PURCHASE, N.Y., Aug. 31, 2021 /PRNewswire/ -- PepsiCo, Inc. (NASDAQ:PEP) today announced Juntos Crecemos, (Together We Grow), a $50 million platform aimed at strengthening Hispanic-owned businesses, specifically restaurants, bodegas and carnicerías (meat markets), addressing foundational business challenges, and supporting 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 of last year.
According to a study by the U.S. Hispanic Chamber of Commerce, Hispanic-owned businesses alone contribute over $800 billion in economic activity and play a central role in their communities. According to a Stanford University survey, as a result of the pandemic, 86% of Hispanic small business owners reported significant negative impacts, including complete closure, and were only half as likely as their white counterparts to receive Paycheck Protection Program (PPP) loans. This, coupled with the historic systemic barriers affecting wealth and educational attainment, contributes to smaller business income among Hispanic business owners according to research conducted by 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," said Esperanza Teasdale, VP & GM, Hispanic Business Unit, 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 Small Business Owners
Small business owners participating in Juntos Crecemos will have access to the Hispanic Digital & Delivery Program, a customized eight-week consultation curriculum tailored to meet their specific needs, including helping them 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," said Antonio Escalona, SVP & GM, Hispanic Business Unit, PepsiCo Foods North America. "This is only the beginning, and we are committed to working alongside these restaurants, bodegas, and carnicerías to propel their businesses forward."
As part of the program, 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 Lupillo Ramirez, LFIA president. "Juntos Crecemos will provide valuable guidance and mentoring while connecting and uniting business owners across the country in sharing best practices."
PepsiCo Foundation Support
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 U.S. 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.
Today, The PepsiCo Foundation is announcing the first 150 IMPACTO grant recipients, including:
- La Peña Restaurante in Chicago, IL,
- De Mi Fogón in Houston, TX
- Cuernavaca's Grill in Los Angeles, CA
- 8 Burger in Miami, FL, and
- 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," said C.D. Glin, Vice President, The PepsiCo Foundation and Global Head of Philanthropy, 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."
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 organizations 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 the COVID-19 pandemic, The PepsiCo Foundation plans to expand the IMPACTO program 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 U.S. to address issues of inequality and create opportunity.
For additional information about the Juntos Crecemos platform and how local businesses can benefit from it, please visit, www.PepsiCoJuntosCrecemos.com. To learn more about PepsiCo's Racial Equality Journey, visit www.pepsico.com/diversity-equity-and-inclusion.
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PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $70 billion in net revenue in 2020, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker, Tropicana, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 23 brands that generate more than $1 billion each in estimated annual retail sales. Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. "Winning with Purpose" reflects our ambition to win sustainably in the marketplace and embed purpose into all aspects of our business strategy and brands. For more information, visit www.pepsico.com.
About The PepsiCo Foundation
Established in 1962, The PepsiCo Foundation, the philanthropic arm of PepsiCo, invests in the essential elements of a sustainable food system with a mission to support thriving communities. Working with non-profits and experts around the globe, we're focused on helping communities obtain access to food security, safe water and economic opportunity. We strive for tangible impact in the places where we live and work—collaborating with industry peers, local and international organizations, and our employees to affect large-scale change on the issues that matter to us and are of global importance. Learn more at www.pepsico.com/sustainability/philanthropy
About Allies for Community Business
Allies for Community Business (A4CB) believes that entrepreneurs from any background can start and grow businesses that create generational wealth for their families and communities. A4CB's mission is to provide the capital, coaching, and collaboration entrepreneurs need to grow great businesses in their communities. As a nonprofit Community Development Financial Institution located on Chicago's West Side, A4CB prioritizes Hispanic/Latinx, Black, women, and low-income entrepreneurs throughout the Chicagoland area and beyond. Learn more at a4cb.org.
About Accion Opportunity Fund
Accion Opportunity Fund works to create an inclusive, healthy financial system that supports the nation's small business owners by connecting entrepreneurs to affordable capital, educational resources, coaching, and networks. Through innovative partnerships and outreach strategies, we reach entrepreneurs of color, low-income entrepreneurs, and women, who often lack access to the financial services they need to build and grow their businesses. Opportunity Fund Community Development the lending arm of Accion Opportunity Fund, California Finance Lender license #6050609.
LiftFund's mission is to provide credit and services to small businesses and entrepreneurs who do not have access to loans from commercial sources and to provide leadership and innovation in the microlending industry.
We provide a hand up to small business owners, so they have a chance to succeed. We've provided millions of dollars in micro and small business loans to diverse, hard-working entrepreneurs with a 96% successful repayment rate. For every $1 we lend, there is a positive economic return of $14. Daily, thousands of small businesses and entrepreneurs are denied capital and tap into high interest rate debt and predatory lenders that cost more than they can afford. We believe everyone deserves the opportunity to build a company successfully with capital no matter their background, race, ethnicity, sexual identity or geography.
DreamSpring is a nonprofit community lender dedicated to eliminating systemic wealth inequities and accelerating the economic inclusion and strength of underserved communities, which play a critical role in the stability and resilience of local and regional economies. Founded in 1994, the organization, which currently operates in 19 states, provides rapid access to capital and customized wrap-around support to the most vulnerable small business owners, focusing on communities including people of color, women, low- to moderate-income earners, veterans, the disabled, the LGBTQ community, the formerly incarcerated, and rural enterprises. Learn more at DreamSpring.org.
Ascendus believes in the bold vision of creating financial ascension for those who have been systemically excluded from financial opportunity. For over 30 years, we've provided small business owners – primarily BIPOC, women and immigrants – with the tools to move up, improve their lives, care for their families, and contribute to their communities. We've placed over $200 million into the hands of 24,000 small businesses through our programs in New York, Massachusetts, Florida and nationally.
SOURCE PepsiCo, Inc.