Hispanic Heritage Month celebrates Hispanic-owned businesses in Tri-Cities and elsewhere

Each year from Sept. 15 – Oct. 15 Americans celebrate National Hispanic Heritage Month where we recognize the many contributions, diverse cultures, and extensive histories of the American Latino community. Hispanics are the fastest growing segment of the U.S. population, operating more than 350,000 businesses nationwide and employing over 3 million people. In Washington State, we have over 1 million Hispanic residents and more than 36,000 Hispanic-owned businesses.

Both President Biden, and SBA Administrator Isabella Casillas Guzman — the highest-ranking Latina in the President’s Cabinet — have made strengthening our Hispanic-owned small businesses a priority over the last 18 months.

During the pandemic, Hispanic-owned businesses were severely impacted by the downturn of economic activity. SBA, resource partners quickly focused on delivering resources to underserved communities. Through the Paycheck Protection Program (PPP), Restaurant Relief Fund (RRF) and other programs, we provided over 270,000 grants and loans at a value of over $27 billion.

I grew up in Spokane where my family was in the restaurant business. My partner’s family own a small farm in Outlook and she grew up in Granger. I am often in Eastern Washington and have met with Hispanic-owned businesses in the Yakima Valley and the Tri-Cities where I hear from them a cautious optimism and eagerness to move past the pandemic and refocus on growing their businesses. SBA has several resources that can help.

First, as small businesses look to grow and expand access to capital is critical. SBA has loan programs to fund working capital, purchase buildings and export. These loans help borrowers that may not have the credit score or collateral necessary to secure a traditional loan from a commercial bank. SBA certified lenders offer microloans from a few thousand dollars to $5 million for major projects or purchases. To learn more here: Loans (sba.gov).

Second, having SBA partners in the Hispanic community that know the businesses, understand the culture and are bilingual are important to getting the right support. In Washington we partner with the Small Business Development Center (SBDC). They offer confidential business consultations at no cost. Find an SBDC here: Home | SBDC (wsbdc.org) or En Español | SBDC (wsbdc.org).

Last November, the bipartisan Infrastructure Investment and Jobs Act (IIJA) was signed into law which created opportunities for minority businesses to gain access to over $1.2 trillion in federal, state, and local government contracts. While Hispanic-owned firms make up nearly 13% of all U.S. businesses, only 2% of federal procurement spending is going to Hispanic businesses. A large percentage of Hispanic-owned businesses are in the construction and service industries. We want to ensure they are prepared to bid competitively. For more information visit: Small Disadvantaged Business (sba.gov).

National Hispanic Heritage Month is a time to applaud the accomplishments and fortitude of our Hispanic community and celebrate the American dream of small business ownership. For more information on SBA’s programs and services, please visit www.sba.gov and follow us on Twitter @SBAPacificNW.

Mike Fong is Pacific Northwest Regional Administrator for the Small Business Administration (SBA) servicing Oregon, Washington, Alaska, and Idaho. He was appointed by President Biden in November of 2021 and started in his new role in January of 2022. He was born and raised in Spokane.