Support Latino Business Impact Fund launches to provide grants to Latino/x-owned small businesses
AUSTIN, TEXAS, September 11, 2020 – Support Latino Business (SLB), a nonprofit dedicated to championing Latino/x small businesses partners with community organizations, business leaders and elected officials to host its second annual National Support Latino Business Day on September 14, 2020. One day in advance of Hispanic Heritage Month, the community day of action is dedicated to highlighting the significant contributions of the Latino/x business community by shopping, celebrating and supporting Latino/x-owned small businesses.
The Support Latino Business network has come together with Mayors from across the country including Austin, Boston, Charlotte, Dallas, Denver, District of Columbia, El Paso, Houston, Lawrence, Los Angeles, McAllen, Oakland, Orlando, Philadelphia, Phoenix, San Francisco, and counting to issue city proclamations in observance, urging communities to support the local Latino/x business community.
“We believe that Hispanic Heritage Month is every month of the year. We encourage you to support Latino and Latina-owned businesses during the month of September and every month,” said Ramiro A. Cavazos, President & CEO, United States Hispanic Chamber of Commerce. “The purchasing power and consumer influence of our community should not be underestimated at a $2.3 trillion contribution towards GDP. Think of local and small businesses when you make purchases and vendor decisions.”
“During this particularly critical and challenging time for our Latino community in our American history we must leverage our signature resilience and ganas to become architects of our solutions,” remarked Latino Business Action Network/Stanford Latino Entrepreneurship Initiative CEO Mark Madrid. “Over the last ten years, Latinas and Latinos are starting businesses faster than any other group in the U.S. It is an American economic imperative to empower and elevate them. This is our collective opportunity to show fellow Americans, through actions—and not just words—just how much we appreciate our Hispanic business owners across our 50 states and Puerto Rico. And when we do, juntos, our actions on September 14th, will send a message loud and clear to our Latinx entrepreneurs, many of whom are fighting for their business lives. The message is, ‘we are with you’. Join us, as we act with urgency.”
Support Latino Business, with generous donations from supporters, announced the launch of the Support Latino Business Impact Fund to provide grants to Latino/x-owned small businesses across the country. To be eligible, companies must be majority Latino/x-owned and have been in business for at least one year and register to be part of the FREE Support Latino Business Directory at www.supportlatino.biz. Grants must be used to directly support the applicant’s business. The Support Latino Business Board will review the applications and select the recipients.
“We are at a critical juncture for the well-being of Latino entrepreneurship,” said María Samaniego, senior program manager at The Aspen Institute Latinos and Society Program. “Owning one in four of all new U.S. businesses, Latinos were starting new companies at more than twice the rate of other groups combined. Support Latino Business Day can have a monumental impact on Latino-owned businesses transitioning through the COVID-19 recovery. Every dollar spent at a Latino-owned business supports them in creating jobs, sustaining families, bolstering other businesses, and providing valuable services in cities across the country. It’s time we recognize the economic contributions that Latino-owned businesses make to the U.S. economy and support them so that we could collectively build back stronger.”
Due to COVID-19, Latino-owned businesses were hit harder than ever with slower sales, staff cuts, and closures among other realities. A recent poll from our partners at Small Business Majority surveyed 500 small business owners, found that 9 in 10 small businesses were impacted by COVID-19, with 43% indicating a severe negative impact. Additionally, the poll found that 41% of small business owners experienced a revenue decrease of 50% or more and 33% of small businesses closed up shop.
“Today, more than ever Latino-owned businesses need the support that they have earned. Support Latino Business Day is an important step in recognizing and supporting these businesses – but our efforts will endure for the long run,” said Lee Vann, Co-Founder and Chairman of Captura Group and Support Latino Business Advisory Board Member.
Latino entrepreneurs are starting businesses faster than any other group, driving $700 billion into the U.S. economy annually, according to a Stanford study. Unidos US projects that Hispanics, the youngest and largest minority in America, will account for about 20% of the U.S. workforce in five years. With a population expected to almost double to 111 million by 2060, Latino consumers currently represent $1.7 trillion in buying power and expected to continue growing over the next two decades.
“Latino entrepreneurs bolster our economic success by creating new businesses in their communities and employing 1 in 10 U.S. jobs,” said Xiomara Peña, Vice President, Engagement for Small Business Majority. “Despite their strong influence in our small business community, Latino entrepreneurs in particular have been disproportionately impacted by COVID-19 while struggling to access federal relief programs. This is why it’s important now more than ever to recognize the contributions and needs of Latino-owned businesses on National Support Latino Business Day, and every day of the year.”
National Support Latino Business Day consists of four key stages: a national day of action on September 14; the building of a comprehensive business directory of Latino/x-owned companies; the establishing of a one-stop-resource hub for entrepreneurs; and the creation of a financial fund to help provide grants to Latino/x small business owners. As part of a larger mission, partners will work to continue the National Support Latino Business Day momentum through the daily spotlighting of Latino/x businesses, the fostering of a strong business network, financial resources, mentorship and more.
“Prior to the pandemic Latino entrepreneurs, Latinas in particular, were driving job creation, bolstering local economies and feeding into our national financial strength,” said Estuardo Rodriguez, Principal & Co-Founder of The Raben Group. “Throughout the pandemic we have seen these economic pillars fractured with limited relief and access to capital made available to sustain them. We cannot begin to recover as a nation without recognizing the invaluable role Latino and Latina entrepreneurs play in strengthening our economy and creating jobs. This year, Support Latino Business Day is an opportunity to focus on how together we will make it through this unprecedented time and come out stronger than ever.”
Created for the community by the community, the Support Latino Business initiative is led by a diverse group of partners including local chambers, The Aspen Institute Latinos and Society Program, Small Business Majority, U.S. Hispanic Chamber of Commerce, Amplify Latinx, MXDC, We Are All Human, Momento Latino, Latino Business Action Network, Friends of the American Latino Museum,
and others, along with support from partner agencies Captura Group and Team Friday. To be a part of the Support Latino Business movement, visit http://www.supportlatino.biz/.
ABOUT Support Latino Business
Support Latino Business is a national community-led initiative shining a light on the significant economic contributions Latino businesses make, the jobs they help create, and the positive impact they bring to all local communities and the U.S. economy. One of the nation’s most diverse network of partners – including business leaders, owners, entrepreneurs, local activists, community organizations, elected officials, and corporate brands – come together to tell stories about the impact Latino/x businesses have today, and the endless possibilities they’ll be realizing tomorrow. For more information or to be a part of the Support Latino Business movement, visit: http://supportlatino.biz/.