WASHINGTON, Mar 30 (Reuters) – U.S. Treasury Secretary Janet Yellen said Tuesday that she believes Hispanic entrepreneurs can help lift the United States out of the crisis by lowering barriers to access to capital and employment. .
In remarks prepared for a U.S. Hispanic Chamber of Commerce online event, Yellen said President Joe Biden’s $ 1.9 trillion stimulus plan will help Latino businesses through direct payments, aid for the housing and a $ 12 billion injection into Community Development Finance Institutions (CDFIs) targeting low-income areas.
CDFI investments will make a “significant difference” in the ability of Latino companies to access capital.
“With the approval of the rescue plan, we will hopefully avoid large-scale economic scars,” Yellen said, adding that the Hispanic community is likely to be hit hard.
Yellen reiterated his expectation that the United States will return to full employment by 2022, adding: “If history is any guide, Hispanic-owned businesses will drive a large part of the recovery.”
He cited statistics from 2007-2012, the years of the Great Recession and the subsequent recovery, showing that Latino-owned businesses grew 3.3% during the period, while non-Latino-owned businesses decreased 3.6%. . After 2012, the number of Latino-owned startups grew at more than double the national average.
(Reporting by David Lawder; edited in Spanish by Carlos Serrano)