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Latino Coalition's Barreto on Latino Entrepreneurs (Audio) · Bloomberg Intelligence

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  Speaker 1: Broadcasting live to New York, Bloomberg eleventh, Yo to Washington,
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  Speaker 1: is taking Stock. Coming up on taking Stock, We're gonna
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  Speaker 1: be speaking about Hispanic owned businesses. Do you know that
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  Speaker 1: they are the fastest growing segment of the small business population. Well,
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  Speaker 1: we're gonna be speaking with the chairman of the Latino Coalition.
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  Speaker 1: We've got Hector Barretto. He's gonna be talking at the also,
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  Speaker 1: and just to mention, he wrapped up the sixteen Small
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  Speaker 1: This is taking Stock with Kathleen Hayes and Pin Fox
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  Speaker 1: on Bloomberg Radio. Hispanic and Latino owned businesses, they are surging,
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  Speaker 1: they are growing. They're the fastest growing segment of the
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  Speaker 1: small business population. And here to tell us more about
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  Speaker 1: them and about the annual Small Business Summit that just
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  Speaker 1: concluded in Washington, d C. Is Hector Barretto. He's the
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  Speaker 1: chairman of the Latino Coalition. Mr Barretto, thank you very
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  Speaker 1: much for being with us. Thanks for having me. Tim
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  Speaker 1: tell us a little bit about the event, the summit
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  Speaker 1: event yesterday in Washington. What were some of the takeaways. Well,
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  Speaker 1: we've just been as one of our most successful conferences
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  Speaker 1: that we've ever had. We've been in business for twenty
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  Speaker 1: one years as a Latino coalition, but we had a
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  Speaker 1: lot of interest and we had a lot of business owners,
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  Speaker 1: came from all across the United States, and we're really
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  Speaker 1: tackling a lot of the issues that are on their minds.
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  Speaker 1: The regulatory environment. They're complaining there's too much of it
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  Speaker 1: and they need strategies how to navigate that. They're looking
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  Speaker 1: for different kinds of businesses that they can get into,
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  Speaker 1: and they're also very interested in technology. How can technology
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  Speaker 1: allow them to be more efficient and more effective. They
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  Speaker 1: understand that that's a love or of the playing field.
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  Speaker 1: So it's a great conference. Three day conference is probably
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  Speaker 1: one of our most successful ever. And we also had
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  Speaker 1: a lot of elected officials both sides of the aisle,
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  Speaker 1: very interested and what's on the minds of Hispanics, especially
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  Speaker 1: as they go into these fall elections. You know, how
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  Speaker 1: are those concerns any different from any small business person,
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  Speaker 1: any entrepreneur in this country. A couple of months ago,
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  Speaker 1: you had an up in the Wall Street Journal noting
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  Speaker 1: that the economic engine in America is it still it's
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  Speaker 1: twenty seven small businesses? You say, the presidential candidates aren't
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  Speaker 1: tapping into this again, anything different about with Hispanic Hispanic
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  Speaker 1: entrepreneur needs versus anybody else. You you hit it on
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  Speaker 1: the top of the show. There's so many new ones.
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  Speaker 1: There's four million Hispanic businesses in the United States. This
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  Speaker 1: grows every single year. They're generating six entred sixty billion
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  Speaker 1: in revenue, and demographers tell us that those numbers could
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  Speaker 1: double every five years. So you're right, Hispanic businesses don't
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  Speaker 1: need anything different than any other businesses. They need what
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  Speaker 1: I call the seas. They need capital, they need capacity,
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  Speaker 1: which is really technical assistance, and they need contracts with
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  Speaker 1: the federal government and also Corporate America. And that's who
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  Speaker 1: we were talking to over these three days when we
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  Speaker 1: were in Washington, Mr bur I don't wonder if you
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  Speaker 1: could give us a little bit of detail about the
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  Speaker 1: Latino Coalition and its stand for example, on online sales taxes.
