The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“HISPANIC HERITAGE MONTH” mentioning the U.S. Dept. of Commerce was published in the Senate section on pages S5722-S5723 on Sept. 19, 2011.
The publication is reproduced in full below:
HISPANIC HERITAGE MONTH
Mr. UDALL of Colorado. Mr. President, I rise to join my fellow Coloradans, my colleagues in the U.S. Congress, and others across the country to celebrate and acknowledge the many accomplishments and contributions of the Hispanic community in the United States and especially in Colorado. I have come to the floor on several occasions to highlight the long history of Latinos in Colorado. The community's presence in our State precedes its statehood and Hispanic heritage continues as a vibrant part of Colorado's cultural and social landscape every month of the year. Today, I would like to specifically highlight the contributions Colorado's Hispanic community have made and continue to make to Colorado's economy and to our current economic recovery.
More than 150 years ago, a gentleman by the name of Dario Gallegos established Colorado's longest running general store in San Luis, CO. The store has served Colorado's oldest town consistently for well over a century and today continues not just as an important fixture in the San Luis Valley, but also as a part of Colorado's cultural heritage. The efforts of entrepreneurs such as Mr. Gallegos and those who followed, serve as an example of the entrepreneurial spirit that drives Colorado's Hispanic community to provide valuable services to their communities that enhance all Coloradan's quality of life. Today, Hispanic-owned businesses of all sizes and type dot the Colorado landscape in every part of our state, whether rural or urban. I am proud of the success these businesses have been able to find in Colorado and equally proud that the Latino community continues to be a vibrant part of Colorado's cultural and social landscape.
Hispanic businesses are a driving force in both urban and rural economic growth. Minority-owned businesses in the United States have increased twice as fast as all other U.S. businesses, and in Colorado, the number of Hispanic-owned firms increased by 40 percent from 2002 to 2007. This increase in Hispanic-owned businesses in Colorado has continued since 2007 and has helped sustain our State economy as well as stimulate job growth across the entire State's population. Minority-
owned businesses are especially important to Coloradans because they provide jobs to Coloradans as well as valuable services that meet the needs of Hispanic and non-Hispanic communities alike.
I was pleased that the Minority Business Development Agency and the U.S. Department of Commerce worked to establish the Denver Minority Business Center earlier this summer. This center shows the increased commitment to support minority-owned businesses in Colorado. The new Denver Minority Business Center will further promote the growth of minority-owned businesses in Colorado by ensuring they have the technical skills to access contracting and financing opportunities they need to succeed.
Despite the tremendous potential and growth among minority firms, they still face the challenges that all businesses are facing in a capital constrained market. Also troubling is that research has shown that these challenges can be heightened for minority-owned firms. For instance, minority-owned firms are less likely to receive loans than nonminority-owned firms, making it more difficult for minority-owned firms to secure the capital they need to establish themselves. This is why the Denver Minority Business Center will be a valuable asset to our entire State.
To help business owners start or grow their business, I introduced a credit union lending bill that would responsibly lift the cap that limits the amount of money credit unions can lend to small businesses. By doing so, new loans can help open the doors to new businesses and thereby create more than 100,000 new jobs across the Nation in the first year. This is another example of how we can support Hispanic and non-Hispanic businesses alike to continue to prosper. I understand that there remains much to be accomplished and I am glad that Colorado's Hispanic-owned businesses and workers are willing and ready to be part of the solution.
I am proud to celebrate Hispanic Heritage Month. As we celebrate the many contributions of Colorado's Hispanic community to our State, I hope that we can draw attention to the need to cooperate so that we can find shared solutions to create a stronger environment for all businesses to thrive.
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