What are some of the biggest challenges Hispanic business owners will face in the next few years?

There are nearly 2 million Hispanic owned businesses in the United States; these businesses are increasing in number at a rate nearly three times the national average. One of the biggest challenges they face is access to capital. The U.S. Hispanic Chamber has partnered with U.S. Bank to form “Capital!,” a strategic loan program providing more than $1 billion over a five-year period to support small businesses in high-growth Hispanic markets across the country. Access to useful and affordable technology is important for small businesses. This is especially true for Hispanic-owned businesses, which tend to have less capital to invest in technology and less knowledge about which technologies can best meet their business needs than non-Hispanic-owned businesses.

How can technology help minority businesses

The production power of Hispanic owned businesses continues to grow, but still lags behind that of non-minority businesses. Businesses should view technology as a long-term investment that will pay for itself by increasing efficiency and growth potential.

What can small-business owners do to take advantage of technology solutions?

Knowledge is important. Hispanic business owners must take the initiative to educate themselves on best practices and identify the technology applications that will best serve their business needs. The U.S. Hispanic Chamber’s 2005 annual convention in Milwaukee hosted several technology workshops that focused on business growth through technology adoption. They also partnered with technology companies such as Avaya, Cisco Systems, Intel, SBC Communications, and Verizon Communications on several educational and outreach efforts to help Hispanic-owned businesses better understand the importance of integrating technology into their business models. Through these and similar partnerships, Hispanic business owners can maximize the potential of their businesses and better position themselves in the global marketplace.

Has technology improved your ability to serve your constituents?

Technology has created an entirely new way for us to communicate with our members and for chambers of commerce across the country to network and do business. For example, the Hispanic Vendor Directory, run by U.S. Hispanic Chamber’s charitable foundation, is an international database that links our chamber members to Hispanic businesses around the world. The directory also serves as an online strategic resource for members seeking financial, educational, and business procurement opportunities. For more information on the U.S. Hispanic Chamber’s technology efforts contact our U.S. Hispanic Chamber representative Mrs. Elizabeth Gallagher.