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In Wisconsin, the Great Lakes Region and nationwide, the small business start-up boom is largely owners from traditionally underserved communities – and the Latinos help lead. In the last three years, America has the fastest creation rate of Latino-owned small businesses in three decades.
From September 15 to October 15 each year, National Hispanic Heritage Month acknowledges the contributions, diverse cultures, and their historical impact in America, like the current record high Latino entrepreneurship. Under landmark bi-partisan legislation passed under the Biden-Harris Administration’s Investing in America economic agenda, Hispanic small business owners are catalyzing the Badger state economy and strengthening America.
They’re getting contracts, increasing revenues and creating good-paying jobs from infrastructure projects such as high-speed internet installation, lead pipe abatement, re-shoring manufacturing, and improving climate-resilient roads, bridges, homes and buildings. Customer growth and revenue opportunities are rich for small firms who are certified through SBA’s contracting assistance programs such as HubZone, women-owned small business, 8(a) Business Development program or service-disabled veteran-owned who work with the SBA, WEDC State of Wisconsin and Wisconsin Procurement institute.
Job creation by Hispanic small businesses contributes to closing the wealth gap, wherein Hispanic and Latino households only own about 15 to 20 percent of the net wealth held by the average White household. Equity has been a priority from day one of the Biden-Harris Administration and the SBA. Being in the field, I’m acutely aware that finding business funding and trusted advisors that impart the knowledge capital needed to manage funding and run a business can be daunting. And for too long, systemic obstacles have prevented most Latino entrepreneurs from accessing the money, tools and resources for business success.
That’s the SBA is working hard to deliver affordable capital, accessible contracts, and unbiased counseling to Latino small businesses. Under SBA Administrator Isabel Casillas Guzman’s leadership, the U.S. Small Business Administration (SBA) federal agency has made extraordinary progress knocking down barriers. Under Administrator Guzman’s leadership, the Latino share of the SBA’s lending portfolio has grown 4 percentage points in the last three years, from 7.8% to 12.2%. In fiscal year 2023, the agency funded a record-shattering $3 billion to Latino-owned small businesses. In Wisconsin and the five states in Great Lakes Region, over the last three years we’ve increased funding by nearly one-third to Latinos since fiscal year 2021.
American small business ownership is at a green zeitgeist with the Investing in America economic agenda. It’s critical to advance both business success and sustainability while addressing climate change to ensure that businesses, families and communities have clean air and water, affordable and safe transportation. All this enriches our business, work, education, and recreational activities, while lowering the costs of doing business, generating energy savings, and advancing financially stronger and healthier communities.
During Hispanic Heritage Month, let’s recognize the success of Hispanic-owned businesses and together ensure they receive ongoing support to thrive in America, so we all continue to benefit.
Connect with SBA staff and visit www.sba.gov, plus follow our SBA Regional and SBA Wisconsin Offices on LinkedIn.
– Geri Sanchez Aglipay was appointed by President Biden and serves as the SBA’s Region V Great Lakes Regional Administrator overseeing the SBA field offices in Illinois, Indiana, Michigan, Minnesota, Ohio, and Wisconsin. Created in 1953, the SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise.
