The US Hispanic Chamber of Commerce (USHCC), the largest Hispanic business organization in the country, hosted their 2021 Virtual Legislative Summit, titled “Policy That Powers America’s Hispanic Business,” on Tuesday and Wednesday of this week. Congressional, corporate, and Cabinet-level leaders, as well as President Joe Biden and Vice President Kamala Harris, came together for sessions, workshops, panels and plenaries around Hispanic economic development, the American Rescue Plan and how the Latino community will be instrumental for economic recovery in the United States after the coronavirus pandemic.
The USHCC promotes the interests of over 4.7 million Hispanic-owned businesses that contribute over $800 billion to the American economy every year. Its network includes over 250 local chambers and business associations, as well as 260 major corporate partners. The past year has been particularly difficult for the Latino community and for Hispanic business owners, a fact that was not lost upon the summit’s participants. At the same time, however, Hispanic-owned business, one of the fastest-growing segments of the American economy, will be a key driver in the country’s economic recovery, and therefore deserve the necessary support as they contribute to rebuilding the economy.
The summit was kicked off with Tuesday’s plenary, “America’s Business Future.” Ramiro Cavazas, President and CEO of the USHCC, highlighted the vitality of Hispanic businesses for present and future economic success, pointing out that 61 million Latinos account for approximately 1.6 trillion dollars in economic opportunity and impact in the United States. “Latinos are entrepreneurs, workers, consumers, and Americans,” he said. Recognizing that Latinos have been disproportionately impacted by the pandemic, the USHCC endorses President Biden’s American Rescue Plan to drive economic recovery among the community and advocates for equitable access to the coronavirus vaccine.
Cabinet members of the new administration were featured in the plenary, like Treasure Secretary Janet Yellen and Small Business Administration (SBA) Administrator Isabella Casillas Guzman. Secretary Yellen spoke of long-standing barriers and inequalities historically in the way of the Latino community and Hispanic-owned businesses, which tend to become even more pronounced during times of national crisis. Through the American Rescue Plan, she said, Hispanic businesses will have more access to capital and other resources that will allow them to drive a large part of the country’s recovery. Administrator Guzman, in her first major address since being sworn in two weeks ago, pledged the SBA’s support for Hispanic-owned businesses, pronouncing that “la ayuda esta aquí para todos” (help is here for everyone).
Additionally, remarks were given by champions of Latino essential workers and Hispanic-owned businesses, like Congresswoman Nydia Velásquez, Senators Alex Padilla and Tim Kaine, and Representative and Congressional Hispanic Caucus Chairman Raul Ruiz. The session was wrapped up with remarks from President Biden. “It isn’t easy to hang a closed sign on a dream,” he said in reference to the many businesses that have had to close due to the pandemic. “Help is here,” he emphasized, highlighting that the American Rescue Plan will invest in Latino businesses and help rehang open signs all throughout the United States.
The summit continued with three concurrent workshops and panels, featuring industry experts and civil rights leaders. The “How Hispanic-Owned Businesses Can Succeed Through Federal Government Contracting” workshop explained the technical aspects of doing business with the US government. The “Jump starting the American economy with inclusive technology and telecommunications policy” panel explored government design of technology policy and how it can promote equitable access and support for minority-owned businesses. Finally, during the “Nuestros Negocios & USHCC CARES: Partnerships to Empower Small Minority-Owned Businesses to Navigate COVID-19” participants learned more about the impact of the Chamber’s CARES program and how it can help entrepreneurs and businesses face the challenges of the coronavirus pandemic.
The second day of the summit began with the “Building Back America Through Hispanic Businesses” plenary, during which experts and leaders explored the critical role that policy and legislation plays for Latino economic growth. Nelson Reyneri, Chairman-Elect of the Board of Directors of USHCC kicked off the event, followed by remarks from corporate partners and Janet Murguia, President and CEO of UnidosUS, the largest Latino civil rights organization in the United States. Latinos came out in record numbers during the last presidential election to elect Joe Biden, Murguia remarked, and deserve a seat at the table in all levels of government, as the administration has worked to ensure. Secretary of Homeland Security Alejandro Mayorkas, for example, became the first Latino and immigrant to lead the department and gave remarks at the summit.
Secretary Mayorkas spoke of his father, who owned a small steel wool factory in Havana, Cuba. After moving to the United States, his father never had the opportunity to own a business again, but, like many Latinos, remained a part of the manufacturing industry for many years. The Secretary called for immigration reform that recognizes the great contributions of immigrants to our nation and supports enduring opportunity and success in the United States. Remarks were also given by congressional leaders from both sides of the aisle, highlighting the disproportionate effect of the pandemic on the Latino population but also its enormous potential to contribute to economic recovery and what Congress is doing to engage with and support the community. Speakers included Senator Ben Cardin, Representatives Maxine Waters, Anthony Gonzalez, and Catherine Cortez Masto. Vice President Kamala Harris wrapped up the event—“Latino-owned businesses are the fabric of communities across our country. Thank you,” she said.
The last events of the summit were two concurrent workshops. The first, titled “Corporate Supplier Diversity: Be a Part of America’s Corporate Supply Chain,” featured Corporate Supplier Diversity experts from America’s Fortune 500 companies explaining best practices and how Hispanic-owned businesses can become a part of evolving supply chains. The second workshop, “Scaling Hispanic Business Enterprises (HBEs): Community Partners Unlocking Access to Capital Opportunities,” featured leaders from the U.S. Small Business Administration, the U.S. Department of Treasury, and the Federal Reserve Bank discussing how the new administration and bank regulators are reimagining new financial and technical assistance solutions to close the $1.3 trillion parity of capital gap for minority-owned businesses.
To watch back sessions from the USHCC Legislative Summit, click here.