Google.org has announced a $3 million grant to support hundreds of Latino-owned small businesses to continue to grow. Around 500 eligible Latin small firms in California, Texas and New York will receive a $5,000 grant. Hispanics in Philanthropy PowerUp Fund Programme and Ureeka are responsible for distributing the grants. They will also provide coaching support and resources.
“HIP’s PowerUp Fund stands at the intersection of advocacy and engagement propelling Latinos to build their capacity and visibility,” stated Ana Marie Argilagos, President and CEO of Hispanics in Philanthropy. “We understand this incredible responsibility to support Latino entrepreneurs that invest in themselves despite the barriers they continue to face. This is the time to cultivate their leadership and grow the network of support that ensures we build generational community wealth.”
COPING WITH COVID-19 DISRUPTION
Although Latinos are 1.5 times more likely than the general population to start a company, COVID-19 is having a huge impact on their business community. According to the National Bureau of Economic Research, 32% of Latin businesses were forced to close in recent months. Furthermore, they remain disproportionately at risk due to overrepresentation in sectors hardest hit by the economic downturn.
Hector Mujica, Americas Economic Opportunity Lead at Google.org, believes Latin firms are key to the “backbone of the US economy”. “We are inspired by the resilience and entrepreneurial tenacity of the Latino community, and proud to support efforts that advance economic opportunity,” he said.
RESILIENT BUSINESSES
These initiatives build on Google’s $180m commitment to support minority and women-led small firms in the US. “Many entrepreneurs of colour lack the support that their peers rely on when they set out to start a business. This inequality has fuelled investors with excuses that leave many Latino-led businesses frustrated and at a dead-end,” added Nancy Santiago, Co-Founder of PowerUp Fund Hispanics in Philanthropy and Community Impact Lead for Ureeka. “Google recognises the enterprising influence of our community. We’re excited about a partnership that understands the power of the resilient Latino businesses we are supporting.”
Qualifying small businesses can now apply for grants until October 14, 2020. Click here for more information.
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