Philanthropy Pours More Money Into Latino Wealth Creation

credit:

The US Hispanic unemployment rate was more than three percentage points higher than the white unemployment rate in December, and the Hispanic or Latino unemployment rate was more than four percentage points higher than the overall US rate.

But the good news is that private foundations and nonprofit organizations are stepping up their efforts to help Latino- and immigrant-led businesses grow.

"It was important for us to make sure that, as we moved into this crisis mode of COVID, that Latino- and immigrant-led businesses weren't an afterthought," says Jacqueline Martinez Garcel, CEO of California's Latino Community Foundation.

The foundation started the Latino Entrepreneurship Fund in 2020 with $4 million from the James Irvine Foundation to help Latino entrepreneurs and community financial lenders assist Latino businesses.

Since then, it has provided $1 million to help start three new community-development financial institutions.

Such financial institutions, which have charity status, typically provide loans of up to $75,000 to low-income entrepreneurs or small businesses owned by people of color.

Hispanics in Philanthropy, an organization that works to attract charitable funds to serve Hispanics, launched the PowerUp Fund to help Latino-owned small businesses in California, New York, and Texas.

Google.org, the tech giant's philanthropic arm, gave $3 million toward that effort.

Read the Entire Article

How's Your Community Doing?
Check Out it's
Community Vital Signs

Explore the
Social Progress Index
for the
Latino Community Foundation

Photos: The Cannon Announces Opening of Newest Location in Memorial

"More than just a space, The Cannon Memorial will be an environment where innovation thrives." That's the vision of the Houston-based co-working space, which opened its 39th location Monday in...more

Tampa Bay Innovation Center Names Startups for Spring Accelerator Program

The Tampa Bay Innovation Center is kicking off its spring accelerator program, and it's got eight startups on its list. Among them: AgWise, which focuses on the climate impact of agriculture's...more

Bioeconomy Can Contribute to a New Cycle of Prosperity, Say Ministers and Janja Lula

Brazil's environmental minister has a message for the rest of the world: Don't turn your back on the planet. Marina Silva, who is also the country's first lady, has called for a shift away from...more

Northeast Denver Innovation Zone to Dissolve, Reverting Two Middle Schools to District Control

One of Denver's so-called "innovation zones" is going to be history after the end of the school year. The Northeast Denver Innovation Zone, which had three public schools in it, will dissolve at...more

Rome'S Affordable Housing Project Gets Grant Funding

An 11-acre plot of vacant land in Rome, NY, will soon be transformed into 250 affordable housing units and a community center for veterans and their families. Thanks to a $2.5 million grant from...more

Breakaway Syracuse Ballet Company Wins State Grant for New Studio and Rehearsal Space

The state has stepped in to help a new ballet company in Syracuse get off the ground. The New York State Council of the Arts has awarded Central New York Ballet a $259,000 grant to help it move...more

Friends of Ironton Look to Finish Ro-Na Theater Renovation with State Grant Funding

The Ro-Na Theater in Ironton, Ohio, was fully operational from 1949 to 1973, but fell into disrepair in the 21st century, WSAZ reports. Now, thanks to a $5.2 million grant from the state of Ohio,...more

Des Moines Arts Festival Program Benefits Community Groups

The Des Moines Arts Festival is less than two months away, and this year's event will feature more than 100 artists from around the world. The final weekend of the festival will take place in...more

Impact Pioneers Network Accelerates Growth for Filipino Impact Enterprises

A "first-of-its-kind impact investing network" in the Philippines is putting its money where its mouth is, in the form of collateral-free loans to women-led social and environmental...more

Ai for Ias: How Artificial Intelligence Will Impact Investment Advisers

"It is simply not good enough that, for many advisers, their understanding of AI is that information goes into a black box,'magic happens' and something comes out." So said the outgoing director...more