U.S. House Committee on Financial Services Subcommittee on Diversity and Inclusion Virtual Hearing relating to “Access Denied: Challenges for Women and Minority-Owned Businesses Accessing Capital and Financial Services During the Pandemic”

The USHCC is an IWEC Foundation partner

By: USHCC

Carmen Castillo, President and CEO of SDI International Corp. and Chairwoman of the United States Hispanic Chamber of Commerce (USHCC) Board of Directors has been invited to testify at the hearing on behalf of America’s Hispanic Business Enterprises (HBEs) testified at the virtual hearing yesterday. Read her testimony here.

According to the Subcommittee’s Congressional Memorandum, data shows that minorities and MWBEs are also facing more difficult economic circumstances than others as a result of the COVID-19 pandemic. In April 2020, the Federal Reserve Bank of New York reported that MWBEs were not only more likely to show signs of limited financial health, but also twice as likely to be classified as “at risk” or “distressed” than their non-minority counterparts. 7 Further, nearly 60% of “at risk” and “distressed” business owners leveraged personal funds to respond to a two-month revenue loss because of the COVID-19 pandemic. Read the full Subcommittee Congressional Memorandum here.

carmentestimonybeforecongress  Carmen’s testimony starts at 19:01 minutes into the hearing

About the USHCC:

The USHCC actively promotes the economic growth, development and interests of more than 4.7 million Hispanic-owned businesses that, combined, contribute over $700 billion to the American economy every year. It also advocates on behalf of 260 major American corporations and serves as the umbrella organization for more than 250 local chambers and business associations nationwide.

The USHCC team embodies the patriotic spirit and core mission of fostering the growth of American’s business community.