finance (35)

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Even though Latinos are the second largest ethnic group in the U.S., they’re underrepresented across many industries, including finance, which can have long-term effects on the ability to grow wealth. A group of Latino-led and focused venture capital firms is looking to change that.

Lack of access to capital markets makes it harder for Latinos to build meaningful wealth. It also means they’re underrepresented as shareholders of companies if they aren’t holding stocks and that they’re not lending a proportional voice to investing decisions. READ MORE AT CNBC

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Latinos' influence on US economy

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The total economic output of Latinos across the U.S. was nearly $2.8 trillion in 2020, or more than 13% of the country’s GDP. Latino GDP was highest in the finance and real estate sector, which represented $460 billion of the total.As a group, however, the most significant data point in the report is what Latinos spend annually. In 2020, personal consumption accounted for nearly $14.1 trillion of the nation’s GDP and U.S. Latinos represented $1.84 trillion of that total.

Latino spending is greater than the economies of Canada or South Korea. Or in national terms, Latinos’ consumption rivals the entire economies of New York or Texas. READ MORE AT KEARNEY HUB

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Comcast RISE to Award $1 Million in Grants to Small Businesses Owned by Women and People of Color in Cook County

Eligible businesses can apply October 3-16 for a $10,000 grant; 100 recipients will be selected

CHICAGO (September 14, 2022) – Comcast today announced it will award $10,000 grants to 100 small businesses owned by women and people of color in Cook County through its Comcast RISE Investment Fund. Cook County is one of five locations selected for this new round of the grants program. Other locations include Miami, Oakland, Seattle and Washington D.C. Comcast will award a total of $1 million in grants in Cook County alone – $5 million across the five locations – in this round. This brings the total amount of Comcast RISE Investment Fund grants awarded to $21 million nationwide to date. This is the second time Comcast has opened the fund to Cook County businesses.

“The pandemic has affected businesses owned by women and people of color in Cook County and elsewhere exceptionally hard,” said Cook County Board President Toni Preckwinkle. “I encourage eligible businesses to apply for a grant. This money can help strengthen their position, especially as we emerge from the pandemic. “

“Women-owned businesses face a variety of challenges, including accessing funding,” said Women’s Business Development Center President and Chief Executive Officer, Emilia DiMenco. “These dollars will allow them to invest in their businesses and strengthen their financial position moving forward.”

“Hispanic-owned businesses face enormous barriers to success,” said Illinois Hispanic Chamber of Commerce President and Chief Executive Officer, Jaime di Paulo. “These dollars will allow them to invest in their people, their equipment and their technology, and help prepare them for the future.”

To help drive awareness of the program and provide additional support, training and mentorship, Comcast is awarding a total of $50,000 in grants to four Cook County community-based organizations, including the Illinois Hispanic Chamber of Commerce, South East Chicago Commission, South Shore Chamber of Commerce and Women’s Business Development Center.

Comcast RISE also provides marketing and technology services

In addition to the Investment Fund, Comcast RISE, which stands for “Representation, Investment, Strength and Empowerment,” provides the opportunity for small businesses owned by women and people of color in Comcast’s nationwide footprint to apply to receive one or more of the following services:

Marketing services: Comcast’s advertising sales division, Effectv, and its creative agency, Mnemonic, help recipients with marketing and media campaigns, including:
Media: Linear TV media campaigns that run over a 90-day period.
Creative production: Turnkey 30-second TV commercial production, plus a media strategy consultation and a 90-day linear TV media campaign.
Consultations: Digital audits by Ureeka, a go-to platform for small businesses looking to use their website and online marketing to acquire customers, in the form of Website Repair Reports and Search Engine Optimization Keyword reports to target website mechanics and effective organic marketing; and
Technology Makeovers: Technology upgrades from Comcast Business include computer equipment, as well as internet, voice and cybersecurity services for up to 12 months (taxes and other fees may apply).
Comcast RISE was formed in late 2020 to give small businesses owned by people of color the support and resources they need to not just survive but thrive. In November 2021, Comcast RISE announced a major expansion to all women-owned businesses. To date, more than 9,500 Comcast RISE awardees have been announced from 704 cities across 37 states and the program is on track to provide support to 13,000 small businesses by the end of 2022. Comcast RISE is part of Project UP, the company’s comprehensive 10-year, $1 billion initiative to advance digital equity and help build a future of unlimited possibilities.

For more information and to apply, visit www.ComcastRISE.com. The Comcast RISE Investment Fund grant application is open from Oct 3-16 to Cook County businesses owned by women and people of color that have been in business three or more years with 1-25 employees. Check the site for more information about eligibility. Site visitors can also apply for the opportunity to receive marketing and technology services through Comcast RISE.

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Many Latinos living in the U.S. suffered through acute economic upheaval in their countries of origin. Our troubled experiences influence our financial behavior and our economic outlook. It’s like we have financial PTSD.

Our instinctive reaction is to save money in places that feel safe — under the mattress or, at best, in a checking or savings account — rather than investing it to build wealth. Far too many Latinos grew up with parents who did this because they had no trust in banks.

We know firsthand how life-altering experiences can lead to financial trauma. READ MORE AT THE LOS ANGELES TIMES

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McKinsey research reveals interventions that can help boost Latino participation in the US economy and strengthen the nation’s economic performance overall. 

