Small Business Lending Key to Economic Recovery

Washington, DC (CapitalWirePR) – Many Hispanics face several challenges from financial institutions that often hinder them from participating fully in the formal financial sector.

These include the absence of products and services that meet the needs of Latino customers, failure to market to the Hispanic community, and lack of financial information available in Spanish.

The current national credit crunch has reduced this access even further. Higher interest rates, more restrictive loan requirements, and lower limits on lines of credit have placed a veritable choke hold on Hispanic enterprises. In this market, lenders are increasingly overcome with an irrational aversion to risk regarding small business lending. Yet, Hispanic businesses—generating almost $400 billion in revenues and providing millions of jobs—will be critical to regaining economic stability for our nation as the economy rebounds.

The administration’s Financial Stability Plan and its focus on the reform of the use of additional TARP funding highlight the need to get credit flowing swiftly to small businesses again. The U.S. Hispanic Chamber of Commerce (USHCC) is forcefully advocating for more lending power for the SBA along with tax incentives as a key to resolving the lending crisis.

This workshop will explore how Hispanics can continue to grow their businesses and achieve increased financial security in a struggling global economy.

Speakers include Monika Mantilla, Founder, President and CEO, Altura Capital Group; Leander Foley, Partner and Managing Director, Moss, McGee, Bradley & Foley; Orson Aguilar, Executive Director, Greenlining Institute; Jaime Lizárraga, Director of Member Services and Senior Advisor, Office of the Speaker, U.S. House of Representatives; Cindy Ramos-Davidson, President, El Paso Hispanic Chamber of Commerce TBD – Representative from Wachovia Corporation

The U.S. Hispanic Chamber of Commerce 19th Annual Legislative Conference takes place at Marriott at Metro Center, 775 12th Street, NW, Washington, D.C. Salon E on March 10, 2009 11:00 am. Register today at: www.ushcclegislative.com.

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