Latino, Millennial, Immigrant Entrepreneurs Play ‘Enormous’ Role in US Economy, Says SBA Administrator Maria Contreras-Sweet

U.S. Latinos have said job creation and fixing the economy is among their most important issues that should be addressed by politicians during the midterm election, according to Latino Decisions 2014 Election Eve Poll comprising of 4,200 voters. Another Latino Decisions poll about Latinos’ views toward the economy found 61 percent of survey respondents stated the “American Dream” includes owning their own business, which is a view shared by 68 percent of foreign-born Latinos.

The U.S. Small Business Administration (SBA), a federal government agency providing counseling sessions, loans, loan guarantees and contracts for small businesses, has recognized Latinos’ impact on America’s economy, notably within the small business sector and entrepreneurs. SBA Administrator Maria Contreras-Sweet — a member of President Barack Obama’s cabinet since April 2014 — has also acknowledged the effect of Latino small business owners and entrepreneurs, who have contributed $468 billion of the U.S. economy, every year.

Contreras-Sweet spoke with Latin Post during a visit to Brooklyn’s Miti Miti Taperia in honor of National Small Business Week, which occurred between May 4 and May 8. Contreras-Sweet spoke about the SBA and its Latino outreach. The SBA administrator said the purpose of National Small Business Week was to honor and celebrate small businesses from their risks and pioneering in starting and expanding new jobs — such as Miti Miti Taperia. Contreras-Sweet noted small businesses are creating two-out-of-three new jobs in the U.S., which helped the country’s 61-consecutive months of job growth.

“The impact of the Latino community is enormous,” said Contreras-Sweet.” What we see here is, particularly for example, immigrants are twice as likely to start a business, they’re twice as likely to file a patent. Today, immigrants employ 1 out of every 10 employees…. It is important to recognize the contributions that immigrant populations are making.”

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New American Economy is a bipartisan research and advocacy organization fighting for smart federal, state, and local immigration policies that help grow our economy and create jobs for all Americans. More…