Guest Commentary: SBA focuses on Hispanic business opportunities

Nearly 1 in 4 new businesses are Hispanic-owned, and the nearly 5 million Hispanic-owned businesses in the U.S. contribute over $800 billion to the American economy annually. While impressive, we believe these numbers have the potential to be even bigger. How? By leveraging international trade.”

Gabriel J. Esparza is the associate administrator for the Office of International Trade at the U.S. Small Business Administration, leading efforts to expand U.S. exports by providing expertise and technical assistance to small-business exporters.

America’s entrepreneurial spirit and cultural strength is drawn from its diversity.

This National Hispanic Heritage Month, the U.S. Small Business Administration highlights Latino small-business owners who embody the spirit of American entrepreneurship. As part of the celebration, the administration offers a webinar panel celebrating that diversity — spotlighting Latino business owners’ small-business success stories and focusing on fueling their future. Hispanic entrepreneurs are, without a doubt, a driving economic force. Nearly 1 in 4 new businesses are Hispanic-owned, and the nearly 5 million Hispanic-owned businesses in the U.S. contribute over $800 billion to the American economy annually. With that kind of impact, it’s clear: When Hispanic-owned small businesses have the resources and runway that they need to succeed, we all succeed.

While impressive, we believe these numbers have the potential to be even bigger. How? By leveraging international trade.

For example: Right here in Delaware, small businesses comprise roughly 98.5% of all Delaware companies; however, small businesses that export comprise only small portion of all Delaware companies. There is a huge opportunity for growth, and Hispanic entrepreneurs are perfectly poised to take advantage of it.

That is why I invite broad participation in the Small Business Administration’s National Hispanic Heritage Month live webinar conversation from 1-2 p.m. today. Hearing from many voices around a common goal — uplifting the Hispanic-owned small-business community — is a recipe to inform and inspire. Joining me during the conversation will be Hispanic entrepreneurs Eduardo F. Ortiz of Coforma in Washington, D.C., and Alejandro Ramirez of Universal Spartan in Vine Grove, Kentucky. As a longtime small-business advocate, I look forward to a dynamic dialogue. And, as the administration’s associate administrator of international trade, I hope that the panel discussion will particularly inspire Hispanic entrepreneurs to consider growth through exporting.

Oftentimes, a small business views exporting as daunting, complicated or costly. The irony is that entrepreneurs within diaspora communities (especially first-generation ones) are significantly more likely to sell abroad because of the simple fact that they tend to target customers living in their original country of origin.

The administration believes that the Hispanic community — particularly diaspora communities within it — are a particularly important area of focus for economic development through international trade. We recognize that financial wellness, as well as the importance of equity and opportunity, help uplift and support Hispanic-owned small businesses, as they pivot and grow beyond our borders in a changing environment.

The Office of International Trade stands ready to offer tools that unlock these opportunities abroad, including access to markets via business intelligence (also available in Spanish), access to grants via the State Trade Expansion Program and access to capital via export loan financing. Together, these resources provide a comprehensive framework for a small business to successfully enter and compete in the global marketplace.

I am proud to be a part of the Small Business Administration’s National Hispanic Heritage Month panel, just as I am proud of the work it does every day, all across America. With the help of our community-based local offices, like Delaware’s, the agency meets America’s small businesses and entrepreneurs where they are with resources designed to help them achieve their goals.

I encourage you to visit sba.gov and reach out to your local District Office to plug into capital, opportunities, knowledge and networks. And, of course, I encourage you to join me for the live webinar panel today; the event is free, and you can reserve your spot now to join the conversation. You will also be able to find it at https://www.youtube.com/c/sbagov/videos after it has been archived.