PepsiCo has launched Juntos Crecemos (Together We Grow), a $50 million platform, aimed at strengthening Hispanic-owned businesses across the US.
Specifically created for restaurants, bodegas (wineries) and carnicerías (meat markets), the platform will address foundational business challenges; and support business growth over the next five years. Juntos Crecemos is part of PepsiCo’s Racial Equality Journey Hispanic Initiative; a $172 million set of commitments launched in October 2020.
According to a study by the US Hispanic Chamber of Commerce, Hispanic-owned businesses alone contribute over $800 billion in economic activity; and play a central role in their communities. However, 86% of Hispanic small business owners reported significant negative impacts, as a result of the pandemic. This included complete closure of Hispanic firms; and only half as likely as their White counterparts to receive Paycheck Protection Program (PPP) loans, confirmed a Stanford University survey.
This, coupled with the historic systemic barriers affecting wealth and educational attainment, contributes to smaller business income among Hispanic business owners, according to the Small Business Association. “Juntos Crecemos and The PepsiCo Foundation IMPACTO Hispanic Business Accelerator bring our Racial Equality Journey and PepsiCo’s values to life,” stated Esperanza Teasdale, VP & GM, Hispanic Business Unit of PepsiCo Beverages North America. “We’re proud and committed to supporting and elevating the voice of the Hispanic small business community that is impacted by systemic inequality.”
BENEFITS FOR HISPANIC BUSINESSES
Small business owners participating in Juntos Crecemos will have access to the Hispanic Digital & Delivery Program; a customised eight-week consultation curriculum tailored to meet their specific needs. This includes help to improve their online presence, delivery logistics, online ordering and marketing practices. Participants will also have access to consultation from experts via office hours; where they will receive coaching and guidance on devising solutions for business challenges.
“Providing these resources is critical to delivering on our ambition to drive long-term change and address systemic barriers in communities that too often have been overlooked,” commented Antonio Escalona, SVP & GM, Hispanic Business Unit of PepsiCo Foods North America. “This is only the beginning. We are committed to working alongside these restaurants, bodegas and carnicerías to propel their businesses forward.”
Participating bodegas and carnicerías owners will also receive store essentials; including safety kits, consumer promotions and targeted digital media support. To help raise awareness of Juntos Crecemos and assist with implementation, PepsiCo has partnered with the Latino Food Industry Association (LFIA). “Hispanic small business owners have disproportionately been impacted by the Covid-19 pandemic; which is why we are excited to work with PepsiCo in bringing this much needed support to our community,” said LFIA President Lupillo Ramirez. “Juntos Crecemos will provide valuable guidance and mentoring while connecting and uniting business owners across the country in sharing best practices.”
HISPANIC BUSINESS ACCELERATOR
As part of the Juntos Crecemos platform, The PepsiCo Foundation is officially launching the IMPACTO Hispanic Business Accelerator; which will provide $10 million in funding to help 500 Hispanic small food and beverage business owners in 13 cities across the US grow their enterprises over the next five years. It will also help these owners overcome systemic economic disparities; and create economic opportunity within the community by providing business coaching in English and Spanish, and other resources.
The PepsiCo Foundation’s first 150 IMPACTO grant recipients include:
- La Peña Restaurante in Chicago, IL
- De Mi Fogón in Houston, TX
- Cuernavaca’s Grill in Los Angeles, CA
- 8 Burger in Miami, FL
- Claudy’s Kitchen in Bronx, NY
“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; a divide only deepened by the impact of Covid-19,” stated C.D. Glin, Vice President of The PepsiCo Foundation and Global Head of Philanthropy of PepsiCo. “Supporting long-term solutions that drive economic equity in the Hispanic community isn’t just right; it’s imperative. The IMPACTO Hispanic Business Accelerator and Juntos Crecemos are about more than just saving businesses. It is about investing in the people that bring life, culture and vibrancy to our communities; and ensuring that they continue to grow, thrive and prosper today and for generations to come.”
SUPPORTING FUTURE SUCCESS
The Foundation is currently working with Community Development Financial Institution (CDFI) partners including, Allies for Community Business in Chicago; Ascendus in New York; LiftFund in San Antonio; Accion Opportunity Fund in San Jose and Los Angeles; and DreamSpring in Albuquerque and other local organisations to provide $10,000 grants to beneficiaries and help business owners at every level retain employees; and construct long-term business plans to support their future economic success. While launching in 13 cities (New York City, Miami, Chicago, Orlando, Albuquerque, Houston, Dallas, San Antonio, Los Angeles, El Paso, Las Vegas, Denver, Phoenix) where Hispanic-owned small businesses were hit particularly hard by Covid-19, The PepsiCo Foundation plans to expand the IMPACTO programme to additional cities over the next five years based on community need.
The launch of Juntos Crecemos and IMPACTO Hispanic Business Accelerator are important milestones in PepsiCo’s Racial Equality Journey, which in 2020 saw the company announce commitments of more than $570 million over the next five years to uplift Black and Hispanic businesses and communities in the US to address issues of inequality and create opportunity. Earlier this year, PepsiCo also announced a commitment of more than $1,000,000 to support Asian American businesses in the US, which have suffered setbacks due to Covid-19, as well as increasing discrimination amid the pandemic. Click here to read more.
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