Why Latin-owned businesses are getting hit hard during pandemic

The president of the U.S. Hispanic Chamber of Commerce details the initiative to help Hispanic business owners get back on their feet.
2:57 | 10/12/20

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Transcript for Why Latin-owned businesses are getting hit hard during pandemic
Now to the immense impact the pandemic. Having all Hispanic owned businesses around the country of the four point seven million Hispanic owned businesses in America only half. Have relationships with a bank making it a sexually hard to stay afloat during these times there. Here to tell us more about it is a president sealed the United States Hispanic commerce. I'll Taylor of commerce Romero -- those sir thank you so much for being here with us tell us just how bad has the pandemic been on Hispanic owned businesses. Well a small business environment was challenging already prior to coded. And since coded clearly one out of every degree of our point seven million Hispanic owned business is in America. I've been affected by closures are temporary. Oh. And now here is very strong at these businesses are small they're vulnerable so they were home this labor costs smaller mom and pops. On the front lines already providing direct services and with a self imposed perception. Up to prevent the transmission code would it affect it even more of our Hispanic owned business in America. NASA what are you in the chamber dealing to try and remedy the situation and make it better for these small business owners. Well it's very clear that our efforts have been always end up using our digital platform English and Spanish. Resource guides to providing resource used to our small business it is many were left out through the paycheck protection. Program estimates are that lesson 3%. Received loans because they did not have a banking. Relationship and they were at the back of the line windows first around came up the second thing that we're doing and it in addition. To directing them to resources or English and Spanish. It is capital access numbers provided by more than 5000. SDA certified NTT's they're not all paying some of them are credit unions. Some of them are our community banks some of them are community don't finance operations. And many corporations have stepped up. Answer you mention what the Chamber's going to mention what some banks are doing and maybe what the government is not doing but collectively all of us anybody watching this what can we all be doing. To help out small business look a lot of small businesses are having issues but it's in particular this medics small businesses look we'll be don't. Well it is very important to know that our economy in America the largest in the world. What is driven by consumer spending 70%. Our economic gross domestic product. Is driven by purchases that we make with each other as small and medium size business because it's not what happens in Washington or Austin. Or Mexico City or Ottawa is what happens in our neighborhood that's rule number one for rebuilding our economy. We know that you have been working tirelessly for the lot next communities have Ramiro colossus thank you so much for your time today we appreciate it. My pleasure thank you for support.

This transcript has been automatically generated and may not be 100% accurate.

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