WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 34 million small businesses, issued the following statement celebrating the start of National Hispanic Heritage Month:
“During National Hispanic Heritage Month, we celebrate the remarkable history, culture, and contributions of the Latino community. At the Small Business Administration, we’re particularly proud to shine a spotlight on the Latino community’s unrelenting entrepreneurial spirit – something that has powered the ongoing Small Business Boom under the Biden-Harris Administration.
“Latino business ownership is growing at the fastest rate in three decades and is now at the highest level on record. At every turn, the SBA has matched this enthusiasm with increased capital and resources. In Fiscal Year 2024 so far, the average monthly loan count to Latino-owned businesses is 775, more than double the average monthly loan count in Fiscal Year 2020. The average loan volume is $261 million, double the average loan volume in Fiscal Year 2020. Put simply, the SBA is delivering at record levels under this Administration – and we’re determined to keep that momentum going.
“For so many Latino families, including the one I grew up in, the American dream is an entrepreneurial one. A dream of economic prosperity, freedom, and hope. This month and every month, the SBA is committed to helping make that dream a reality for all.” Watch the video statement.
Each year during National Hispanic Heritage Month (September 15 – October 15), the federal government celebrates the culture and contributions of Latino communities. America’s more than five million Latino-owned businesses employ nearly three million workers and contribute $800 billion to the U.S. economy each year. In Fiscal Year 2023, federal contracting to Latino-owned small businesses reached $10.9 billion, representing a total increase of $943 million under the Biden-Harris Administration.
For more information about SBA’s loan programs, financial assistance, and other services, visit www.sba.gov. For information in Spanish, visit www.sba.gov/es.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.