Partnership with the U.S. Hispanic Chamber of Commerce to help small business owners ---

The U.S. Small Business Administration (SBA) and the U.S. Hispanic Chamber of Commerce (USHCC) are teaming together on a pilot program in California to broaden the impact of the agency's programs among Hispanic entrepreneurs.  

Launched on Oct. 1, the new pilot program between the SBA and the USHCC will help widen the agency'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.

"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," said SBA Administrator Karen Mills.

The aim of the partnership is to help increase access to lending and counseling for Hispanic small businesses, widen participation of small Hispanic-owned businesses in SBA's procurement programs, and spread awareness of SBA's programs and services among Hispanic-owned small businesses.

“The nation´s success is tied to the success of Hispanic businesses and we want to do what we can to support small businesses,” says Elizabeth Echols, SBA Regional Administrator in San Francisco.

Six SBA districts around the state will be reaching out to the Hispanic chamber in their area.

“We have agreed with the USHCC that we will focus on access to capital issues, which is especially important issue for Hispanic business,” adds Echols.

Each district will hold one event related to capital access before the end of this year.

“How to get loans, grow their businesses and create more jobs is the focus,” says Echols, whose team will also be learning more about what businesses need and using the information to refine SBA programs.

“We already do a lot of work with the Hispanic chambers and the goal is to involve all Bay Area Hispanic chambers in the program. We will also be focusing on government contract opportunities and international trade programs, including exporting to Latin America and other regions.”

Since 2009, SBA has supported more than 12,000 loans worth $4.4 billion to Hispanic-owned small businesses, with nearly $1 billion in lending in 2012 alone. Over the same period, SBA has trained and counseled more than 532,000 Hispanic-owned small businesses through its network of district and field offices, and resource partner network, including Small Business Development Centers, Women's Business Centers and SCORE. SBA also has helped Hispanic-owned businesses secure $32.7 billion of prime contracts from the federal government, providing a major revenue base.

SBA has approved over $45 million in lending to Hispanic owned small businesses in the San Francisco District so far this fiscal year.  The amount is nearly three times the total approved in fiscal year 2009.