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Hispanic Entrepreneurs Get Closer to Loans and Advice

Program hopes to broaden impact of SBA programs . / Credit: Hispanic entrepreneur image via Shutterstock

Hispanic entrepreneurs will get a boost from a new partnership between the U.S. Small Business Administration and the U.S. Hispanic Chamber of Commerce. A pilot program is being launched in seven states to broaden the impact of the SBA's programs among Hispanic entrepreneurs.

The new program, the outgrowth of a memorandum of alliance signed by the SBA and USHCC in May, will help widen the Small Business Administration's outreach efforts and connect Hispanic small business owners and entrepreneurs with local lenders and business counseling to help them grow and create more jobs.

The pilot program will launch city-based programs with Hispanic chambers in Austin and El Paso, Texas, Nashville, Tenn., and Philadelphia, plus statewide programs in California, Florida, Ohio and Utah.

[Tools for Minority-Owned Small Businesses]

"An economy built to last includes boosting entrepreneurship opportunities in Hispanic-American communities," said SBA administrator Karen Mills. "The SBA is having a powerful impact in this sector, with a billion dollars in loans to Hispanic-owned businesses last year alone. The pilot program we are announcing today [Sept. 18] will help us do better. Combining our resources with the U.S. Hispanic Chamber of Commerce will spur new business growth, drive competitiveness and innovation, and strengthen our economic recovery and growth."

The national alliance also will help strengthen relationships among SBA district offices, local USHCC chambers chapters and SBA resource partners, help even more Hispanic-owned small firms succeed, and expand the reach of the SBA's program and services, Mills said.

Reach BusinessNewsDaily senior writer Ned Smith at nsmith@techmedianetwork.com. Follow him on Twitter @nedbsmith.We're also on Facebook & Google+.

Ned Smith

Ned was senior writer at Sweeney Vesty, an international consulting firm, and was Vice President of communications for iQuest Analytics. Before that, he has been a web editor and managed the Internet and intranet sites for Citizens Communications. He began his journalism career as a police reporter with the Roanoke (Va.) Times, and was managing editor of American Way magazine and senior editor of Us. He was a Captain in the U.S. Air Force and has a masters in journalism from the University of Arizona.

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