HIP’s PowerUp Fund Announces 500 Latinx Small Business Grants
Hundreds of Latinx-owned Small Businesses Across CA, NY, and TX Receive $5k grants through an effort funded by Google.org and supported by Ureeka
Oakland, CA — In the midst of the 2020 holiday season, Hispanics in Philanthropy’s PowerUp Fund, in partnership with Ureeka announced 500 Latinx-owned small business recipients for cash assistance and business coaching grants. The effort was funded through a $3M grant from Google.org and launched during Hispanic Heritage month in an effort to support those businesses who have felt the economic impacts of the pandemic.
This year, COVID-19 magnified the inequities that Latinx small businesses face, despite the accelerated entrepreneurial momentum of a 4% contribution to the United States GDP pre-pandemic. Latino businesses are 1.5 times more likely to start a business, but with rising costs eclipsing decreased revenue, many small businesses faced tough circumstances. In the past few months alone about 32% of Latino-owned businesses have been forced to close.
“This is impact in action – we are eager to watch the Latinx small businesses grow over the new year as they receive coaching,” said Ana Marie Argilagos, President and CEO of Hispanics in Philanthropy. “And this is just the beginning. The PowerUp Fund will continue to advocate for resources to expand the growth and sustainability of Latinx business owners in more cities.
The hundreds of recipients located across California, New York, and Texas—states with large numbers of Latinx-owned small businesses—will receive access to capital and business training to overcome the economic downturn. The PowerUp Fund grant recipients represent over 55 industries including food and beverage, health and wellness, childcare, technology and more. Nearly 60% of these businesses are Latina-owned, and over 15% identify as either a member of the LGBTQIA+ community, a U.S. veteran or persons with disabilities.
“Small businesses are the backbone of the U.S. economy, and a key driver of opportunity for the Latino community” said Hector Mujica, Americas Economic Opportunity Lead for Google.org. “We are proud to support the hustle and entrepreneurial grit of these small business owners, and inspired by their perseverance and innovation, particularly during these uncertain economic times.”
“We knew that there was a gap to fill, and that we needed to reach Latinx small businesses quickly. They expressed the need for capital to stay afloat along with the need for business coaching — this program does exactly that,” said Nancy Santiago, Co-Founder PowerUp Fund Hispanics in Philanthropy and Community Impact Lead for Ureeka. “By meeting small businesses owners where they are, we have created a community of Latinx small businesses with the knowledge to pay it forward, and continue to support their families and their customers.
The collective spending power of the Latino community has proven time after time that investments in small businesses are smart investments. The combined buying power of communities of color in the United States is estimated to be a collective $3.9 trillion, while the nation’s Latinx community commands an impressive $2.6 trillion in spending power. Hispanics in Philanthropy designed the PowerUp Fund to drive a new approach to the way in which we commit our dollars, an approach that will hopefully spur others to do the same.
You can view the full list of businesses here.