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 PPP loans. In addition, the historic systemic barriers affecting wealth and educational attainment contributes to smaller income among Hispanic business owners. As a direct response to this impact on Hispanic small business owners, the launch of Juntos Crecemos (Together We Grow) will commit over $50 million to provide immediate resources to restaurants, bodegas and carnicerías. As part of the platform, The PepsiCo Foundation has committed $10 million dollars through the IMPACTO Hispanic Business Accelerator, from which 150 local businesses are immediately benefiting, receiving one $10,000 grant each in addition to mentorship and coaching.
DID YOU KNOW?
- Hispanic-owned businesses alone contribute nearly $700 billion in economic activity.
- Traditionally, Hispanic-owned small businesses are the cornerstones that connect their communities - serving as cultural safe spaces, providing jobs, celebrating Hispanic culture, contributing to the economic growth of America and helping to build family legacies.
- A 2019 report found that while 49% of white business owners receive all the financing they request, only35% of Hispanic businesses [fedsmallbusiness.org] owners have such success. (Source: Federal Reserve Bank of Atlanta 2019 report on Minority-Owned Firms: Small Business Credit Survey [fedsmallbusiness.org])