WASHINGTON, D.C. – On behalf of the United States Hispanic Chamber of Commerce (USHCC) and the 4.37 million Hispanic-owned businesses in America, Ramiro Cavazos, USHCC President & CEO, responds to the 2019 State of the Union:
“The USHCC agrees with the President that the United States is at a moment of unlimited potential. This potential, however, was not created by a political party or a presidential administration. Rather, our moment of unlimited American potential can be attributed to the growing economic power of the Hispanic community:
Over 86 percent of new U.S. businesses created in the last decade were started by Hispanic business owners. Hispanic American entrepreneurs start businesses three times faster than the average non-Hispanic American. Moreover, Hispanic American women, specifically, start businesses at six times the average national rate. Hispanic-owned businesses, together, contribute $700 billion to the American economy each year.
However, Hispanic business owners face undue barriers to success. If Hispanic businesses scaled at the same rate as non-minority businesses, there would be an additional $1.48 trillion dollars in the American economy. The USHCC is asking both the Administration and Congress to craft bipartisan policy that creates opportunity for America’s most entrepreneurial community.
We also ask the following of our leaders in government: To not only prioritize the economic growth of our nation but also ensure that economic gains are felt by all Americans. Lift financial burdens on Hispanic entrepreneurs by increasing access to capital, creating procurement opportunities, and removing regulatory barriers. Provide Hispanic business professionals with the tools they need to reach the highest echelons of business and government. Ensure that the Hispanic community—as well as all minority communities—have equal opportunity to succeed and thrive.
Our country is at a critical point. We are rapidly approaching yet another deadline to fund the government, and funding hinges on comprehensive immigration reform. The USHCC encourages lawmakers to approach this with a commitment to both economic growth and our unique American values. In a recent meeting with the White House, the USHCC advocated for improving legal immigration by raising visa caps and creating a vibrant guestworker program, securing the legal status of recipients of Deferred Action for Childhood Arrivals and Temporary Protected Status—including a pathway to citizenship, and enhancing border security with technological improvements.
As our country tackles immigration reform and a plethora of issues in 2019, the USHCC remains committed to supporting country over party politics. Our team will continue to put forward fact-based and data-driven policy; we look now to our leaders in government to act. Above all else, we stand firm in our belief that the success of the American economy is inextricably linked to the success of the Hispanic business community.”
The USHCC actively promotes the economic growth, development, and interests of more than 4.37 million Hispanic-owned businesses, that combined, contribute over $700 billion to the American economy every year. It also advocates on behalf of 260 major American corporations and serves as the umbrella organization for more than 200 local chambers and business associations nationwide. For more information, please visit ushcc.com. Follow us on Twitter @USHCC.