OAKLAND, Calif., June 24, 2020 /PRNewswire/ -- Hispanics in Philanthropy (HIP), a transnational network of foundations, donors and nonprofits; together with Ureeka, a community where underrepresented business owners gain unprecedented access to the expertise needed to grow their business; and The Flo Lab, a business advisory group for emerging Latinx companies; today launch "Together We Win" / "Juntos Ganamos", a campaign geared towards encouraging consumers to support small and medium-sized businesses (SMBs) impacted during this critical time to help ensure their economic survival and the recovery of communities.
The partnership between HIP and Ureeka bridges their respective networks and resources, specifically the PowerUp Fund, which leverages philanthropic dollars against private capital to build power and spur economic growth for Latino communities, and 1863 Ventures, a business development program designed to narrow the gap between entrepreneurship and equity. The union creates a power-in-numbers approach that helps drive the long-term solutions sought for Black and Latino-owned SMB owners most impacted by COVID-19.
"The growth of Black and Latino-owned SMBs is impressive, considering the systemic and structural barriers that have existed for generations. However, we have reached a point where the economic disparity and inequity is impacting our collective health and future," said Nancy Santiago, Co-Founder of the PowerUp Fund, HIP Senior Advisor and Community Impact Lead for Ureeka. "We seek to close this gap through our new collaboration with Ureeka, and with the financial power consumers bring to our re-opened economies. We urge them to select a SMB for their goods and services when it is time to make a purchase."
COVID-19 Black & Latino-owned SMB Community Statistics
- A recent study from the National Bureau of Economic Research found that 41% of Black-owned and 32% of Latinx-owned businesses have been forced to close in recent months
- It is predicted that 40% of Black-owned businesses and more than 50% of Latino-owned businesses will not return post-COVID-19 disruption
- Research shows most Black and Latino-owned SMBs have fewer than 21 cash buffer days; COVID-19 disruption has lasted more than three months
- About 90% of Black and Latino-owned SMBs have been or will likely be denied PPP loans because financial institutions are favoring pre-existing customers when distributing funds
Leading by Example
Despite the challenges COVID-19 presents for Black and Latino-owned SMBs, "Together We Win" has already helped these targeted businesses continue to set themselves up for success during and after the COVID-19 pandemic.
Baiser Beauty, a women-owned holistic skincare and beauty brand handcrafted in Miami using organic certified ingredients, is an SMB that benefited from the joint venture of HIP and Ureeka. Additionally, Shop Latinx, a curated marketplace featuring one-of-a-kind, quality products from Latinx creators, artists and SMB owners to showcase their products online, was also a financial award recipient from the partnership, provided by the PowerUp Fund.
"Ureeka's business development programs are designed to bridge the gap between entrepreneurship and equity, and our programs seek to accelerate new majority entrepreneurs from high potential to high growth," said Melissa L. Bradley, Ureeka Co-Founder and 1863 Ventures Founder. "Believing in the power of our communities and the power of our shared experiences, 'Together We Win' is a movement designed to shift the way we think about our individual choices, how these new majority businesses have the greatest potential to thrive, and the impact their success has to create ripple effects within these different small business segments."
Investors + "Together We Win" = SMBs' Success
There is no magic in the formula to help Black and Latino-owned SMBs succeed. What is needed are accountable individuals, corporate and organization decision-makers investing time, money and energy into creating a long-term, sustainable impact.
Uniting as one cohesive, yet diverse community which represents the new reality of the social and economic fabric of America can help ensure Black and Latino-owned SMBs survive, thrive and grow during and after the COVID-19 pandemic through intentional decisions and actions supporting these enterprises.
Visit www.powerupfund.org/TogetherWeWin and follow HIP on Facebook to learn more, and join the conversation online to support Black and Latino-owned SMBs using #TogetherWeWin and #JuntosGanamos on social media platforms to spread the word and share your unique stories. Organizations looking for ways to participate in the campaign are also encouraged to contact HIP or Ureeka for more information.
Hispanics in Philanthropy (HIP) is on a mission to strengthen Latino leadership, influence and equity by leveraging philanthropic resources, and doing so with an unwavering focus on social justice and shared prosperity across the Americas. As the leader of a transnational network of foundations, donors, and nonprofits, we are making impactful investments in the Latino community and developing our leaders so they can effectively address the most pressing issues impacting communities in the U.S., Latin America and the Caribbean. Follow HIP on Twitter, Instagram and Facebook.
Ureeka is a community and platform that connects black, brown and female small business owners - the Next Wave Entrepreneurs - to peers, mentors and coaches; trusted business and technology advice; vetted resources and capital that business owners need to grow and scale. Ureeka is a for-profit business, founded by a diverse team whose expertise ranges from technology and investing to the public sector. The company's mission centers on creating economic opportunity by igniting the potential of small businesses through a platform of resources and a community of peers and experts. Learn more at https://www.ureeka.biz/. Follow Ureeka on Twitter, Instagram, Facebook and LinkedIn.
About The Flo Lab
The Flo Lab conducts advisory work for emerging Latinx companies, and works on specialized marketing strategies for brands and organizations that are looking to connect with a Latinx audience. Follow The Flo Lab on Instagram and LinkedIn.
Gracia Larrain, encore for Together We Win | Juntos Ganamos
Reynaldo J. Delgado, encore for Together We Win | Juntos Ganamos
Sonia Melendez Reyes, HIP
Kelsey Quickstad, Ureeka
SOURCE Hispanics in Philanthropy; Ureeka; The Flo Lab