OAKLAND, Calif., Sept. 16, 2020 /PRNewswire/ -- Google.org announced a $3M grant to Hispanics in Philanthropy's PowerUp Fund, with Ureeka, to directly support hundreds of Latino-owned small businesses across California, New York, and Texas—states with large numbers of Latino-owned small businesses—with training they need to successfully leverage deployed capital to continue to grow.
"HIP's PowerUp Fund stands at the intersection of advocacy and engagement propelling Latinos to build their capacity and visibility," said 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."
Latinos are 1.5 times more likely than the general population to start a business, yet as COVID-19 disrupts the U.S. economy, the impact on their small business community is glaring. A study from the National Bureau of Economic Research found that 32% of Latino-owned businesses have been forced to close in recent months, and even more remain disproportionately at risk, given their overrepresentation in sectors hardest hit by the economic downturn.
"Latino-owned small businesses are key to the economic backbone of the United States," said Hector Mujica, Americas Economic Opportunity Lead for Google.org. "We are inspired by the resilience and entrepreneurial tenacity of the Latino community, and are proud to support efforts—like PowerUp Fund—that advance economic opportunity."
"Many entrepreneurs of color lack the ecosystem of support that their peers rely on when they set out to start a business. This inequality has fueled investors with excuses that leave many Latino-led businesses frustrated and at a dead-end" said Nancy Santiago, Co-Founder PowerUp Fund Hispanics in Philanthropy and Community Impact Lead for Ureeka. "Google.org recognizes the enterprising influence of our community, understanding that their initial investment will be multiplied. We're excited about a partnership that understands the power of the resilient Latino businesses we are supporting."
Qualifying Small Businesses can apply here from now until October 14, 2020.
SOURCE Hispanics in Philanthropy