'What we're here to do is lift up communities': Small Business Administration prioritizes needs of Phoenix Latino businesses

In an effort to better address the needs of Latino business owners in metro Phoenix, Administrator Isabella Casillas Guzman with the Small Business Administration visited Phoenix on Thursday and met with policymakers and Latino leaders to discuss strategies.

The roundtable discussion was part of the Latino Prosperity Tour, a Biden-Harris Administration initiative to highlight small Latino startups and offer federal resources through SBA that could help close racial opportunity gaps.

"(Latinos) are starting businesses at high rates, they're 14% of all small businesses across the country and growing, and we want to make sure that they can continue to thrive and leverage the opportunities," Guzman said. "We've seen disparities in the past, but the Biden-Harris administration is really focused on all lifting up all our great ideas from everywhere, as these small businesses are job creators."

The event was held in tandem with the annual AZBizCon 2023, held at the National Bank Conference Center in the Phoenix Biltmore area, where Guzman and other leaders celebrated the accomplishments of local entrepreneurs, including naming the Arizona Small Business Person of the Year.

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Guzman: Here to lift up communities

Guzman, who is the highest-ranking Latino official in President Biden's Cabinet, said during Thursday's event that on average two in three businesses start-ups from the past two years are owned by women, and three in five are owned by minorities.

"Women and people of color have been leading entrepreneurship rates for the past 10 years. Particularly Latinas and African-American women have really been leading the rates of star-ups," Guzman said. "What we're here to do is lift up communities, including the highly entrepreneurial group of Latino leaders that we have with us today."

Luis Cruz, 68, one of the attendants of the event, said he grew up in Puerto Rico in a household supported only by his mother, who was forced to drop out of school as a child after her mom passed away. She taught herself how to read, write, and do math, Cruz said.

"I really don't know how she did it, I wish I had asked," he said.

As he grew up, Cruz said he noticed his mom faced challenges in accessing resources and opportunities in education, entrepreneurship and financial growth. Years later, that would become his inspiration to create his own financial advice business targeting professional women and small business owners, "which a lot of times are one and the same," Cruz said.

Cruz said he aspires for his business to help address gender and racial wealth disparities in Phoenix.

"Part of the reason I am doing what I do is that I am hoping some of the younger Latino generations have the resources and the knowledge they need."

He encouraged young Latino entrepreneurs to seek out the mentorship they need.

"I find that we, Latino business owners, have a lot of good ideas but sometimes we give up a little bit too soon," Cruz said. "When a door closes, jump through the window. Follow your dream, and seek advice."

Rep. Greg Stanton, D-Ariz., also highlighted the importance of supporting Phoenix's younger Latino generations during Thursday's event.

"The Latino community is the fastest-growing community, and the youth of this community is the larger portion of its population, so it represents the future of Arizona, and they're starting businesses at a rate much larger than anyone else," he said. "We know that what these folks are doing is really the future of our state, and we can't be successful without their success."

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Jonathan Woody Woodruff, CEO of ORSA Technologies, was named Arizona Small Business Person of the Year.

"It's a great honor and privilege to represent the state of Arizona," he said.

Woodruff, a veteran, said he was able to learn about leadership during his service in the military, which inspired him to start his own government contracting firm, where he has focused on creating a team that he leads and supports in expanding their capabilities.

He advised other business owners to follow their passions and constantly push themselves to grow.

"The hard work doesn't get any easier, if it's something you love, you continue to do it," he said. "Surround yourself with people who are way smarter than you are. Don't fear that."

According to Woodruff, growing without financial backup and finding the talent they need are two of the greatest challenges facing small businesses.

He said he met with Administrator Guzman to speak about the importance of moving programs that support job growth closer to underserved communities in Phoenix.

"The undersupported communities is where the majority of the qualifications (for support programs) happen," Woodruff said. "By reaching those parts of our communities, we make sure that they're getting the benefits that they've earned as part of our state's economy."

This article originally appeared on Arizona Republic: SBA administrator addresses needs of Phoenix Latino business owners