![]() , the tech giant’s philanthropic arm, gave $3 million toward that effort. ![]() In July 2020, Hispanics in Philanthropy, an organization that works to attract charitable funds to serve Hispanics, launched the PowerUp Fund to help Latino-owned small businesses in California, New York, and Texas. Such financial institutions, which have charity status, typically provide loans of up to $75,000 to low-income entrepreneurs or small businesses owned by people of color. Since then, it has provided $1 million to help start three new community-development financial institutions, including Creser Capital Fund. The foundation started the Latino Entrepreneurship Fund in 2020 with $4 million from the James Irvine Foundation to help Latino entrepreneurs and community financial lenders assist Latino businesses. “It was important for us to make sure that, as we moved into this crisis mode of COVID, that Latino- and immigrant-led businesses weren’t an afterthought,” says Jacqueline Martinez Garcel, CEO at the Latino Community Foundation, a grant maker that supports Latino-led organizations in California. The Hispanic or Latino unemployment rate was more than three percentage points higher than the white unemployment rate in December 2020. They were also less likely to receive federal loans and assistance than white business owners during the crisis. In May 2020, the Stanford Latino Entrepreneurship Initiative found that 86% of Latino business owners reported they immediately felt a negative impact on their businesses because of the pandemic. Foundations have committed nearly half a billion toward economic development over the course of seven years, according to data compiled by Candid and Hispanics in Philanthropy.Īnd such giving seems to be on an upward trajectory in the wake of both COVID and the racial reckoning, which revealed that Latinos have been neglected by financial institutions and government. The growth his organization has experienced is the result of a growing effort by private foundations and nonprofit organizations like Latino Community Foundation and Hispanics in Philanthropy to advance economic growth for Latinos in the United States. Hernandez leads Creser Capital Fund, which lends to people traditional banks often are reluctant to help. He says the money from the community foundation helped his nonprofit secure more funding from other foundations and corporations, such as Wells Fargo, enabling his fund to do more lending. ![]() Hernandez was able to provide the loans averaging $33,000 each after his organization received a two-year, $100,000 grant from the Latino Community Foundation’s Latino Entrepreneurship Fund in July 2021. Juan Hernandez III, CEO of a nonprofit lending fund, has made about 17 loans to Latino entrepreneurs and business owners across Sonoma County, California. ![]()
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