2016 Hispanic-American Entrepreneurship Summit Works Towards Inclusive Economy

The U.S. Small Business Administration, in partnership with the White House, hosted the 2016 Hispanic-American Entrepreneurship Summit at the U.S. Institute of Peace on Tuesday, June 28. The Summit celebrated the work and continual strides of Hispanic entrepreneurs as business leaders in America.

During the summit, Secretary of Commerce Penny Pritzker moderated a panel featuring prominent Hispanic investors and entrepreneurs focused on the finance issues facing Hispanic-Americans today. The panelists were Javier Saade, Managing Director of Fenway Summer Ventures; Juan Sabater, a Partner of Valor Capitol; and J. Alberto Yépez, Managing Director of Trident Capital. The panel discussed the challenges facing Hispanic-American entrepreneurs who are trying to access capital to spur entrepreneurship and fund innovation to advance solutions to the problems facing their communities.

Hispanics own about $1.4 trillion (2.2 percent) of the $63.4 trillion in U.S. wealth, but continue to be underrepresented in investment and banking sectors. Hispanic-American owned businesses were about half as likely as non-Hispanic-owned businesses to get loans to start a business (about 4 percent and 8 percent, respectively) and this trend continues when businesses seek expansion financing.

Hispanic-Americans play an important part in the U.S. economy. There are currently more than 3.3 million Hispanic-owned businesses in the United States – and that number continues to grow at a rate 15 times faster than the general population. The Summit was an opportunity to explore how we can further support the minority group as business investors in today’s economy as they remain critical to America’s ability to thrive as a nation.

The event’s agenda featured a wide range of entrepreneurial leaders and professionals, including U.S. cabinet members, economic development officials and corporate board members, who shared their experience and expertise. They contributed to the discussion on how we can promote and support America’s entrepreneurs and small business owners, especially within the Hispanic-American community.

The event also explored subjects beyond business and entrepreneurship, such as technology, immigration, and education, to see how they can be incorporated in creating a more inclusive economic environment. The focus was on how we can provide the tools and resources needed for small businesses to succeed and compete in the global market today and help them find ways to secure success for the future.

The 2016 Hispanic-American Entrepreneurship Summit highlighted the progress being made among minority business groups as thriving players in the American economy today. The hard work and achievements made by these rising business leaders and investors have aided the nation’s ability to compete in today’s global economy. It demonstrated the strength of America’s entrepreneurial spirit and the nation’s willingness to allow its economy to grow by learning how we can help small businesses, such as those within the Hispanic-American community, continue to reach success and be active players in the global economy.