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SBA celebrating Hispanic Heritage Month.

September 21, 2022

SBA celebrating Hispanic Heritage Month.

SBA celebrates the impact Hispanic entrepreneurs have had on the U.S. economy. We also commemorate some of the many ways Hispanics have influenced and contributed to American society. Para una versión en español de esta página y de nuestro sitio web, visite SBA en español.

Economic impact:
According to the Joint Economic Committee Hispanic Entrepreneurship and Business Brief:
Nearly one in four new businesses is Hispanic-owned. The nearly 5 million Hispanic-owned businesses in the United States contribute more than $800 billion to the American economy annually.

There are more than 300,000 Hispanic-owned, employer businesses located across all 50 states and the District of Columbia. These enterprises employ at least one employee other than the owner.

Hispanic employer businesses employ about 1 million workers, with more than $100 billion in annual payroll. The number of Hispanic-owned businesses that employ at least one employee other than the owner increased by 14% between 2012 and 2017 — more than twice as fast as the national average.

In the decade preceding the pandemic, the number of Hispanic business owners increased 34% compared to an increase of just 1% among non-Hispanic business owners.

Federal contracting programs
The 8(a) Business Development program offers a broad scope of assistance to firms that are owned and controlled at least 51% by socially and economically disadvantaged individuals.
The HUBZone program fuels small business growth in historically underutilized business zones by awarding at least 3% of annual federal contract dollars to HUBZone-certified companies.
The Women-owned Small Business (WOSB) Federal Contracting program is designed to provide greater access to federal contracting opportunities for WOSBs and economically disadvantaged women-owned small businesses (EDWOSBs).

Resources
SBA and its Resource Partners help entrepreneurs with access to capital, mentorship, and business opportunities.
SCORE Hispanic Business Owners Hub
10 steps to starting a business
How to write a business plan
How to fund your business

Upcoming events
SBA regularly hosts online training events on a variety of topics for the new or seasoned small-business owner.

Contact us If you have questions about SBA's programs and services, contact your nearest SBA District Office. SBA District Offices offer counseling, training, and business development.

 
 

Member News is provided as a service of the Midstate Chamber of Commerce and is also featured in the monthly "Chamber News" newsletter mailed to members.

The “original publication date” of Member News articles posted on this web site reflects the date this article was added to the Chamber database and may not necessarily reflect the date such news events occurred.