Celebrating Hispanic Heritage Month

September 21, 2024

U.S. Small Business Administration

Each year during National Hispanic Heritage Month (September 15 – October 15), the federal government celebrates the culture and contributions of Latino communities. America’s more than five million Latino-owned businesses employ nearly three million workers and contribute $800 billion annually to the U.S. economy. 

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Economic impact

According to the Joint Economic Committee Hispanic Entrepreneurship and Business Brief: 

• Hispanic or Latino workers have the highest labor force participation rate. They are also among the highest employment rates in the U.S.
• Growth in the number of Latino-owned employer businesses outpaces the national average.
• If the gross domestic product (GDP) output of U.S. Latinos were an independent country, it would rank 5th in the world.

Federal contracting programs

The 8(a) Business Development program offers a broad scope of assistance to firms that are owned and controlled at least 51% by socially and economically disadvantaged individuals.

The HUBZone program fuels small business growth in historically underutilized business zones by awarding at least 3% of annual federal contract dollars to HUBZone-certified companies.

The Women-owned Small Business (WOSB) Federal Contract program is designed to provide greater access to federal contracting opportunities for WOSBs and economically disadvantaged women-owned small businesses (EDWOSBs). 

Resources

SBA collaborates with its partners to provide resources to Hispanic and Latino-owned businesses:

• SCORE Hispanic Business Owners Hub
• 10 steps to starting a business
• How to write a business plan
• How to fund your business

Upcoming events

SBA regularly holds online training events.  Have questions about SBA’s programs and services? Call your nearest SBA District Office at (817) 684-5500.