Organizations that Support Hispanic Business Activity
Despite the fact that Hispanic-owned companies are an increasingly important segment of U.S. commerce, many of these entrepreneurs still require assistance to maintain and grow their businesses. Among the most challenging problems with which this increasingly powerful economic force must contend is the struggle to expand their operations. “Although Latino-owned businesses had higher approval rates for loans under $50,000, they were substantially less likely to have larger loans approved.” Less access to financing and more concern about amassing debt are the principal reasons for this growth problem. Further, Hispanics keep facing unequal access to government and corporate contracts. Below are seven organizations that can help.
United States Hispanic Chamber of Commerce
Founded in 1979 and headquartered in Washington, D.C., the U.S. Hispanic Chamber of Commerce (USHCC) is the largest organization in America that promotes the financial wellbeing and development of Hispanic entrepreneurs. It was created to support the idea that the success of the U.S. economy is closely tied to the success of the Hispanic business community. When governmental leaders and America’s largest corporations engage in powerful business advocacy to craft policies that empower America’s 5 million Hispanic-owned businesses, everyone benefits. Acting as the umbrella organization for more than 250 local chambers and business associations, USHCC provides resources and recognition for the smaller member organizations. It has tried to be sensitive to both Democratic and Republican interests to increase the chances of passing bipartisan legislation that strengthens the Hispanic business community. Begun in 1993, the USHCC Foundation attempts to develop partnerships and alliances with business, corporate, and community organizations. By acting together, these three institutions can arrange for Hispanics to receive the training and practical experience required to become successful business leaders.
Statewide Hispanic Chamber of Commerce of New Jersey
The Statewide Hispanic Chamber of Commerce of New Jersey (SHCC-NJ) was created in 1989 to advise and train LOBs, and provide support for their new businesses. SHCC-NJ is a nonprofit voluntary membership network that works with various local organizations as well as the USHCC. It serves as the voice of the 120,000 Hispanic-owned businesses that contribute over $20 billion to the State’s economy. By encouraging ties that benefit both the public and private sectors, SHCC-NJ tries to increase business opportunities for Hispanic entrepreneurs. SHCC-NJ also is an active and visible advocate in the political process with the intention of influencing legislation, policies, and programs that help the small business community.
Latino Business Action Network
The Latino Business Action Network (LBAN) is a national organization devoted to “strengthening the United States by improving the lives of Latinos.” It partners with Stanford University through the jointly led and supported Stanford Latino Entrepreneurship Initiative. Hispanic entrepreneurs are assisted in growing their businesses by means of research, transformative educational programs, and national networking development.
The Latino Coalition
The Latino Coalition (TLC) was founded in 1995 by a group of Latino business owners from throughout the U.S. TLC became a nationwide non-profit that developed policies and proposed legislation relevant to Latinos based on economic research and political activism. The goal of TLC is “ensuring every Hispanic American who wants to start and grow a business has the opportunity and the right economic environment to do so.” To this end TLC develops partnerships that create jobs and economic growth. “By analyzing the impact of Federal, State and local legislation, government regulations, and taxes on the Latino community, TLC is able to work with policymakers and stakeholders to create an environment that allows Latinos to thrive.”
Accion
Most entrepreneurs have to obtain funding to get their start-ups off the ground. To improve access to commercial funding, organizations called nonprofit accelerators support LOBs before they are eligible for usual financing such as from banks. These accelerators also help start-ups to qualify for commercial loans. One of the largest of these nonprofits, Accion, was founded in 1961 by a University of California, Berkeley, law student named Joseph Blatchford. Its work is funded with support from many corporate partners, including the MetLife Foundation, Mastercard Foundation, the Citi Foundation, and Credit Suisse. Accion has helped create more than 235 financial service providers in 75 countries. The Center for Financial Inclusion is an independent think tank housed at Accion that works to advance inclusive financial services for the nearly two billion underserved people.
Aspen Institute
In 1949, Chicago businessman Walter Paepcke arranged the first meeting amidst the natural beauty of Aspen, Colorado. He considered the location perfect for the world’s thinkers, leaders, artists, and musicians to gather apart from their daily routines in order to reflect on the pressing issues of society and culture. The Aspen Institute became a nonpartisan forum for values-based leadership and the exchange of ideas. A Report of the Aspen Institute Forum on Latino Business Growth describes the actions that entrepreneur-support organizations can take to assist LOBs to grow and to regularly earn annual revenues of $1 million or more. “This playbook also features plays intended to counter the negative impact of prevailing narratives about Latinos and their businesses while promoting a more supportive operating environment that fosters the growth of LOBs and enables Latino entrepreneurs to reach their full potential.”
Eva Longoria Foundation
Founded in 2012, the Foundation was created to unlock the full potential of Latinas and thereby empower the Hispanic community. To do so, the Foundation helps Latinas build better futures for themselves by providing the resources to succeed in school and business. Included in the culturally relevant instruction that enhances Latinas’ productivity and earning power are programs that focus on parent engagement, mentorship, STEM education, microloans, and business training. to narrow the opportunity gap that Latinas face.