Each year from Sept. 15 to Oct. 15, Americans celebrate National Hispanic Heritage Month as a time to recognize the many contributions, diverse cultures and extensive histories of the Hispanic and Latino communities in the United States. Hispanic founders, business owners and innovators drive in large part a small business boom under way in the U.S.

During Hispanic Heritage Month, the U.S. Small Business Administration (SBA) shines a spotlight on the incredible entrepreneurial spirit of this diverse community while also highlighting the SBA’s historic work to help more Hispanics than ever realize their American dreams of business ownership.

The Hispanic community is one of the most entrepreneurial groups in the nation. It lives in the dreams of those who’ve only just arrived here and in the legacy of families who’ve been here for centuries. Their faith and drive have pushed our country to grow, prosper and pursue its highest ideals.

Since 2021, our nation has seen the fastest creation rate of Latino-owned small businesses in more than a decade. According to recent studies, more than 73 percent of small business owners say their business has grown in the last year, with an even higher percentage of Latino owners — 80 percent — saying the same thing.

As the highest-ranking Latina on the president’s cabinet, SBA Administrator Isabella Casillas Guzman is committed to the success of Hispanic communities.  More Hispanics than ever before seize opportunities to create new businesses that improve their neighborhoods and cities.

Last year, the SBA loaned a record $3 billion to Hispanic entrepreneurs and assisted Latino businesses access nearly $10 billion in federal contracts.  Economic data shows that 5 million Latino-owned businesses contribute $800 billion annually to local economies. In Colorado, Hispanics own nearly 70,000 businesses employing thousands of workers and contributing millions of dollars to cities and towns.

Across my six-state region, the SBA regularly engages Latino organizations, including Hispanic chambers of commerce, minority supplier councils, workforce development boards and community based groups that support Hispanic business advocacy and outreach.

Early on, President Joe Biden directed the development of an ambitious, government-wide interagency plan to advance equity, justice and opportunity for minorities, veterans, women and rural communities. The SBA established four equity goals that focus on direct assistance, including increased access to capital for underserved communities; expanded use of federal contracts to boost minority, veteran and women-owned businesses; greater support and expanded access to disaster assistance; and increased availability of business counseling, training and services.

These equity goals add to legislative successes over the last several years — including the American Rescue Plan, the bipartisan Infrastructure Investment and Jobs Act and the Inflation Reduction Act of 2022 — that make urgent investments that will bring down costs, level the playing field and open historic opportunities for America’s 36 million small businesses and innovative startups. Especially those businesses located in underserved areas.

During National Hispanic Heritage Month, we carry on the important work of honoring Hispanic culture and entrepreneurship. Let’s give thanks to the many generations of Latino leaders who’ve helped build this country and continue to fight for equality and justice. Let’s also pledge to invest in the next generation of Hispanic entrepreneurs who hold the destiny of our nation in their hands.