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News & Press: Chairman's Message

Chairman's Message: March 2018

Tuesday, March 27, 2018   (0 Comments)
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Dear members and friends,



We had a fantastic Q1 Membership Orientation & Economic Outlook Breakfast with the Federal Reserve Bank of Richmond, Baltimore Branch. The event sold out so if you were on the waitlist and still could not attend, please make sure you register early for the next one!

If you are in the GBRC area, please mark your calendars to attend our first-ever MDHCC Entrepreneurship Expo: The Future of Food, in partnership with Sagamore Development, Reinvestment Fund, the Maryland Department of Housing & Community Development and the BHI Association of Johns Hopkins’ Carey Business School. The event will take place on May 31 and will bring together entrepreneurs and businesses (#foodpreneurs) and their social, innovative solutions to some of the problems we are seeing with food:


Community | Urban Agriculture
Sustainability | Health and Nutrition | Funding

We continue to look for exceptional individuals from the Prince George’s, Frederick and Montgomery County areas to join us as we assemble the leadership team for the MDHCC’s Capitol Area Regional Chapter (CARC). Please send an email with a resume/cv and a letter of intent to to be considered.

Lastly, I am proud to be able to share some positive economic trends with our members. According to Bank of America’s most recent Hispanic Small Business Owner Spotlight, “Hispanic entrepreneurs are increasingly optimistic about the future— not just the coming year, but even for the next decade,” and “are more optimistic about the economy than U.S. small business owners overall.” As it relates to job creation and growth, “Hispanic entrepreneurs are also more bullish on revenue and hiring in the year ahead. 71% believe their revenue will increase in 2018, compared to just half of non-Hispanic small business owners. They are also more than twice as likely to plan to hire more employees in the year ahead—37%, versus 16% of non-Hispanic small business owners.”

According to the survey, “77% of Hispanic small business owners report growth plans over the next five years, while only half of non-Hispanic entrepreneurs cite the same. A strong majority (89%) also believe[s] the business environment for Hispanic entrepreneurs will strengthen in the next decade.” The optimistic outlook of our businesses aligns with the reality of the continued rapid growth of our population nationwide and the corresponding demand for products and services tailored to the Hispanic community. In Maryland alone, the Hispanic population increased over 150% (2.5 times) between 2000-2014.

Most saliently, “Hispanic entrepreneurs lead their non-Hispanic peers by 20 percentage points in the use of digital tools to run their business—93%, compared to 73% of non-Hispanics. Three-quarters also report they are reliant on social media in running their business, versus just 40% of their non-Hispanic counterparts.”



Jorge Eduardo Castillo
Chairman & President
Maryland Hispanic Chamber of Commerce

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