USHCC Secures $3 Million Grant to Boost Capital Readiness for Latino Businesses

In an innovative move to strengthen the economic landscape for Hispanic and Latino entrepreneurs, the United States Hispanic Chamber of Commerce (USHCC) proudly announces the receipt of a significant four-year grant totaling $3 million from the U.S. Department of Commerce, through the Minority Business Development Agency (MBDA). This substantial grant, part of a national total investment of $93 million, consolidates the USHCC's crucial role in advocating for minority businesses, marking the organization's second-largest government grant ever received. 

The grant, allocated under the MBDA, underscores the government's commitment to fostering the growth of small businesses and supporting minority business organizations. The USHCC, as a key partner in this initiative, will use the funds to further enhance its Capital Readiness Program, a strategic effort designed to leverage private sector resources and expand access to capital for Latino businesses. 

Ramiro A. Cavazos, President and CEO of the United States Hispanic Chamber of Commerce, expressed pride in the Capital Readiness Program, emphasizing its role in empowering Hispanic entrepreneurs. "We recognize the value of capacity development, and capital opportunities for the success of the 5 million Hispanic-owned small businesses nationwide," said Cavazos. "By allocating these funds to Latino entrepreneurs, we empower the $2.85 trillion annual economic impact made by the Hispanic community." 

In collaboration with the Avanzar accelerator program of the USHCC's Educational Fund, the grant will facilitate the delivery of an accelerated curriculum tailored to expand access to capital. Evelyn Barahona, Senior Vice President of the USHCC's Educational Fund, highlighted the impact of the grant in opening doors for Hispanic entrepreneurship. "Our Educational Fund will be able to reach Latino business owners nationwide, eager to expand their businesses and contribute directly to their communities," said Barahona. "We are proud to support the realization of the American dream." 

This strategic initiative recognizes the crucial role of Latino entrepreneurs as key drivers of the U.S. economy. Despite often having higher credit scores and stronger cash reserves, Hispanic and Latino entrepreneurs face a 40% disparity in loan approvals compared to their counterparts. The Capital Readiness Program aims to close this gap by offering targeted investments and necessary support. 

As the nation's largest Latina business advocacy organization, the USHCC actively promotes economic growth, development, and the interests of over five million Hispanic-owned businesses contributing over $800 billion to the U.S. economy each year. Operating through a network of over 260 local chambers and business associations nationwide, the USHCC continues to lead the empowerment and advancement of the Hispanic business community. 

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