The Latino Community Foundation (LCF) announced it is distributing $1,000,000 in grants to 17 Latino-led organizations working with entrepreneurs across California, the state with the largest number of Latino small business owners.
Latino-owned businesses in California generate nearly $120 billion in revenue. They are the backbone of a healthy economy. As inflation and the probability of a recession rise, LCF will lead efforts to support Latino entrepreneurs and influence policies that will increase job opportunities for Latinos in high-salary and high-demand sectors.
“It is essential that we increase opportunities for economic mobility for Latinos as we rebuild a new normal post-COVID-19,” said Jacqueline Martinez Garcel, CEO of the Latino Community Foundation. “The economic power of Latinos can lead not just a recovery, but an economic renaissance. We celebrate Latino Heritage Month by honoring the contributions of our community, opening doors for them, and investing in their futures.”
The $1 million investment is part of LCF’s Latino Entrepreneurship Fund focused on building economic power. The investments will support a wide range of organizations that will increase access to funding to small businesses, support incubators that provide technical support to entrepreneurs and help Latino business leaders build generational wealth for their communities.
“From investing in anchor community organizations to Latino-led Community Development Financial Institutions, these organizations are supporting our food and street vendors with critical relief funds and advocacy, creating innovative business models and strengthening the lending continuum for Latino entrepreneurs,” explained Veronica Vences, Entrepreneurship Fund Director at the Latino Community Foundation. “Together they will reach over 150 Latino entrepreneurs from the North Bay Area to San Bernardino and build a more fruitful ecosystem in which these entrepreneurs can thrive.”
LCF has invested a total of $25 million since 2016 in support of its mission to unleash the civic and economic power of Latinos in California. The Latino Entrepreneurship Fund was made possible with the contributions of The James Irvine Foundation, Google.org, Wells Fargo, and TikTok. This initiative will support the organization’s statewide efforts, with an emphasis on organizations serving the Central Coast, the Central Valley, and the Inland Empire.
The 17 organizations that will be funded today include:
Creser Capital Fund
La Luz Center
Small Business Hardship Fund – Sonoma County
North Bay Jobs with Justice
The Latina Center
Centro Community Partners
Prospera Community Development
Alameda County DSAL/Dig Deep Farms
Agriculture and Land Based Training Association (ALBA)
Kitchen Table Advisors
Central Valley Immigrant Integration Collaborative (CVIIC)
Fresno Area Hispanic Foundation
Inclusive Action for the City
Time for Change Foundation