Empowering the American Dream & Honoring the Hispanic Small Business Boom

By Elmy Bermejo , Regional Administrator for the U.S. Small Business Administration’s Region IX. She oversees the agency’s programs and services in California, Arizona, Nevada, Hawaii and Guam.

Hispanic Heritage Month is officially underway, from Sept. 15 – Oct. 15, as we celebrate the countless contributions, rich cultures, and impact of Hispanics in our nation. During Hispanic Heritage Month, the SBA is shining a spotlight on the incredible entrepreneurial spirit of the Latino community, and the work being done to help more Latinos than ever realize the American Dream of business ownership.

How do we support local Hispanic businesses? Small businesses create 2 out of 3 net jobs, bring vibrancy to our Main Streets, and create opportunities for generational advancement. I have seen this firsthand as the daughter of Mexican immigrants who started a business in San Francisco, CA over 30 years ago.? Now, for the past three years, I’ve had the honor of working closely with small businesses, as SBA Pacific Rim Regional Administrator, appointed by President Biden, to help entrepreneurs start and grow their businesses.

Over the last several years, America has experienced the fastest rate of Latino-owned small business creation in three decades. 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.

At every turn, the SBA has matched this enthusiasm with increased capital and resources. So far in Fiscal Year 2024, the average monthly number of loans to Latino-owned businesses is 775, 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.

California, the state with the largest Hispanic population,?with 15.6 million Hispanics, has over 932,500 Latino-owned businesses. In Fiscal Year 2023, California Hispanic-owned businesses received over $686 million in SBA-backed loans to start and grow their businesses.

These are diverse small businesses that drive California’s economy, generating billions in economic activity and bringing significant tax revenue for California. These Hispanic businesses are breaking down steep economic, health, and educational barriers, striving for the American Dream and helping those around them achieve it as well.

Simply put, the SBA is delivering at record levels under this Administration – and we’re determined to keep the momentum going. ?If you’re thinking about starting or expanding a business, visit sba.gov for local resources.

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