Senior Partner, Lucy Pérez, how greater support for Latino workers, business owners, consumers, savers, and investors in the United States could create economic opportunities not just for individuals and families in this demographic but also for the whole country. READ MORE AT MCKINSEY RESEARCH

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Be an amigo to Latinos

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We have witnessed the tremendous buying power of Hispanics as their homeownership rates skyrocket. And yet, many Spanish-speaking customers run into roadblocks when it comes to financing. According to the National Association of Hispanic Real Estate Professionals, Latinos experienced a 19.1% home purchase denial rate for conventional loans and were 81% more likely to be denied than their non-Latino counterparts. READ MORE AT NATIONAL MORTGAGE PROFESSIONAL

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Jefa-Owned (owned by a Latina Boss), a national visibility campaign under PepsiCo's Juntos Crecemos platform, calls upon Latinas in the food and beverage sector to apply for the Juntos Crecemos Hispanic Digital & Delivery Program, an eight-week personalized business building program.

To mark the launch, PepsiCo leaders joined Latina business owners for the Nasdaq Opening Bell Ceremony, where they unveiled the first-ever Jefa-Owned neon sign, designed by PepsiCo. READ MORE AT CISION

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A new study finds many Latino parents are hoping their children make better choices with their money than they did. Only 51 percent of Latinos would want their children to make the same financial decisions (saving, investing, and budgeting) that they did.

A recent survey of 2,000 Americans between 18 and 41, half of whom identify as Latino, found that non-Latino respondents were much more likely to want their children to learn from and model their own money habits (76% vs. 51%). READ MORE AT STUDYFINDS

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Ernst & Young LLP (EY US) today welcomes 96 Black and Latino founders and CEOs to the 2022 cohort of the EY Entrepreneurs Access Network (EAN). A national business accelerator, EAN is a comprehensive, executive program designed to elevate emerging and established Black- and Latino-owned companies through access to resources, networks and one-on-one mentoring. This marks the second full cohort of EAN participants, after the program officially launched in January 2021. READ MORE AT CISION

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Everyone wants to be an Entrepreneur

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Applications for new businesses rose 20 percent last year, after languishing for a decade. Many newly minted founders attribute it to the pandemic.

“People have become disaffected with what they’re doing, and might as well do the thing they've been wanting to do for a while,” says Stewart Thornhill, executive director of the Zell Lurie Institute for Entrepreneurial Studies at the University of Michigan. Some people who were furloughed or laid off near the start of the pandemic became entrepreneurs out of necessity. Others took stock of their good-enough jobs and decided they could do something better. READ MORE AT WIRED

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With dramatic growth in the U.S. Hispanic population, the number of Hispanic-owned businesses is growing faster than in other ethnic groups. And Latino entrepreneurs are going far beyond the sterotypical blue-collar industries like restaruants, hospitality and construction.

A January report from Stanford University concluded that Latino-owned businesses with employees are more likely than their white-owned counterparts to be technology innovators. The study found that 19% of Latino-owned firms develop and sell a tech or software product, compared to 14% of white-owned firms. READ MORE AT GBH

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While Latino-owned businesses are growing at a much faster rate than any other business segment in the country, they continue to face greater barriers to financing and report lower than average revenue per company than white-owned companies, according to new data released last week.

On Friday (January 28), the Stanford Latino Entrepreneurship Initiative (SLEI) released its seventh annual research report, State of Latino Entrepreneurship, exploring the impact, challenges, and opportunities of the fastest growing business segment in the U.S. economy. READ MORE AT POETS AND QUANTS

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Hispanics increasingly entering housing market

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Projections show half of all homebuyers nationally will be Hispanic in the next decade. Latinos are the only demographic in the U.S. to increase their rate of homeownership for each of the past six years, according to the National Association of Hispanic Real Estate Professionals. Oklahoma had the fifth-highest growth at 95.5% from 2009 to 2019, according to NAHREP. READ MORE AT THE JOURNAL RECORD

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Latinos are an economic engine for the US. They are the fastest growing minority: by 2030, 1 in 5 workers will be Latino. And they have the highest rate of entrepreneurship of any race: their businesses have grown by 12.5 percent over the past five years, compared to 5.3 percent for White-owned businesses. READ MORE AT MCKINSEY & COMPANY

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The rise of remote work during the pandemic led several Silicon Valley venture capitalists to escape California, with its wildfires and high taxes. Miami, with a large Latino population, and Atlanta, with a large Black population, have both seen higher interest.

Data from Crunchbase compiled for Reuters showed startups with a Black or Hispanic founder got 3.5% of the record $311 billion U.S. venture funding in the year to Dec. 16, up from an average 2.5% in the previous five years.

Florida and Georgia were the only states with significant deal flow that showed an increase in the number of deals for Black and Latino companies. READ MORE AT WHBL

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There have been more new businesses formed so far this year than ever. Literally ever.

According to data from the US Census Bureau analyzed by the Economic Innovation Group, there were about 1.4m new startup applications filed with the government through 30 September 2021. That’s compared with 1.14m during the same period in 2020 and 987 thousand in 2019. Every year before had been significantly less. READ MORE AT THE GUARDIAN

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Latinos are a fast-growing, young segment of the U.S. population that’s also highly entrepreneurial, yet businesses that Latinos start often struggle to get the financing they need to grow and succeed.

These businesses are among the “most overlooked opportunities for investors,” the Boston-based Bain & Co. wrote in a report released earlier this month. READ MORE AT PENTA

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Hispanic Americans have long dealt with racial discrimination and unfair lending practices, contributing to a racial wealth gap between Hispanic and white families. A survey from the Pew Research Center found that 70% of Hispanic Americans said they didn't have emergency funds to cover at least three months of expenses during the pandemic, and more than half said they worried daily or frequently about keeping up with expenses.

Those already-grueling financial circumstances have only grown worse over the past 18 months. Earlier in the pandemic, the Paycheck Protection Program provided over $521 billion in funding and over 5 million PPP loans to small businesses. However, Latino business owners didn't reap the benefits of the first round of funding. READ MORE AT INSIDER

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