PepsiCo Foundation opens applications for its 2023 Impacto Hispanic Business Accelerator Program
The program will provide capital and coaching to over 100 Hispanic small businesses nationwide. Applications close June 16, 2023.
MORE IN THIS SECTION
Starting May 17, applications for the 2023 Impacto Hispanic Business Accelerator program has officially opened.
The program is the product of the PepsiCo Foundation in partnership with Accion Opportunity Fund, Allies for Community Business, LiftFund, and Prospera and aims to bolster Hispanic-owned businesses to address foundational business challenges and support business growth.
There is a specific emphasis on food and beverage businesses, which are often beloved community staples nationwide.
According to the Bureau of Labor Statistics, nearly 50% of businesses fail within the first five years — a big reason why the PepsiCo Foundation is focused on helping out during tough economic times.
“Our goal is to help these businesses navigate the ever-changing economy, beat the odds small businesses face, and keep the doors open and the business thriving,” said C.D. Glin, President of the PepsiCo Foundation and Global Head of Philanthropy for PepsiCo.
About 89% of Hispanic business owners say that inflation is currently impacting their businesses and hindering their ability to stay afloat and access to cash flow remains a major issue.
The challenges are far more vast, however.
A study conducted by Stanford revealed that when Latino-owned businesses had a gross revenue that is 3 times larger than White-owned businesses, have similar businesses and personal credit scores, and have lower outstanding debt on average, the Latino businesses still have lower approval rates when requesting loans above $50,000.
“The contributions of Hispanic communities are an integral part of the fabric of American culture. Unfortunately, the community has also long faced systemic barriers to success which are only amplified by current economic woes like inflation and worker shortages,” added Glin.
The Impacto Hispanic Business Accelerator program seeks to address the many barriers by providing resources to help sustain and, in many cases, expand their businesses.
Jesse Iniguez, owner of Back of the Yards Coffee in Chicago, is a previous recipient of an Impacto Grant.
He credits the grant for helping him keep the company’s doors open and keep employees employed.
“I am so thankful the Foundation is continuing this because today I am now expanding my business to two new locations,” said Iniguez. “I think these types of grants are such a blessing and it came at a time when we most needed it. A small grant like this can go a long way to get us over the top."
Nayomie Mendoza, owner of Cuernavaca’s Grill in Los Angeles, also previously received a grant that she notes “has truly been life changing.”
“A year ago, I was afraid to knock on doors and now I am hopeful, motivated and even expanding the business to a second location,” Mendoza said.
That’s just some of the impact that grant has had.
“Supporting long-term solutions that drive economic equity in the Hispanic community isn’t just right — it’s imperative,” Glin said.
The Impacto Hispanic Business Accelerator program has supported more than 750 businesses since its inception in 2021.
Applications for the Impacto Business Business Accelerator will be open through June 16, 2023. To apply, click here.
The program builds on PepsiCo’s Racial Equity Journey Hispanic initiative, a $172 million set of commitments originally launched in 2020.