It’s estimated that by 2050, Hispanic businesses will add 1.4 trillion dollars to the US economy, which means that $18 trillion would be funneled into the U.S. economy.
Latinx-owned businesses are leading growth across all industries. This is unique since other minority groups, particularly Black business owners, have been adversely impacted by COVID-19 and have yet to fully recover.
Despite the growth, Latinx business owners still have certain hurdles to overcome. 70% of Latinx-owned businesses are self-funded, and have experienced difficulty securing loans from big banks.
According to a news release, the partnership will expand the impact of these organizations, including the development of a 10 session course for female entrepreneurs and grants awarded to small business owners in the surrounding areas of North Carolina and Florida, respectively. These grants are part of a larger, continued $100M commitment to advance social justice & equality in Hispanic communities.
“We are grateful for Comcast NBCUniversal and Telemundo’s support of our mission, and the opportunity to further support Hispanic entrepreneurs and small business owners,” said Prospera President & CEO Augusto Sanabria in a statement. “The media platform’s national perspective and commitment to the Hispanic community will surely be positive assets for our organization at this time of critical growth and impact.”
Comcast says these grants recognize the important work of HACE and Prospera in uplifting the work of Latino-owned businesses, which account for about 4% of U.S. business revenues and 5.5% of U.S. employment.
Telemundo’s Nuestros Negocios program, spotlights small and medium-sized Hispanic-owned businesses impacted by the COVID-19 pandemic and promotes services available to help them sustain their businesses through the current crisis.
“Latinas are opening businesses seven times faster than any other demographic group and have shared with us that they need immediate support and resources especially as they are recovering from the pandemic,” said Patricia Mota, President & CEO of HACE in a statement. “Thanks to the support of Comcast NBCUniversal and Telemundo, we are excited to launch the inaugural Mujeres de HACE Entrepreneurs program to offer much needed resources from experts directly to Latina entrepreneurs. For years, we’ve supported Latinx coaches and trainers by contracting them to deliver our programs, and now the Mujeres de HACE Entrepreneurs program is an added intentional program to further elevate the support for our Latina entrepreneurs.”