Latino Community Foundation raises $10 Million for the Latino Power Fund to leverage billions in federal resources intended to benefit Latino families in California
The Power Fund seeks to ensure Latino communities receive equitable share from the Infrastructure Package and American Rescue Plan and mobilize voters for the 2022 Mid-term
San Francisco, CA – December 14 , 2021 – The Latino Community Foundation (LCF), in partnership with 20 foundations and donors, raised $10 million for the Latino Power Fund in less than 6 months. The response from a diverse group of funders signals a commitment to invest boldly in a power-building movement led by Latinos and ahead of a consequential mid-term election year.
Devastated by the health and economic impact of COVID-19, Latinos have suffered disproportionately these past 18 months. Over 32,000 Latinos lost their lives, accounting for 45% of COVID-related deaths. Small businesses owned by Latinos – a backbone of the state economy – were also hardest hit. Yet, in California, the probability of a Latino business owner able to receive a loan from a national bank is 91% lower compared to a white business owner, even when controlling for revenue, profitability, and credit scores.
LCF created the power fund to ensure an equitable and just recovery centered on Latinos and their families. “Between the $1.9 trillion American Rescue Plan and the $2.6 trillion Infrastructure and Jobs Package, we have a palpable opportunity to make things right for Latino families,” said Jacqueline Martinez Garcel, CEO of LCF. “These investments are intended to level the playing field with billion-dollar investments in housing, education, broadband, public transit. But for these federal resources — our tax dollars — to reach our communities, we must break the mold in philanthropy and act boldly with our own investments to support Latino-led organizations.”
The philanthropic sector has provided only 1.1% of investments into Latino-led nonprofits. The coalition of funders led by LCF is seeking to change this and equip these organizations with the resources they need to leverage federal investments for their communities.
“It’s time to act with intention,” said Nancy Lindborg, president and CEO of the David and Lucile Packard Foundation, one of the first funders to commit to the Latino Power Fund. “We have an urgent opportunity to rebuild a more just, inclusive economy. Investments from this fund will prioritize community groups led by Latinos in under-resourced regions of the state, strengthening their civic and economic power.”
Other funders committed to the Fund because of the long-term vision of building a sustained movement of politically engaged Latino youth and leaders. “The Latino Power Fund is a vision for change, not charity, with a commitment to strengthen democracy and build a more representative electorate in California,” said Susan Hirsch, Executive Director of Hellman Foundation.
“Addressing root causes and building power for systemic conditions are necessary to move towards a more just society” said Missy Narula, CEO of Crankstart. “The Latino Power Fund is a critical player for this moment. Crankstart is proud to support this effort.” With key senate and house races in 2022, building the trust of Latino voters and mobilizing their vote early will be essential. Latinos represent 8 million eligible voters in California.
“We are honored to be part of this movement for social justice and equity for our Latino families in California,” said Camille Llanes-Fontanilla, Vice President of Silicon Valley Programs at the Sobrato Philanthropies. “We encourage other philanthropic leaders to be part of the solution by investing in this necessary and critical Latino Power Fund.”
For more information about the Latino Power Fund, visit: https://latinocf.org/power/
About Latino Community Foundation:
The Latino Community Foundation is on a mission to unleash the civic and economic power of Latinos in California. LCF has the largest network of Latino philanthropists in the country and has invested $19 million to build Latino civic and political power and leadership in the state. It is the only statewide foundation solely focused on investing in Latino youth and families in California. LCF established the groundbreaking Latino Nonprofit Accelerator, a tech-inspired model that supports Latino leaders and creates a safe space for them to accelerate social change, impact, and healing in our communities. For more info, please visit: www.latinocf.org
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Media Contacts:
Ricardo Jara
Senior Communications Director, Latino Community Foundation
(323) 559-0802 / rjara@latinocf.org
Victoria Sanchez De Alba
De Alba Communications (for Latino Community Foundation)
(650) 270-7810 / victoria@dealba.net
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