Luis De La Hoz, Chairman, Statewide Hispanic Chamber of Commerce of New Jersey

Invest: sat down with Luis De La Hoz, chairman of the Statewide Hispanic Chamber of Commerce of New Jersey, to discuss its initiatives to address challenges faced by small businesses, particularly within New Jersey’s Hispanic community.

What have been some recent efforts by the chamber to promote economic growth and foster a dynamic Hispanic community in New Jersey?

We’ve been focusing on addressing four critical challenges that small businesses face: access to capital, access to new markets, access to networks, and bridging the digital divide, which became even more prominent during the pandemic.

Each business day, approximately 8,000 small businesses are declined for loans. This often stems from a lack of personal credit history, insufficient collateral, or a mismatch in funding requests. For example, if a business applies for a $100,000 loan but can only sustain $50,000, it’ll likely be declined. In many cases, businesses don’t even know how much they can afford. We work to educate our members on their financial standing and how to strategically apply for the right amount of funding.

Procurement has been one of the significant opportunities. The disparity study released by the governor this year highlighted an inequity: minorities contribute taxes but do not have proportional access to government contracts. Essentially, it’s taxation without representation. Minority-owned businesses, such as those owned by African Americans, veterans, and Hispanics, are supposed to receive 30% of state procurement opportunities; however, those numbers fall short.

To tackle this, we’ve partnered with the U.S. Hispanic Chamber of Commerce and provide training for businesses to prepare for procurement opportunities, not just with government entities but also with corporations. Our platform, Blue Wave, helps businesses evaluate their readiness for these opportunities. For instance, if someone offers a $100,000 contract but the business can only sustain $50,000, they’ll know before applying whether it’s feasible. This ensures businesses don’t waste valuable time on contracts they aren’t equipped to handle.

Events like the Copa América have shown the potential for economic growth. Last year, when Colombia and Argentina played in the final, restaurants in Elizabeth charged $1,500 for entry simply to watch the game. These events brought substantial tourism and revenue to New Jersey.

This year, we have the FIFA Club World Cup, which will include nine games, two semifinals, and a final. In 2026, we’ll host the FIFA World Cup with eight games, including the final. These events will create unprecedented opportunities for small and minority-owned businesses. While FIFA doesn’t directly provide contracts to small businesses, we’re helping our members discover and create opportunities by leveraging the influx of tourism and economic activity.

The pandemic exposed the challenges many of our members face when accessing technology. A majority of our members only access the internet via their phones, limiting their ability to use tools like AI or other advanced platforms. To address this, we’ve partnered with a minority-owned app called “Juegos,” which connects businesses with customers, government agencies, and other stakeholders. This app helps create networks that drive growth and improve the experiences of residents and tourists alike.

On a broader level, how would you describe the strength of New Jersey’s business environment?

New Jersey offers one of the best environments for small businesses, especially those that are Hispanic-owned, due to its strategic location and robust infrastructure.

First, our location is unparalleled. We’re just 40 minutes away from the world’s largest retail market in New York and 40 minutes from Philadelphia, the largest grocery market. This central position makes New Jersey the logistics hub for major companies like Amazon, DHL, and FedEx. All these companies operate in New Jersey to serve the New York market because New York lacks the space for logistics operations. Also, 40% of the U.S. market can be served within 24 hours by road from New Jersey. That means products can move efficiently from our state to nearly half the nation’s population in a single day.

Second, New Jersey’s population continues to grow, and not just from those born here. People from around the globe are drawn to the state, which has the highest density of engineers and a significant presence in the pharmaceutical, technological, and healthcare industries. The governor is also pushing for New Jersey to become a hub for artificial intelligence, aiming to create a Silicon Valley for AI right here in our state.

Finally, New Jersey’s universities and research institutions further strengthen the business environment, providing a steady pipeline of talent and innovation. These factors combined make our state an ideal place for small businesses to thrive.

What role does the chamber play in helping businesses overcome obstacles?

We offer comprehensive support to help businesses transition from small-scale operations to enterprises with significant growth potential. For example, we run a 15-week program called the ETP class, which is completely free for participants. Each year, we receive over 250 applications, but select 60 businesses with high growth potential to join. These businesses are then trained to access financing, secure government and corporate contracts, and scale sustainably.

Our approach is not just about sharing resources; it’s about hands-on assistance. We partner with organizations like the New Jersey Economic Development Authority, CDFIs, and local banks to ensure our members can access available opportunities. We even help them complete applications, connect with the right people, and understand how to take advantage of these resources. It’s a collaborative effort. We don’t just hand out information; we walk alongside our members to ensure they succeed.

How is the chamber addressing unemployment, and what impact does it have on your members?

Unemployment is a complex issue, and our approach involves leveraging our members’ insights and successes to create solutions.

When a member with 400 employees tells us how they attract and retain talent, we share those best practices with others. One key takeaway is that satisfied employees are your best recruiters. If your current workforce is happy and engaged, they’ll naturally recommend your business to others, whether through social media or word of mouth.

New Jersey’s diverse industries — pharmaceuticals, technology, and healthcare — also help attract talent. Combined with a strong education system and proximity to cultural hubs like New York and Philadelphia, the state remains an attractive destination for workers and businesses alike.

What is your outlook for New Jersey’s economy over the next two to three years?

Regardless of external challenges, be it an economic downturn, a pandemic, or natural disasters, we’ve learned that resilience lies in community and collaboration. The chamber’s role is to foster that unity and ensure businesses are prepared for opportunities as they arise. For example, if one member declines an opportunity, we work to match it with another who can take advantage of it.

However, participation is critical. Membership alone doesn’t guarantee success. Just like a gym membership won’t help you lose weight unless you show up and put in the work, Chamber members who actively engage in programs, events, and networking opportunities see the most significant results.

Our outlook is optimistic. By staying adaptable and listening to our members, we can ensure they’re positioned to thrive no matter the challenges ahead.