Jennifer Lopez is partnering with Microfinance nonprofit to provide financial boosts to Latina entrepreneurs
The Puerto Rican singer is hoping to inspire Latina women to start their own businesses and become their own boss.
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Jenny from the Block is hoping to give Latina women the opportunity to become their own jefas!
On Thursday, June 9, Jennifer Lopez announced that she will be partnering with Grameen America, a nonprofit finance organization. Lopez and the organization are planning on giving out more than $14 billion in loans to 600,000 low-income Latina entrepreneurs by 2030.
They will also receive over six million hours of financial education and training.
A 2020 State of Latino Entrepreneurship report recently found that Latino-owned businesses are significantly less likely than similar White-owned businesses to have loans approved by banks in America.
This instance is one of the reasons why Lopez and CEO and President of Grameen America, Andrea Jung, are trying to change that narrative.
“Being Latino in this country has always been a matter of pride for me,” Lopez said in a statement with Grameen. “I am humbled and beyond grateful to partner with Grameen America.”
“We’re building pathways to employment and leadership opportunities. There’s so much strength in this community and we’re harnessing that. This partnership will create equality, inclusivity and opportunity for Latina women in business,” she continued.
In an interview with Good Morning America, Lopez stated Latinas are “tough, inventive, and creative.”
“It's important to me, when you get a little bit older you understand the meaning of things, and you've seen enough and had your own struggle, I just feel like this country needs more love and positivity,” she said to John Quiñones.
She also stated that this collaboration will hopefully change the perspective on how the country sees Latina women.
"Honestly, I'm hoping to kind of change the fabric of America, especially for Latino women," Lopez said.
Studies have shown that Latina women are less likely to receive loans from their banks. Research from Stanford Business showed that 20% of Latino-owned firms that applied for a national bank loan over $100,000 received funds, compared to 50% of white-owned businesses.
Lopez, who is the new ambassador for Grameen America, also has the job of mentoring the organization’s network of more than 150,000 women-run small businesses in Latino populated communities in the country.
She will also educate Latinas on credit building and collecting assets as a way to create financial literacy through Grameen’s micro loan program. There will also be discussion on social media, which has been a savvy way to create entrepreneurial success.
Grameen America was founded by Nobel Peace Prize winner, Muhammad Yunus in January 2008 who dedicated the nonprofit for women who want to end future generations of poverty.
Since 2008, Grameen America has invested over $2.4 billion in more than 150,000 low-income women entrepreneurs.