The impact Coronavirus has on the economy has been the focal point of our daily activity at the Illinois Hispanic Chamber of Commerce (IHCC) over the past few weeks.
This crisis strikes everyone and forces us to overcome great challenges.
The IHCC is already suffering the consequences. We are readjusting the budget, working without stopping to fulfill our mission: to help the economic development of all Hispanic businesses in Illinois.
The banks, which were bailed out in 2008, must now be the catalyst driving the recovery. It is critical for the financial sector to engage with organizations, as the IHCC, to continue managing resources so small businesses can continue doing business with banks. It’s about a survival circle which needs to be maintained.
Our close relationship with small businesses helps us understand that suffering not only comes as an illness. It also comes when people cannot pay their bills.
Thanks to the diligence organizations like IHCC make, Hispanic communities have access to new lines of credit and a moratorium on services. Ensuring the money is enough to prevent driving thousands of small businesses to bankruptcy.
Small businesses are struggling with sales declines and supply-chain problems, which come from China. Worse than not having who to sell to, is not having what to sell.
We need to see Coronavirus as a health and economic crisis.
Now more than ever we need to ensure resources reach small businesses owned by minorities and in trouble. Money should be distributed without bureaucratic obstacles or unjustified delays.
The pandemic’s economic impact will have fulminating effects for months to come.
This crisis will plunge the world economy such as the 2008 financial crisis.
The federal government, the Illinois government, the City of Chicago and the banks need to intervene forcefully.
The IHCC continues working so all announcements made so far, and those that are still to come, reach those who need it the most.