce opportunities intended to advance the President's National Export Initiative
"The Memorandum signals SBA's renewed commitment to ensuring that Hispanic business has access to the same opportunities to succeed," said Javier Palomarez, President and CEO of the USHCC. "And while there is work to be done, we are confident that Hispanic entrepreneurs will provide a great return on this investment. These businesses not only fuel the American economy, but are also at the leading edge of our recovery."
Small businesses are a cornerstone of the rapidly growing Hispanic consumer market in the U.S. Since 1990, Hispanic buying power has increased from $212 billion to more than trillion dollars per year. With approximately 3 million Hispanic SMBs currently operating in the U.S., Hispanics entrepreneurs represent the fastest growing segment of the U.S. small business economy.
Palomarez adds, "Despite the challenges brought about by the recession, Hispanic businesses have still managed to thrive, growing over 44 percent in the past five years and generating new ventures three times faster than the general population."
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