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  Speaker 1: I note that you've written about that as well as
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  Speaker 1: many of the other issues. Well, you know, we have
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  Speaker 1: a lot of businesses that are now looking at this
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  Speaker 1: whole area of e commerce and they just want to
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  Speaker 1: make sure that they have a level playing field. Oftentimes
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  Speaker 1: they're competing with a lot of larger companies that might uh,
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  Speaker 1: you know, be selling things not only in their brick
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  Speaker 1: and mortar but also online. Oftentimes small businesses don't have
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  Speaker 1: the same kind of resources, the same kind of capacity,
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  Speaker 1: and so we had folks, for example, from the Direct
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  Speaker 1: Selling Association that we're there. A lot of activity is
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  Speaker 1: starting to take place there. You're talking about a multi
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  Speaker 1: trillion dollar market and it's a way that small businesses
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  Speaker 1: can also reach customers in different countries, in different localities.
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  Speaker 1: So that's something that's on their minds as well. But
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  Speaker 1: at the same time, you know, cost is critically important.
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  Speaker 1: Big businesses sometimes can absorb additional costs in terms of taxes,
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  Speaker 1: in terms of regulations, small businesses can dr I have
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  Speaker 1: to ask you because you were the US Small Business Administrator,
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  Speaker 1: UM from let's see, from two thousand one to two
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  Speaker 1: thousand six, you worked under George Bush, George W. Bush,
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  Speaker 1: former president uh Donald Trump presumptive nominee and all that.
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  Speaker 1: Are you going to vote for Trump? What do you
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  Speaker 1: think of him as the next president? Listen, we're doing
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  Speaker 1: some polling right now, nationwide polling, and we're getting a
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  Speaker 1: lot of headwinds from a lot of our business owners
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  Speaker 1: you know, Latino Coalition doesn't indoors. And I haven't made
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  Speaker 1: a decision yet myself, but neither one of these two
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  Speaker 1: candidates are talking enough about small business, and as you said,
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  Speaker 1: we feel that that's the engine of America. But they're
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  Speaker 1: hitting a lot of head winds right now. So we're
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  Speaker 1: gonna be paying a lot of attention to that. But
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  Speaker 1: I will tell you, and I'm just telling you initial
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  Speaker 1: results of this polling, and we're gonna do the events
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  Speaker 1: at both conventions, the Republican Convention of Democratic Convention, but
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  Speaker 1: we're getting eighty percent negative ratings and these are from
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  Speaker 1: Hispanic Republican voters on Donald Trumps. Eighty percent negatives from
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  Speaker 1: Hispanic Republican voters on Donald Trump. So obviously he's gonna
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  Speaker 1: have to moderate his message if he's if he's really
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  Speaker 1: good a plan on getting a lot of Hispanic support
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  Speaker 1: the way he says he's going to. What is the
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  Speaker 1: Latino Coalition's message when it comes to Bill Ackman, the
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  Speaker 1: head of Pershing Square Capital, Well, we don't deal a
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  Speaker 1: lot with Bill Ackman, but Herbal Life is one of
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  Speaker 1: our key sponsors and we and Herbal Life does a
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  Speaker 1: lot in the Hispanic community has a lot of US
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  Speaker 1: Panic businesses that are working for him. You know. Uh,
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  Speaker 1: the actment's attack on Herbal Life is something that we
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  Speaker 1: don't really get um and so you know, we're we're
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  Speaker 1: gonna be monitoring that situation. I think that's died down
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  Speaker 1: a little bit. But Herbal Life is one of our
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  Speaker 1: key sponsors. Were glad to work with them. They participated
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  Speaker 1: in this conference, and as I said, I think that
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  Speaker 1: they're providing a lot of opportunities for a lot of
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  Speaker 1: Hispanics in the United States. Well, let us know when
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  Speaker 1: you got the results of the poll ready, we will.
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  Speaker 1: We're gonna be releasing that right before the conventions. And
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  Speaker 1: we have a new app that the Latino Coalition. You
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  Speaker 1: can get more information at the Latino Coalition dot com
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  Speaker 1: and people will be able to get the polling results
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  Speaker 1: directly off of this app. Sounds great. Actor Bretto, thank
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  Speaker 1: you so very much. He's chairman of the Latino Coalition,
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  Speaker 1: former US Small Business Administrator. He says, no candidate is
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  Speaker 1: addressing the needs of Hispanic entrepreneurs in particular, or entrepreneurs
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  Speaker 1: in general. Enough. This is taking stock on blueboard radio.
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