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News & Press: Chairman's Message

Chairman's Message: April 2017

Tuesday, April 25, 2017   (0 Comments)
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Dear members and friends,

¡Saludos!

Late last year members of the MDHCC participated in the 2016 Small Business Credit Survey. 2016 marked the first time the survey was conducted on a national scale, with involvement from all Federal Reserve Banks and input collected across all 50 states.

We are pleased to announce the first of our series of reports is now available at bit.ly/2016-Credit-Survey. According to the Federal Reserve Banks, “The Report on Employer Firms examines business conditions and the credit environment from the perspective of over 10,000 small business owners who have employees. The report looks closely into how employer small businesses nationwide performed, their financial challenges, the credit they sought and received, and how financing experiences varied based on their revenues.” The findings of the report are:

  1. Although many employer small businesses were profitable and optimistic, a significant majority faced financial challenges, experienced funding gaps and relied on personal finances.
  2. These issues were even more pronounced for the smallest firms, which were less likely to receive necessary funding and more likely to rely on personal finances to operate.
  3. These findings highlight small businesses’ obstacles to growth and raise new questions about how to overcome them.

The timing of this report could not be better as it adds to the body of evidence that supports our understanding that access to capital continues to be difficult, and it is particularly more difficult for small and minority-owned businesses. I will be using data from this report during the panel: “Opening Up Capital Access for Underserved Small Businesses” at the 2017 Milken Institute Global Conference as we continue to fight locally, state-wide and nationally to fix the ongoing problem of restrictive capital access in underserved communities.

Finally, later in May we will be attending our yearly Capitol Hill Day in Washington D.C. as we meet with our elected Congressmen, Congresswomen and Senators. Space to join our delegation will be limited so if you want to participate please email info@mdhcc.org to reserve a spot. Full details will be released shortly.


Onward!

Jorge Eduardo Castillo
Chairman
Maryland Hispanic Chamber of Commerce
Chair@mdhcc.org


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