NALCAB, Sam's Club Giving Program Catalyze Growth of U.S. Small Businesses and Jobs with $1.1M in Grants
SAN ANTONIO, Nov. 5, 2014 /PRNewswire-USNewswire/ -- As part of a national initiative made possible with the support of Sam's Club Giving Program to spur job creation and grow Latino-owned business in the U.S., NALCAB - National Association for Latino Community Asset Builders awarded $1.1 million to 24 small business projects across 17 states that are managed by community and economic development nonprofit organizations. To learn more about this year's grantees, visit http://www.nalcab.org/Grantees2014
"Integrating Latino entrepreneurs into the mainstream economy is critical for rebuilding wealth and ensuring a strong U.S. economy," said Lance de la Rosa, senior vice president of operations for Sam's Club. "Our philanthropic investment in the NALCAB network helps to increase capacity of nonprofits serving small businesses to deliver culturally and linguistically relevant services to Latino business owners, to open access to capital and to catalyze business growth. All of these steps ultimately create jobs in the communities that NALCAB serves."
"Latinos are the fastest growing small business segment in the country," said Noel A. Poyo, NALCAB Executive Director. "Latino entrepreneurial activity has increased over the course of a deep recession and demonstrates the determination and resilience of Latino business owners and entrepreneurs. The NALCAB Network is investing in this dynamic small business segment and our nation will benefit from the return on investment."
In 2013, the US Hispanic Chamber of Commerce study shows the number of Latino start-ups increased 6.66% from 2007-2013; a full 3.5% more than the overall population. Since 2002, the number of Latino firms has doubled to 3.1 million and, in 2013; they jointly contributed $468 billion to the economy.
The $1.1 million in NALCAB grants will focus on three key elements of growth:
- Expanding capital – focus on small business development services
- Increasing lending to small and micro businesses, and
- Strengthening food-based business incubators
Projected Outcomes for the grants include:
- 24 nonprofit organizations will strengthen their capacity to provide small business development services, conduct lending to small businesses and operate innovative local food industry-focused incubators.
- Grantees will cumulatively leverage more than $5 million in grants and debt capital.
- 3,500 individuals will receive small business development training and coaching.
Grantees will also receive technical assistance and training in an integrated effort to support nonprofit-operated small business development and lending programs that effectively promote Latino/a small business start-ups and expansion. To learn more about this year's grantees, visit http://www.nalcab.org/Grantees2014
Sam's Club Giving Program has provided over $3 million in funding to Inversiones: A National Small Business Investment Initiative; an ambitious plan by NALCAB to strengthen the nonprofit infrastructure that delivers culturally and linguistically relevant small business development services to Latino business owners.
About the Sam's Club Giving Program
Established by the Walmart Foundation in 2008, the Sam's Club Giving Program is dedicated to micro- and small business prosperity, investing more than $11 million in national and local programs dedicated to improved training, education and increased access to capital for small business owners. For more information on national or local giving, visit SamsClub.com/giving.
About NALCAB
NALCAB-The National Association for Latino Community Asset Builders is a San Antonio based organization that represents and serves over 100 members that are a geographically and ethnically diverse group of nonprofit community and economic development organizations that are anchor institutions in our nation's Latino communities. NALCAB's mission is to build financial and human assets as well as real estate and technology resources for Latino families, communities, and organizations. For additional information, visit NALCAB's press room or go to www.nalcab.org.
Contact: Hilda Bustos
[email protected]
(210) 215-4031
Eliana Rodriguez
[email protected]
(210) 399-4536
SOURCE National Association for Latino Community Asset Builders
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