U.S. CONGRESSIONAL News:WASHINGTON, D.C. ― The Leadership of the Congressional Hispanic Caucus (CHC), U.S. Sen. Bob Menendez, and Ranking Member of the House Committee on Small Business Congresswoman Nydia M. Velázquez requested a meeting with U.S. Small Business Administration (SBA) Administrator Linda McMahon to discuss ways of working together to increase support for and create marketplace opportunities for minority-owned businesses.
“The Congressional Hispanic Caucus remains deeply concerned about the SBA’s efforts to provide Hispanic-owned businesses with federal resources that are fundamental to improving the quality and scale of their business activities,” the Members wrote.
They continued and cited the following statistics: “These [Hispanic-owned] businesses significantly contribute to the U.S. economy, and Congress and the SBA should invest in the continued success and growth of these highly successful industries.”
- A 2015 survey conducted by the Stanford Latino Entrepreneurship Initiative found that 22 percent of Latino business owners have never heard of the SBA, 51 percent are unaware of Small Business Investment Companies (SBICs), and 56 percent do not know about the Small Innovation Research program (SBIR).
- Between 2007 and 2012, the growth rate of Hispanic-owned small businesses nearly outpaced the growth rate of non-Hispanic-owned businesses combined.
- Moreover, the United States has experienced an explosion in the number of Hispanic entrepreneurs that far exceed their underlying population growth in the last 25 years.
In addition to the Senator Menendez and Rep. Velázquez, the following Members signed the letter: CHC Chair Michelle Lujan Grisham (NM-01); First Vice Chair Joaquin Castro (TX-20); Second Vice Chair Rep. Ruben Gallego (AZ-07); Whip Rep. Pete Aguilar (CA-31); and Freshman Representative Adriano Espaillat (NY-13).
The official letter can be found here.
