Good afternoon! Thank you, Rosa for that warm introduction.
It’s wonderful to be with you again. I was honored to have you join us last week for SBA’s Women’s History Month event, where you shared your experience as a trailblazer for women and Hispanic small business owners. I am so proud of your successes selling to some of the world’s leading manufacturers. And now, today, we’re here to continue our work together as advocates for our nation’s 4.7 million Hispanic-owned small businesses.
Before I begin, I’d like to take a moment to thank Ramiro Cavazos, USHCC’s fearless CEO, for his continuing commitment to the SBA and our nation’s small businesses.
And to all of USHCC’s incredible board leaders, and Board Chair Alice Rodriguez in particular, thank you for the work you do to shepherd the more than 250 Hispanic Chambers of Commerce across the country that have continued to provide vital assistance throughout this pandemic.
I’d also like to thank Secretary Yellen for her unyielding support for America’s small businesses, especially during these trying times.
I was sworn in as the SBA Administrator almost two weeks ago. And I couldn’t think of a better crowd for my first major address than right here, with my Latino familia – the USHCC.
I come from a small business family. I grew up watching my Dad work -- day in and day out – wearing multiple hats -- to build his chain of veterinary practices.
I understand the grit, determination, resilience and hard work it takes to start, grow and sustain a small business. I recognize how important small businesses are to the communities they serve, the people they employ. I carry those experiences with me today as the voice for America’s small businesses.
I don’t have to tell you that these are challenging times for Hispanic entrepreneurs. You’ve seen with your own eyes how hard the Hispanic community has been hit by the pandemic.
The data is stark -- 32 percent of Latino-owned businesses closed in just three months in 2020. And that was almost double the number of white-owned businesses that closed in the same period.
I’m here today to tell you that help is here. Let me say that again: ¡La ayuda está aquí!
Earlier this month, President Biden signed into law the American Rescue Plan. This $1.9 trillion dollar relief package promises to change the course of the pandemic’s economic crisis with new programs that will provide billions in targeted assistance.
Help is here for the smallest and most severely impacted small businesses with $15 billion dollars in flexible disaster program grants. Help is here for our food service businesses with a $28.6 billion dollar Restaurant Revitalization Fund grant program. Help is here through an increase of the Shuttered Venue Operators Grant program. Help is here with a Community Navigator Pilot program that will increase resource and service delivery of SBA’s COVID relief programs to small businesses – think of it like a prometora network for small businesses – grassroots hyper local to ensure our underserved small businesses can connect to resources. And help is here with more Paycheck Protection Program loans.
In fact, I’m headed to the White House after I wrap up here to join President Biden and Vice President Harris as the President authorizes the extension of the PPP -- so that we can continue to get funds to those small businesses who have not yet been able to access relief.
The PPP extension will help ensure those funds go where they’re needed most thanks to important changes implemented by the Biden Administration. The smallest businesses – our sole proprietors, self-employed and independent contractors - will receive more support. Entrepreneurs with non-fraud felony convictions can access the program. Delinquency or default on federal student loan debt is no longer disqualifying. And non-citizen small business owners who are lawful U.S. residents now have clarity that they can use their Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
¡La ayuda está aquí-- para todos! The American Rescue Plan will deliver immediate relief for hard-hit Latino families and small businesses. It will build a bridge toward economic recovery and reduce poverty in Latino communities by almost 40 percent.
Now I know that you’ll be hearing from President Biden in a moment, but first I must share with you one of the many reasons why I’m so excited to be serving in his administration. Our President is truly committed, in words and in actions, to building equitable economic recovery for every small business owner in America.
For far too long, Latino-owned businesses have been held back by an opportunity gap that has only grown wider during this pandemic.
Yet, as the fastest growing business segment in the United States, Latino-owned businesses are critical to the future of the US economy.
The Biden-Harris administration is committed to closing that gap – and unleashing that potential.
As Administrator of the SBA, I will do everything I can to carry out that commitment by focusing on increasing access to capital for Latino-owned businesses -- and access to markets. We can’t forget the revenue side of the equation. We want you to know that the federal marketplace – with its $539 billion dollars eligible for small business contracting - is here to do business with Latino businesses.
And I will help small businesses grow by working diligently to deliver on President Biden’s pledge to increase the 5 percent small disadvantaged business contracting goal to 15 percent by 2025. That could mean billions of dollars in the hands of minority-owned businesses.
That commitment is real. And it’s going to bring the economic engine that powers our economy – our America’s small businesses – roaring back.
SBA is focused on bringing businesses back, creating jobs, and achieving equity across the entrepreneurial ecosystems it supports.
And I’m committed to building an SBA that is as entrepreneurial as the entrepreneurs we serve.
Since this pandemic began, we’ve been asking our entrepreneurs to pivot and adapt to the new COVID-19 marketplace. If the SBA is going to meet the needs of our nation’s small businesses, then we must meet our small businesses – and the diversity they represent - where they are -- by pivoting and adapting ourselves.
The SBA has grown from a billion-dollar agency to one responsible for one trillion dollars in relief funding. We’re working with more lenders, a larger portfolio, increased direct lending and grants, and heightened demand and awareness of our services.
How we pivot and grow will determine not only our future, but the future of our emerging entrepreneurs and America’s economy.
That means looking at all our programs through an inclusive lens, focusing on customer-centric design and powering the SBA with technology to make sure we are building an ecosystem that works for everyone.
I’m committed to the hard work, creativity and collaboration it will take to build a better SBA – to help make more dreams come true for America’s entrepreneurs.
I look forward to working together to ensure our nation’s Hispanic small businesses not only thrive, but become the driving force our economy needs to build back better. ¡Adelante!