Alice Rodriguez Chair-Elect Consumer Bank Senior Advisor Managing Director JPMorgan Chase & Co

Welcome Letter

Welcome to Our Virtual 2020 National Conference!

This year has tested our small business community in ways we never imagined. Because of the pandemic, millions have closed up shop, experienced losses, and are being forced to make tough decisions about reopening or reconsidering their business model to adapt to the times.

Because Hispanic small business ownership outpaces any other group, we are feeling these impacts at a higher rate. More so, since many of our businesses are in sectors that have been hardest hit like restaurants, hospitality, retail and construction, for example.

Alice Rodriguez Chair-Elect, USHCC Board Consumer Bank Senior Advisor Managing Director JPMorgan Chase & Co.

Before the pandemic, we were already facing barriers to sustained success—access to capital, technical assistance, and other resources are not as prevalent and easily accessible for minority entrepreneurs. Yet, according to a Stanford study, our businesses contributed $500 billion to the economy just last year and employed more than 3 million people.

I have seen adversity firsthand. My mother came to this country looking for opportunity like so many of us. She and many in her family were seasonal workers, growers, challenged by unsteady income, yet committed to building a strong foundation for their families. In my years in banking, I have spoken to many of you and know that what motivates us to succeed are the same principles that brought my mom here: make it better for our families and build wealth.

I know the grit and perseverance that Hispanic small business owners continue to demonstrate will lead us to recovery, innovation and growth.

As incoming chair, I am bringing all of your stories with me so the USHCC can pave the way to recovery. I know we will survive, but I also want us to thrive and have even more participation in the economy as it rebounds.

The last few months also have accelerated the importance of having more digital tools that can help us with business recovery and keep operations going. Together, the USHCC leadership team will do more to serve you this way, including delivering services and education virtually.

My mission is to create pathways so that more business can breakthrough $1 million in sales, hire more people, acquire, grow and sustain. When we look ahead, I want to see more of us on Main Street.

To help Hispanic-owned businesses of every size to reach their full potential., we also need the commitment of corporations and banks like mine. Providing a forum for networking, education on new trends, technologies and competencies, and expanded access to capital are part of JPMorgan Chase’s efforts to help business owners to expand, hire more people, grow sales, and continue to shape our economy.

As our country rolled out help, my bank provided more in Paycheck Protection Program loan relief than any other lender, and we will continue to support small business owners in need. We learned a lot from the process and identified opportunities to make sure we help even more businesses, of all backgrounds. In March and April, we also approved more than $45 billion in new credit for our clients impacted by COVID-19. This included more than $6 billion to hospitals and healthcare companies, educational institutions, nonprofits and state and local governments.

The road ahead will have some challenges, but our community has the resilience we need to build back up.

Thank you to the USHCC for the years of continued collaboration. Here is to a successful national convention, and thank you, Ramiro Cavazos and team, for your dedication and drive to bolster one of the most important growth engines of our country: our strong and Saludos,

Alice Rodriguez

growing Hispanic small business community.

Chair-Elect, USHCC Board Consumer Bank Senior Advisor Managing Director JPMorgan Chase & Co.