A Blueprint for Success: The Policies Needed to Empower America's Hispanic Entrepreneurs

With just over 80 days left until the election, the time is now for candidates to present meaningful policy proposals. As the President and CEO of the United States Hispanic Business Council (USHBC), I’ve seen how vital small businesses are to our nation’s economy. Hispanic entrepreneurs represent the fastest-growing segment of this community, making their voices more crucial than ever in the upcoming election. Every 30 seconds, a Hispanic American turns 18 and becomes an eligible voter, contributing to a rapidly expanding electorate that will undoubtedly influence the election outcome. Our recent USHBC Member Survey of 2,300 members found that 35 percent identify as Independent, making Hispanics a key demographic for any campaign.

Hispanic Americans are the backbone of the small business community, known for their entrepreneurial spirit and hard work. The policy platform we’re advocating for is not merely aspirational; it’s a practical roadmap to ensure that the small business community, and by extension, the Hispanic community, can thrive and contribute to America’s prosperity.

Economic Stability: Combating Inflation and Lowering the Cost of Living

As the election draws near, economic concerns are at the forefront for many Americans, and rightly so. Record-high inflation has strained both families and small businesses, with prices for essentials like groceries, gas, and housing remaining stubbornly high. This situation threatens the standard of living for millions of Americans. For small businesses, inflation-driven cost increases in raw materials, wages, and other operational expenses have squeezed profit margins, making it increasingly difficult to keep doors open. Higher interest rates have further compounded these challenges, limiting access to affordable financing.

It’s imperative that candidates present clear, actionable plans to combat inflation and reduce the cost of living. This isn’t just about economic policy; it’s about ensuring that families can put food on the table and that small businesses continue to be the lifeblood of our communities.

Immigration and Workforce: Balancing Opportunity with Security

America’s success story is deeply intertwined with its immigrant roots. Immigrants are not just part of our history; they are essential to our future, making up significant portions of the workforce in critical industries such as agriculture, hospitality, construction, and healthcare. Immigrants are projected to add $7 trillion to our GDP and $1 trillion to tax revenue over the next decade, underscoring their economic importance.

However, our immigration system is in dire need of reform. Over the last four years, more than 8 million people have entered the country illegally, and the backlog of immigration cases now exceeds 4 million. This situation presents serious security concerns and places a heavy strain on border communities that lack the infrastructure to absorb such rapid population shifts.

We need a balanced approach that recognizes the value of immigrants to our economy while addressing legitimate border security concerns. This includes ensuring a steady flow of legal immigration to meet the demands of industries that rely on immigrant labor.

Transparent Tax Policy: Encouraging Innovation and Growth

Our tax system should be straightforward and fair, supporting small businesses, workers, and consumers alike. Unfortunately, recent changes have made the system more complex and burdensome. For instance, the Tax Cuts and Jobs Act (TCJA) limited businesses' ability to fully expense Research and Development (R&D) investments, leading to a much higher tax burden for many companies.

A tax system that discourages innovation and growth is one that fails the American people. To regain our position as a global leader in innovation, we need policies that encourage investment in new ideas and technologies. This is particularly crucial for small businesses, which are often the most dynamic and innovative part of our economy.

Energy Policy: A Strategic and Responsible Transition

The need to address climate change is clear, but the transition to a clean energy economy must be handled strategically. While 74% of Americans support efforts to combat climate change, rushed regulations could have severe economic consequences, particularly for industries that rely on affordable energy.

Less than half of our oil consumption is for transportation; the rest is used in essential products like fertilizers, pharmaceuticals, and plastics. For Hispanic Americans, 37% whom work in energy-reliant industries such as transportation, agriculture, and manufacturing, an unbalanced approach to energy policy could lead to job losses and economic instability. We need an energy transition plan that takes into account the needs of all Americans, ensuring that those whose livelihoods depend on affordable energy are not left behind.

Foreign Policy: Strengthening Global Trade and Economic Ties

As the world faces multiple crises, a strong and strategic foreign policy is essential. In navigating these challenges, policies must not lose sight of American small businesses—the backbone of our economy. Strengthening our trade relationships and ensuring fair market access can open up new opportunities for these businesses, including those owned by Hispanics, allowing them to thrive in an increasingly complex global landscape. Policies that encourage global economic cooperation can help American and Hispanic-owned small businesses expand their reach, increase exports, and compete in international markets. We need a foreign policy that promotes free and fair trade, protects intellectual property rights, and fosters economic stability, which in turn will bolster the competitiveness of our small businesses on the global stage.

Shared Vision, Shared Success

As we move forward, policy success—regardless of party—is reliant on bipartisanship and fostering a united national spirit. Political harmony is inextricably linked to economic prosperity. As a nation, we must commit to building common ground, not for the sake of politics, but for the growth of our economy and the establishment of a predictable regulatory landscape. By working together across party lines, we can create policies that benefit all Americans, ensuring a stable and prosperous future for our small businesses and the communities they serve.