Hector Barreto, Chairman of The Latino Coalition and former Administrator of the U.S. Small Business Administration, was inducted in the Minority Small Business Hall of Fame during a ceremony held last month in Los Angeles.
In receiving the honor Barreto joins his father in the Hall of Fame, making them them the first father and son inductees. The late Hector Barreto, Sr. was previously inducted into the Hall of Fame for his work both as a successful businessman in Kansas City, Missouri as well as for his role as a co-founder of the United States Hispanic Chamber of Commerce.
“It is always an honor to be recognized for the work that you do and the community you care so much about,” said Barreto in his acceptance speech last month. “This honor is especially important to me because my father was in the first class of inductees. I am humbled by this award and always recognize the support I have received from family, friends and colleagues who have contributed greatly to any success that I have had in my life. And I am dedicated to continuing my work for the small business and minority business communities.”
As SBA Administrator and the nation’s leading small business advocate, Barreto would tell entrepreneurs: “You are the engine that drives the American economy and you can challenge anyone of any size.” It’s a message that is the focus of his popular book The Engine of America, which examines winning business strategies from CEOs of 50 successful small businesses.
During his five years at the agency, the SBA – the nation’s largest single financial backer of small business – exceeded all previous records in small business loans, women and minority owned business support, disaster relief and private-public sector procurement opportunities. Barreto directed the delivery of financial and business development programs to America’s entrepreneurs from a portfolio of direct, guaranteed and disaster loans worth more than $60 billion.