The recently completed first-phase grant activities included a survey and research that have identified several priority areas for the Hispanic business community. According to the survey, local, regional and statewide Hispanic Chambers of Commerce seek training and resources to strengthen governance and administrative functions. Additionally, the research found that Hispanic businesses are in need of capital to begin, grow and expand their companies, an issue of particular importance in the current economic climate.
“The USHCC Foundation is committed to the advancement of the Hispanic community’s economic development and entrepreneurship skills,” said David C. Lizárraga, Chair of the Board for the USHCC and USHCC Foundation. “This new Wells Fargo Foundation grant will support our proactive strategies to empower Hispanic-owned businesses and help expand the reach of Hispanic Chambers of Commerce.”
“For many years, Wells Fargo has enjoyed a growing and supportive alliance with the United States Hispanic Chamber of Commerce,” said Tim Rios, Senior Vice President of Corporate Community Development and national spokesperson for the Wells Fargo Latino Business Services Program. “We look forward to continuing and expanding our relationship with the USHCC Foundation and this grant illustrates Wells Fargo’s continued commitment to the Latino business community.”
The future activities supported by the new grant will focus on improving governance and financial models of local chambers, as well as assisting them in fundraising and procurement. Future studies are planned to explore in more detail the financial needs of Hispanic-owned businesses to assess the size of need, determine the need for loans versus equity financing, identify the outreach or educational program needed to increase the financial capacity of Hispanic-owned businesses, and to better understand what role local Hispanic Chambers of Commerce may play in meeting the needs of their respective members.
About the United States Hispanic Chamber of Commerce
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of the 1.6 million Hispanic-owned businesses in the United States that generate more than $200 billion annually. It also serves as the umbrella organization for 200 local Hispanic chambers in the United States, Puerto Rico, Canada, Mexico, Bolivia and Uruguay.
About the United States Hispanic Chamber of Commerce Foundation
The USHCC Foundation is committed to giving Hispanic entrepreneurs alternatives for life preparation and life-long learning by developing and implementing initiatives and educational campaigns to awaken and nurture their entrepreneurial spirit. The Foundation leverages corporate and public support to ensure that existing and aspiring Latino entrepreneurs gain access and achieve success in the world of business. Please visit www.ushccfoundation.org for more information on the USHCC Foundation.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $609 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA."
Wells Fargo is America’s #1 small business lender in total dollar volume according to the most recent Community Reinvestment Act data (2006) and the #1 SBA 7a bank lender in total dollar volume. Wells Fargo has loaned more than $36 billion to women, African American, Latino and Asian business owners since 1995. For more information, speak with a Wells Fargo banker, visit wellsfargo.com/biz or call the National Business Banking Center at 1-800-CALL-WELLS.