LULAC and U.S. Hispanic Chamber of Commerce Launch Campaign to Save Latino Businesses
Nation’s Oldest & Largest Latino Civil Rights Organization joins Largest National Hispanic Business Organization for a Campaign to Save Latino Businesses
Washington, DC - Today, the League of United Latin American (LULAC), along with the United States Hispanic Chamber of Commerce (USHCC), representing more than 4.37 million Hispanic-owned businesses, launched the Save Latino Businesses Campaign. The campaign was launched to defend the millions of Latino-owned businesses bearing great financial risk amid the COVID-19 pandemic. The United States is home to 4.8 million Latino-owned businesses that generate $800 billion in revenue, and the 60 million Latinos living in the U.S. generate $2.3 trillion annually.
In a letter to U.S. Treasury Secretary Steve Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza, LULAC and USHCC demand immediate additional funding and economic relief for minority and Latino-owned small businesses. The letter highlights how vital Latino owned businesses are to our community, to the U.S. economy, and to the millions of people they employ. LULAC and USHCC also outline recommendations to facilitate a speedy and stable economic recovery.
“Latinos business have been hit extremely hard due to the coronavirus pandemic,” said LULAC President Domingo Garcia. “We’ve seen massive layoffs and businesses closing across the country because they have been excluded from stimulus payments and are unable to access small-business loans to stay afloat. We cannot overstate the drastic impact this global pandemic has had on small Latino-owned businesses in our country. While no one else is speaking up on their behalf, we are reminding everyone that their success matters for everyone.”
“The United States Hispanic Chamber of Commerce (USHCC) is the voice of the Hispanic business community representing more than 4.8 million Latino-owned businesses that generate $800 billion in revenue for the U.S. economy,” said Ramiro A. Cavazos, President & CEO, USHCC. “We are proud to partner with LULAC to empower these business owners to sign onto this letter about the immediate need for more stimulus funding and for these dollars to be prioritized for small businesses who need it the most.”
Today’s campaign establishes six clear economic priorities, developed by USHCC and LULAC, to ensure the economic success and viability of Latino and minority-owned small-businesses. These priorities include:
- Economic relief for entrepreneurs who are waiting in line with completed loan applications;
- Economic relief for small businesses with 20 employees or less;
- Prohibiting discrimination against small employers with respect to the Paycheck Protection Program (PPP);
- Requiring the top 15 financial institutions who are managing the lending for the Paycheck Protection Program (PPP) to set aside a certain percentage for Hispanic and minority-owned small businesses;
- Basing Economic Injury Disaster Loan amounts on operating expenses, not number of employees;
- Allocating grants or funding for public-private partnerships that are geared toward businesses with less than $2 million in annual revenue.
To join the conversation, please use #SaveLatinoBiz on social media or visit www.lulac.org/sba for more information.
The League of United Latin American Citizens (LULAC) is the nation’s largest and oldest civil rights volunteer-based organization that empowers Hispanic Americans and builds strong Latino communities. Headquartered in Washington, DC, with 1,000 councils around the United States and Puerto Rico, LULAC’s programs, services and advocacy address the most important issues for Latinos, meeting critical needs of today and the future. For more information, visit https://lulac.org/