October 1, 2014
By: Austin Alonzo

Hector Barreto Jr. wants to see more diversity on the boards of the nation’s most prominent companies.

On Thursday morning, Barreto, former administrator of the Small Business Administration, will appear at an event at Union Station on restructuring the boardroom, co-sponsored by the National Association of Corporate Directors Heartland Chapter, the Greater Kansas City Chamber of Commerce and the win|win campaign.

Barreto will sit on a panel alongside Neeli Bendapudi, dean of the University of Kansas School of Business, and Janice Kreamer, chairwoman of the Ewing Marion Kauffman Foundation, aimed at exploring the business case for adding more minorities and women to boards.

Barreto, now chairman of Washington-based Hispanic advocacy group The Latino Coalition, said the need to bring men and women of different backgrounds onto boards reflects on a larger issue facing the Hispanic community in Kansas City — the lack of a seat at the table.

Barreto, who is originally from Kansas City and now lives in Southern California, said the recurring problem for the Hispanic community in Kansas City is the perception that it is excluded from seats of power in politics and business. He said things like Thursday’s event help chip away at that issue, though much work is left to be done.

Although companies need to work to promote cross-cultural understanding, Barreto said Hispanic entrepreneurs need to focus on building networks and pursuing more education.

One force that may lead to more inclusion of Hispanics in the halls of power is their ever-increasing population and buying power. Hispanics represent more than $1 trillion in purchasing power, Barreto said, and companies are taking note of the group’s ability to help or hurt their bottom lines.

Barreto, whose father, Hector Barreto Sr., founded the U.S. Hispanic Chamber of Commerce, said Hispanics make up the fastest-growing section of small business owners. He said that number only will increase in the future.

As for those Hispanic entrepreneurs, Barreto said they should use every resource at their disposal, including business organizations like the Hispanic Chamber and the SBA, to get a leg up.

Small business owners in general don’t know what they don’t know, and he encouraged them to join and take advantage of professional networks to increase their business acumen.

Cited From:
Kansas City Business Journal