Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and a member of President Biden’s Cabinet, issued a 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,” said Guzman.
She highlighted that "Latino business ownership is growing at the fastest rate in three decades and is now at the highest level on record." The SBA has responded with increased capital and resources. So far in Fiscal Year 2024, "the average monthly loan count to Latino-owned businesses is 775," which is more than double compared to Fiscal Year 2020. Additionally, "the average loan volume is $261 million," also double that of Fiscal Year 2020.
Guzman reflected on her personal experience: “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.” She emphasized that “this month and every month, the SBA is committed to helping make that dream a reality for all.”
National Hispanic Heritage Month runs from September 15 to October 15 each year. It celebrates the culture and contributions of Latino communities in America. Currently, over five million Latino-owned businesses employ nearly three million workers and contribute $800 billion annually to the U.S. economy. In Fiscal Year 2023 alone, federal contracting to Latino-owned small businesses reached $10.9 billion—an increase of $943 million under the Biden-Harris Administration.
For more information about SBA’s loan programs and other services offered by the agency visit www.sba.gov or www.sba.gov/es for information in Spanish.
The U.S. Small Business Administration supports small businesses through various resources aimed at fostering growth or recovery from disasters via its network of field offices and partnerships with public and private organizations.