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Latin America Business News

USHCC Applauds Startup America Milestones to Provide $2 Billion for American Small Businesses

USHCC Applauds Startup America Milestones to Provide $2 Billion for American Small Businesses

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The United States Hispanic Chamber of Commerce (USHCC) applauds the recent commitment by the Startup America Partnership and Early Stage Innovation Fund to provide a total of $2 billion toward the continued growth of small business startups in America.

USHCC Chairman Nina Vaca was welcomed yesterday by the White House at the inaugural board meeting for the Startup America Partnership. As a result of the meeting, the Startup America Partnership announced that it will deliver commitments from over 50 private-sector partners that collectively provide upward of $1 billion in resources to 100,000 start-up businesses over the next three years. As part of the founding board, Vaca joins 13 distinguished entrepreneurs including Steve Case, Tory Burch, Michael Dell, and Magic Johnson.

“It is an honor to serve our country on this board as we look for public-private solutions to our many economic challenges, particularly those facing startup businesses,” says Vaca. “Even companies like FedEx, Netflix, and LinkedIn, which were founded by the very members of this board, were once small companies. We understand the challenges faced by entrepreneurs and it’s this experience that gives us the drive and ability to ensure that startup companies across America have the resources they need to succeed in today’s economy.”

The White House also announced that the U.S. Small Business Administration (SBA) will proceed with the Early Stage Innovation Fund, a $1 billion plan to match funding capital to Small Business Investment Companies (SBICs). This fund targets early stage small businesses seeking private capital by reducing a variety of regulations and allowing for swift investing that is necessary for job creation and growth.

President Obama commented, “We’re announcing $2 billion in public and private resources to help entrepreneurs start and grow their businesses,” and later emphasized that “America’s small business can’t wait for these important tools to grow and hire faster.”