1 December 2023

How the Biden-Harris Administration is Helping Latino-Owned Small Businesses Thrive

By Ronald Smith

I want to share some exciting news with you about how the Biden-Harris administration is making a real difference for Latino-owned small businesses like yours. They are stepping up their game when it comes to lending, giving a major boost to entrepreneurs in the Latino community.

So, what exactly does this mean for you? It means that there are more opportunities and resources available to help you grow and succeed. The administration wants to ensure that everyone has a fair shot at achieving their dreams, and that includes entrepreneurs like you.

The administration understands that starting and running a small business can be tough, especially when it comes to accessing capital. That’s why they are taking action to level the playing field and give you a fighting chance.

Here’s the lowdown: the Biden-Harris administration is increasing the amount of funding available to small businesses owned by Latinos. This means that you’ll have access to more capital to invest in your business, hire additional staff, or expand your operations.

But it doesn’t stop there. The administration is also streamlining the process of obtaining loans, making it easier and quicker for you to get the financial support you need. They understand that time is of the essence, and they want to minimize any roadblocks that might stand in your way.

Furthermore, they are providing resources and assistance to help you navigate the world of entrepreneurship. From mentorship programs to business development workshops, the administration is committed to giving you the tools you need to thrive.

This initiative is a testament to the Biden-Harris administration’s dedication to fostering diversity, inclusion, and economic growth. They want to ensure that every small business owner, regardless of their background, has an equal opportunity to succeed and contribute to their community.

So, my friend, if you’re a Latino small business owner, take advantage of these new opportunities. Reach out to your local small business administration or visit their website to learn more about the resources and support that are available to you.

The future is bright for Latino-owned small businesses, and with the help of the Biden-Harris administration, your dreams can become a reality. Don’t miss out on this chance to take your business to the next level. Go ahead and make your mark!

How the Biden-Harris Administration is Helping Latino-Owned Small Businesses Thrive

The Biden-Harris Administration just made a huge announcement! They have given a whopping $3 billion in loans to small businesses owned by Latinos. This is a record-breaking amount, and it’s making a big difference. I’ll tell you all about it!

The Small Business Administration (SBA) has released some exciting news about the year 2023. They have seen a major change in the loans they have given to Latino-owned businesses. Isabel Guzman, who represents all the small businesses in America, shared this fantastic information. The SBA has backed over $3 billion in loans for Latino-owned businesses. That’s a significant increase of 80 percent compared to last year’s numbers!

I gotta tell ya, folks, our country is seeing a boom in small businesses, all because of the amazing Latino community. They’ve got that entrepreneurial spirit, that drive, and that resilience that just can’t be beat. And guess what? The Biden-Harris Administration is right there with them, putting an end to years of neglect and underinvestment. They’re really pushing to unleash the full potential of Latinos and boost our economy on a global level, said Isabel Guzman, the head honcho at the SBA.

Now, let’s talk about the SBA’s lending programs. These programs are a total lifeline for small businesses. You see, times are tough and credit is getting tighter by the day. But fear not! The SBA’s got your back. They offer these awesome loans that are backed by the government, making them super affordable. And guess what again? They’ve been handing out even more of these loans to Latino-owned businesses. In 2023 alone, they’ve given out over 7,700 loans through their 7(a) and 504 loan programs. That’s double the number of loans they gave out just last year! And get this, folks, the share of Latino-owned businesses in the SBA’s lending portfolio has gone from under 8 percent to over 12 percent since Biden and Harris took office.

    I’m excited to share some great news with you! Thanks to President Biden’s American Rescue Plan, we are launching the amazing $100 million Community Navigator Pilot Program. This program will make a real difference in our communities and help us all recover from the challenges we’ve faced.

    But that’s not all! We’re also kicking off the cross-country Latino Prosperity Tour. This tour will bring together individuals and communities to promote Latino prosperity and provide opportunities for growth and success.

    In addition, we’re tripling the number of Women’s Business Centers in Hispanic-serving institutions. These centers will be a valuable resource for women entrepreneurs, offering support, guidance, and resources to help them thrive in the business world.

    And we’re not stopping there! We’re implementing reforms to address the disparities in access to capital. It’s important that everyone has equal opportunities to succeed, and these reforms will help level the playing field.

    Now let’s talk about our business loans. Our signature 7(a) loan program is here to help you with your business needs. It offers guarantees to lenders, making it easier for you to secure financing for your diverse small business needs. And the best part is, these loans are capped at $5 million.

    If you’re looking for long-term, fixed-rate financing for significant fixed-asset acquisitions, our 504 loans are perfect for you. These loans are capped at $5.5 million and will provide you with the support you need to grow your business and achieve your goals.

    We’re here for you every step of the way, ready to support your dreams and help you succeed. Together, we can build a brighter future for all.

    When the SBA guarantees loans, they help lenders give credit to businesses that might not qualify otherwise. And if you’re a small business owner, especially in the Latino community, this is great news. It means that lending is changing for the better. The Biden-Harris Administration is showing a strong commitment to fairness, so the future looks bright for small businesses in America.