[Congressional Record (Bound Edition), Volume 157 (2011), Part 10]
[Senate]
[Page 13812]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        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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