$1 million invested to support Latino entrepreneurship
The Latino Community Foundation (LCF) recently announced that it will distribute these resources to 17 Latino-led organizations throughout California.
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Given that Latino-owned businesses generate close to $120 billion in revenue in this state, LCF is leading efforts to support these businesses and will influence policies that will increase job opportunities for Latinos in high-wage and high-income sectors.
Jacqueline Martínez Garcel, CEO of the Latino Community Foundation, stated:
It is essential that we increase opportunities for economic mobility for Latinos as we rebuild a new normal post-COVID-19.
Expanding access to resources
The recent investment is part of LCF's Latino Entrepreneurship Fund, which is focused on building economic power to support a wide range of organizations that will expand access to financing for small businesses, promote incubators that provide technical support to entrepreneurs, and help Latino business leaders build generational wealth for their communities.
LCF has invested a total of $25 million since 2016 to support Latino entrepreneurs in California through the Latino Entrepreneurship Fund, something possible thanks to the contributions from The James Irvine Foundation, Google.org, Wells Fargo, and TikTok.
“The economic power of Latinos can lead not just a recovery, but an economic renaissance. We celebrate Latino Heritage Month by honoring the contributions of our community, opening doors for them, and investing in their futures,” added Martínez Garcel.
Did you know Latinos are nearly twice as likely to start a business compared to other demographics?— Latino Community Fdn (@LatinoCommFdn) November 17, 2022
This’s why we distributed $1M in grants to 17 Latino-led organizations that work with entrepreneurs across California! https://t.co/Q4YKaorHHG
The 17 organizations that will receive funding include:
- Creser Capital Fund
- La Luz Center
- Small Business Hardship Fund – Sonoma County
- North Bay Jobs with Justice
- The Latina Center
- Centro Community Partners
- Prospera Community Development
- Alameda County DSAL/Dig Deep Farms
- Agriculture and Land Based Training Association (ALBA)
- Kitchen Table Advisors
- Central Valley Immigrant Integration Collaborative (CVIIC)
- Fresno Area Hispanic Foundation
- Inclusive Action for the City
- Time for Change Foundation
“From investing in anchor community organizations to Latino-led Community Development Financial Institutions, these organizations are supporting our food and street vendors with critical relief funds and advocacy, creating innovative business models and strengthening the lending continuum for Latino entrepreneurs. Together they will reach over 150 Latino entrepreneurs from the North Bay Area to San Bernardino and build a more fruitful ecosystem in which these entrepreneurs can thrive,” stressed Veronica Vences, Entrepreneurship Fund Director at the Latino Community Foundation.