The collaboration between the SBA and the chamber involve local and national Hispanic organizations that will work toward securing access to capital and loans, access to government contracts and international trade opportunities.
According to Palomarez, Hispanic business owners have started new ventures at three times the rate of the general public over the past five years.
“The entrepreneurial spirit is part of the Hispanic DNA,” he said. “It’s a collaborative community. We have entrepreneurial mentors that want to help other members get their share of the American dream. And, there’s a can-do attitude. Most business people are just one or two generations removed from family members that survived unbelievable odds to get to this country.”
That can-do attitude provides more than $425 billion of revenue to the U.S. economy each year, said Palomarez.
Still, access to capital is one of the largest issues facing these business owners. “Loan programs and access to capital initiatives, through the SBA, are critical for our membership,” he said.
The chamber represents more than 3 million Hispanic-owned firms from 200 Hispanic Chamber of Commerce branches throughout the country.
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