Washington - Senators Robert Menendez (NJ) and Ken Salazar (CO), Co-chairs of the Senate Democratic Hispanic Task Force, joined with fellow Democratic Senators to discuss priorities with leaders of the Hispanic small business community to find ways to ensure economic and entrepreneurial success of the Hispanic-owned businesses. Senators Salazar and Menendez were also joined by Democratic Senators John Kerry (MA), Chairman of the Senate Small Business Committee, Ben Cardin (MD), Edward Kennedy (MA), Richard Durbin (IL), Bill Nelson (FL), John Tester (MT), Diane Feinstein (CA), Frank Lautenberg (NJ), Jack Reed (RI) and Sheldon Whitehouse (RI).
"We must work to unlock the full potential of the fastest growing segment of our economy, our 1.6 million strong Latino small business community," said Menendez. "If we make policies that reduce the barriers to success for small businesses, our families, communities and nation will reap the benefits."
"We know that small businesses are the engines of our local economies and Hispanic-owned businesses are one of the fastest growing segments in the U.S. economy," said Senator Salazar. "With over 1.6 million Hispanic-owned businesses contributing $222 billion to the U.S. economy, we must continue to invest in programs that help reduce disparities and aid in their success and continued growth."
The forum provided Senate Democrats an opportunity to dialogue with Hispanic business leaders on the needs and concerns of the Latino small business community, including eliminating lending discrimination, ensuring adequate access to capital, and providing government contracting opportunities for minority-owned businesses. Recently, the Census Bureau reported a 31% growth in Hispanic-owned businesses between 1997 and 2002. Latino small businesses are one of the fastest growing segments of the U.S. economy, numbering more than 1.6 million today and contributing $222 billion in revenue.
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