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Isabel Casillas Guzman: Boosting Latino-Owned Businesses in the U.S.
Title: SBA Administrator Isabel Casillas Guzman Boosts Latino-Owned Businesses
The Latino population in the U.S. has been steadily increasing, but the number of Latino-owned businesses hadn’t seen a corresponding rise until recently. Thanks to the efforts of Isabel Casillas Guzman, administrator of the Small Business Administration (SBA), this trend is changing.
Since Guzman took office in March 2021, SBA-backed loans to Latino-owned small businesses have doubled. Additionally, loans to Black-owned businesses have more than doubled, and loans to women-owned businesses have increased by 70%. Guzman, who grew up working at her father’s small business in East Los Angeles, understands the challenges that small businesses face firsthand.
Having started her own businesses and worked in the corporate world before joining the government, Guzman brings a unique perspective to her role. Under her leadership, the SBA has transformed its approach to supporting business owners, using technology and education to help more people access loans. This has resulted in more small-dollar loans and increased access to capital for underserved communities.
Guzman’s advocacy for underrepresented groups like Latinos is not just about identity; she believes that supporting these businesses can benefit the entire U.S. economy. By leveraging language skills and international connections, small businesses can increase trade and contribute to economic growth.
While Guzman has faced criticism for prioritizing underserved communities, she remains focused on ensuring that all Americans have the resources they need to succeed. She believes that supporting a diverse range of businesses is essential for the country’s democracy, economy, and global competitiveness.
Overall, Guzman’s efforts at the SBA have been instrumental in helping small businesses navigate the challenges of the current economic landscape. By empowering entrepreneurs from all backgrounds, she is working towards a more inclusive and prosperous future for American businesses.
