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State Senate hearing highlights Latino firms’ $4.1 trillion economic footprint and persistent capital barriers
Summary
Experts and bankers told the California State Senate committee that Latino entrepreneurship is a major economic engine but faces consistent barriers to bank lending, government contracting and venture capital; panelists recommended boosting CDFIs, lending transparency and state programs to support emerging managers.
Sen. Susan Rubio convened the California State Senate’s Committee on Minority Economic Development for a hearing focused on expanding access to capital for minority- and Latino-owned businesses. Researchers, bankers, venture investors and chamber representatives presented data and concrete recommendations intended to increase lending, procurement and investment in Latino entrepreneurs.
Dr. Hayes Bautista of UCLA told the committee that U.S. Latino GDP was about $4.1 trillion in 2023 and that Latino consumers and entrepreneurs are growing faster than the national average. Jennifer Garcia, COO of the Latino Business Action Network, said LBAN’s survey…
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