United States Hispanic Chamber of Commerce CEO & President Michael L. Barrera...

United States Hispanic Chamber of Commerce CEO & President Michael L. Barrera Joins Federal Reserve Board Chairman Bernanke and U.S. Treasurer Anna Cabral at U.S. Summit on Microfinance

Summit highlights the need for access to capital in underserved communities and hosted by ACCION Texas in San Antonio, TX, November 6-7


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Washington, DC–(HISPANIC PR WIRE)–October 18, 2007–ACCION Texas Founder and President Janie Barrera announced today that Michael L. Barrera, the CEO and President of the United States Hispanic Chamber of Commerce (USHCC), will be speaking at ACCION Texas’s upcoming “Summit on Microfinance in the U.S.” in San Antonio, Texas on November 6-7.

The summit will bring together nationally recognized experts to discuss the ability of microenterprise to create and maintain wealth for low-income families and communities. Participants include Federal Reserve Chairman Ben Bernanke as the keynote speaker, U.S. Treasurer Anna Cabral; Robert Annibale, Citigroup’s global director of microfinance; Mark Pinsky, president and CEO of Opportunity Finance Network; and Lynda de la Viña, dean of the College of Business at the University of Texas at San Antonio.

“Access to capital for Hispanic-owned small businesses has long been known to serve as a catalyst for job growth and new job creation throughout the country,” said Michael L. Barrera, USHCC President and CEO. “As Hispanic businesses grow, they must have access to the same venture capital and procurement opportunities allotted to their majority counterparts. USHCC supports programs and policies that increase and secure access to both capital and government procurement, and we are proud to partner with ACCION Texas to discuss ways to expand the impact of microfinance in the Hispanic business community.”

With the awarding of the 2006 Nobel Peace Prize to Dr. Muhammad Yunus and the Grameen Bank for their work in developing countries, the U.S. has sought to adopt the microfinance model in traditionally underserved and impoverished communities. Speakers will address the need for access to capital in underserved communities, and the importance of microenterprise in creating and retaining wealth and assets for low income families and communities in the U.S. They will also focuses on the impact of microcredit and its contribution to the economic stability and self sufficiency of families and communities across the nation.

“We are extremely pleased to address the summit with U.S. Treasurer Cabral and Federal Reserve Chairman Bernanke,” said Barrera. “Treasurer Cabral recognizes the role of the nation’s community development financial institutions in empowering Americans from all walks of life, and the Federal Reserve Chairman is an expert and scholar on monetary policy and macroeconomics. The USHCC is proud to join them in addressing the needs of Hispanic businesses in their efforts to achieve the American Dream of financial independence and economic empowerment.”

Hispanic businesses are among the fastest growing segments of the U.S. economy. According to the U.S. Census, there are currently more than two million Hispanic-owned businesses in the US, which collectively generate more than $350 billion in revenue annually. Hispanic-owned firms in the United States are expected to grow 55 percent to 3.2 million in the next six years, with total revenues surging 70 percent to more than $465 billion. As of 2006, there are approximately 856,000+ firms owned by Latinas employing over 400,000 people and generating nearly $67 billion in sales.

For more information about the U.S. Summit on Microfinance, log on to http://www.acciontexas.org.

About the United States Hispanic Chamber of Commerce

Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of more than two million Hispanic-owned businesses in the United States, which earn more than $350 billion annually. It also serves as the umbrella organization for 200 local Hispanic chambers in the United States, Canada, Puerto Rico and Mexico.

Fore more information, press only:

Noemi Perez for USHCC, (202) 715-0485

Erica Baca for USHCC, (202) 715-0483

Note to editors: If you are interested in viewing additional information about the U.S. Hispanic Chamber of Commerce, please visit the USHCC Web page at http://www.ushcc.com/about on USHCC’s information pages. Web links, telephone numbers and titles were correct at time of release, but may since have changed. For additional assistance, journalists and analysts may contact USHCC’s Communications Team or other appropriate contacts listed at http://www.ushcc.com/contact.html.

United States Hispanic Chamber of Commerce CEO & President Michael L. Barrera Joins Federal Reserve Board Chairman Bernanke and U.S. Treasurer Anna Cabral at U.S. Summit on Microfinance