Latin Businesses Can Help US Economic Recovery By: Yilin
US Secretary of the Treasury, Janet YellenHe said Tuesday that he believed Hispanic business can help pull America out of the crisis If barriers to accessing capital and labor are reduced.
In the prepared data for an online event for Hispanic American Chamber of CommerceYellen said the president’s $ 1.9 trillion stimulus plan Joe Biden It will help Latin companies through direct payments, housing assistance, and an injection of $ 12 billion into Community Development Funding Institutions (CDFIs) targeting low-income areas.
CDFI’s investments will make a “big difference” in Latin companies’ ability to access capital.
“By agreeing to the bailout, we hope to avoid widespread economic scars,” Yellin said, adding that Spanish society is likely to be hit hard.
Yellen reiterated his prediction that the United States will return to full employment by 2022, adding: “If history is evidence, then Hispanic-owned companies will lead a large part of the recovery.”
He cited the statistics for 2007-2012, years The Great Recession And the subsequent recovery, which showed that Hispanic-owned businesses grew by 3.3% during the period, while businesses owned by non-Hispanics decreased by 3.6%. After 2012, the number of Latino-owned startups grew by more than twice the national average.
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