California Congressman Ro Khanna with Philly roots meets with Latino leaders to discuss economic development
On Tuesday July 28th Congressman Ro Khanna who represents California’s 17th congressional district, the home of Silicon Valley and countless tech companies, met with non-profit, business, community and faith leaders at Esperanza’s headquarters in Hunting Park. The meeting was meant to be a listening session where leaders could discuss their ideas and concerns regarding the state of economic opportunities in Philadelphia’s Latino neighborhoods.
The meeting was kicked off by Rev. Luis Cortes Jr., the CEO of Esperanza who was contacted by the congressman through Unidos US to gather leaders who could best articulate the needs of the community. After a brief round of introductions from approximately 30 attendees Congressman Khanna spoke of the need to increase opportunities and access to the untapped wealth the tech ecosystem is creating. As an example, the congressman stated that, “the median household income in his district is $181,000 – far above the national average and that the economic activity generated in the district is one of the fastest growing in the nation.”
The congressman was interested in what leaders of the community had to say about economic development and the round started with a comment from the Jennifer Rodriguez, President and CEO of the Greater Philadelphia Hispanic Chamber of Commerce who discussed the business landscape in the region siting that over 80% of businesses owned by Latinos employ 5 people or less and have limited access to capital, particularly venture capital. The lack of equity capital invested in Latino businesses is worth less than 2% and equity investments are essential during the early stages of business lifecycle when revenue is likely to be unstable. Traditional loans are always a good match at this stage. As a result Latino businesses start up undercapitalized and remain so, even as they mature. Congressman Khanna expressed agreement with the need for more capital to flow from the centers of commerce to main streets and small businesses.
Will Gonzalez, Esq. – Executive Director of Ceiba asked if Congressman Khanna would “support a resolution introduced by Congresswoman Nydia Velazquez resolution to ensure the Small Business Administration (SBA) will continue to serve legal permanent residents with financing and services as it has done for decades.”
Gonzalez continued by stating that “many of the companies founded in the Congressman’s district we done so by people when they were legal permanent residents prior to becoming naturalized citizens and that SBA help is crucial to spurring entrepreneurship.”
The congressman welcomed several more questions from the group and committed to working with the Philadelphia congressional delegation to help move forward issues discussed at the meeting and be an ally to the city’s priorities.