Trump committed to helping Hispanics create prosperity through business, education | Opinion
As the daughter of first-generation Mexican Americans born in a working-class community in Chicago, I know firsthand how important opportunity is in promoting upward mobility and achieving the American Dream.
Creating new opportunities is the central goal behind President Trump’s new executive order establishing the White House Hispanic Prosperity Initiative — a coalition designed to help Hispanic Americans reach their dreams through innovative educational and career pathways.
The Initiative is focused on improving Hispanic Americans’ access to education through traditional learning as well as the development of apprenticeships and work-based learning initiatives. It will identify best practices, encourage private-public partnerships and create a new national network comprising individuals, organizations and communities. It also will monitor federal educational, workforce and business-development programs so that new opportunities can be expanded based on what works.
Entrepreneurship is a powerful mechanism for wealth creation.
Business-owning households that start off as low-income are much more likely to become wealthy than households that depend entirely on wage work. The administration’s support for minority entrepreneurship is one of the reasons poverty rates of African Americans and Latinos reached record lows under this president.
So while the White House Hispanic Prosperity Initiative is new, it is based on an approach that works. This administration, and SBA in particular, have been implementing policies that have directly benefited Hispanic communities for the past three years.
Before this pandemic began, Hispanic entrepreneurs were creating wealth in our community at a rate never before seen in my lifetime. In 2019, the average revenue of Latino-owned businesses improved by an astounding 46.5 percent in 2019, increasing from $327,189 in 2018 to $479,413 in 2019.
The U.S. Small Business Administration is committed to ensuring Hispanic entrepreneurs have access to capital to start and grow their small businesses. Last year alone, the SBA guaranteed almost $2 billion worth of loans to Latino-owned small businesses. Additionally, SBA’s Emerging Leaders program provides free entrepreneurship education and training for executives of small businesses, primarily in underserved communities.
Since the coronavirus pandemic hit Hispanic-owned small businesses especially hard, this administration ensured Hispanic business owners from coast to coast could apply for the Paycheck Protection Program (PPP). These forgivable loans backed by SBA proved a financial lifeline for small businesses and faith-based organizations. SBA partnered with Hispanic Minority Depository Institutions, and so far, they’ve distributed more than 56,000 loans, totaling more than $3 billion.
Under this president’s leadership, Hispanics are the fasting growing entrepreneurial group in the country and contributed significantly to the thriving economy we experienced just a few months ago. And it will be the same resilient entrepreneurs who will help lead the way in our nation’s recovery and future growth.
Protecting lives, and livelihoods, of Hispanic families is top of mind for President Trump and this administration. Together, we’re committed to ensuring educational and career opportunities are available for every Hispanic family and community.
Jovita Carranza is the administrator of the U.S. Small Business Administration.
