Hispanic Businesses
His View 46 www.latinastyle.com LATINAStyle Vol. 26, No. 5, 2020
The Economic Engine of America
By Ramiro A. Cavazos
Before the pandemic, the number of Hispanic Business
Enterprises (HBEs) in the United States was growing significantly
faster than the U.S. average. In fact, over the past 10 years, this
number grew 34 percent, compared to 1 percent for non-Latino business
owners in the United States.
HBEs in America generate $2.6 trillion in annual economic impact, as
measured right before the COVID-19 economic crisis by the Latino Donor
Collaborative. Most of these companies are young, small and fragile. With the
proper resources and access to capital, we believe strongly, in spite of the
pandemic, HBEs will be the engine of America’s future economy.
The United States Hispanic Chamber of Commerce (USHCC) actively
promotes the economic growth, development and interests of more than 4.7
million Hispanic-owned businesses that aggregately contribute over $800
billion to the American economy every year. There are 61 million Latinos
living in America who represent 1 out of every 6 people living in the most
powerful economy in the world.
Together, with more than 260 Hispanic Chambers of Commerce from
around the country, we are here to support, re-engage, and revitalize
America’s Hispanic-Owned Businesses as we build a new economy
embracing new technology and innovation.
A reported 86 percent of Hispanic-Owned Businesses reported significant
negative impact during the pandemic, with declining revenue (experienced
by 79 percent) as the top challenge, followed by an unstable business
environment and supply chain disruptions. An estimated 65 percent of those
companies reported they would not be able to continue operating beyond six
months, according to a recent study by the Stanford Latino Entrepreneurship
Initiative. These numbers are also representative of the more than 30 million
small businesses in America of all ethnic backgrounds.
Our strategic focus for 2020-2021 will be to continue to support our
HBEs with new resources to help them receive access to capital and capture
new contracting and procurement opportunities within our Fortune 500
corporations and our Federal Government – the largest buying entity in the
world. We will also mentor, coach, and partner with our member small
business community to grow and scale their annual sales by leveraging
innovative digital technology to remain competitive on the global market and
within their local communities. We know that 70 percent of our U.S. economy
is driven by consumers’ spending with one another. Our mission at the USHCC
will expand to deliver confidence building, a mindset of reinvention, and the
distribution of timely and critical resources to our network of small and
minority-owned businesses across the country.
We want to thank our Board of Directors, led by Chairwoman Alice
Rodriguez, our hard-working staff, our volunteers, and members who are
working together to strengthen our network of HBEs and local Hispanic
chambers to provide bilingual technical assistance to any small businesses in
need.
Ramiro Cavazos is the President and Chief Executive
Officer of the United States Hispanic Chamber of
Commerce. Previously, he served as the President & CEO
of the San Antonio Hispanic Chamber of Commerce for
10 years. With his expertise in economic development, he
has served as the Director of Economic Development for
the City of San Antonio, Director of Research and
Economic Development for the UT Health Science Center,
and as the Global Public Affairs Manager for the Levi
Strauss Company and Foundation for the Texas, Mexico,
and Latin America region. Ramiro has a Masters of
Public Administration from St. Mary’s University and
holds a Bachelor’s Degree in Government from The
University of Texas at Austin. A native of Weslaco in the
Rio Grande Valley, he is a 7th generation Texan. Ramiro
and his wife Christa are parents of two boys, 14 and 11
years-old.
We look forward to working together to expand resources and tools for
our Latina and Latino entrepreneurs. We invite you to join our movement to
invest more critical support for our America’s Hispanic and minority-owned
small businesses who are struggling during this global crisis. Our economy
depends upon the health of our small businesses to return to normalcy.
LS
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