Senators Menedez, Reid, and Begich Host Latino Business Summit on Accesss to Capital

Press Release

Today U.S. Senator Robert Menendez (D-NJ), Chair of the Senate Democratic Hispanic Task Force, Senate Majority Leader Harry Reid (D-NV) and U.S. Senator Mark Begich (D-AK), Chair of the Senate Democratic Steering and Outreach Committee hosted a Latino Business Summit, which brought together entrepreneurs, professionals and business leaders from across the country to discuss access to capital, the creation and growth of business, and lending and procurement issues. These issues are critical to wealth building and success of the more than 2.3 million Hispanic-American enterprises, and in turn, essential to the creation of jobs in this country. According to the US Census Bureau, small businesses generate 90 percent of all net job growth in this country. Hispanic-owned businesses account for over $345 billion in economic output, and provide nearly 2 million jobs for Americans.

Senator Menendez said: With billions in economic revenue, the importance of Hispanic businesses for the US economy is simply undeniable. We need to help them access the capital they need to grow, so they can keep creating jobs and help the Hispanic community prosper. Today's summit served as an opportunity to begin what we hope will be an ongoing dialogue on the unique challenges Hispanic entrepreneurs face when accessing capital and procurement opportunities, to ensure they are able to get the resources they need to thrive."

Senator Reid said: "The dialogue we had today at the Hispanic Business Summit will be vital as we craft and refine legislation that will help Latino businesses grow and create jobs. Unfortunately, the Hispanic community has been disproportionately hit by the economic crisis. Last year one in four Hispanic Americans lived in poverty. This is particularly true in Nevada and other states with high Hispanic populations. The conversations we had at this meeting will guide us as we work on crucial jobs legislation, such as President Obama's American Jobs Act. Our economy needs the ingenuity and entrepreneurship of small businesses to put our nation back on the path of progress, and Latino businesses will be pivotal to this."

Senator Begich said: "As Chair of the Senate Democratic Steering and Outreach Committee, I am pleased that the Senate Democratic Hispanic Task Force was able to host this dynamic economic Summit with business leaders from the Latino community. As one of the fastest growing sectors of our economy, Latinos play a vital role in ensuring access to capital, creating jobs, and promoting economic opportunities in our communities. As small business owners, they represent the backbone of our economy providing jobs for millions of Americans. We must continue to ensure economic empowerment and support the growth of Latino-owned businesses and I look forward to continuing this dialogue and partnering with the Latino community on these critical issues."

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