New initiative will equip Latino-led organizations with funding, resources, and networks to fuel entrepreneurship and close the capital gap.
The Latino Community Foundation (LCF) is thrilled to announce the launch of the Latino Capital Accelerator, an innovative new program designed to address community demand for greater control over their economic futures. This program will expand access to capital and enhance the infrastructure of Latino-led nonprofits dedicated to unleashing the power of Latino entrepreneurs across California.
LCF’s most recent polling shows that Latinos are deeply concerned about the cost of living, housing affordability, and job opportunities, reflecting the urgent need for initiatives that address these critical issues. "Latinos are determined to be in charge of their economic futures, creating their own opportunities and pathways to capital," said Julián Castro, CEO, Latino Community Foundation. "Through our Latino Capital Accelerator, we are taking vital steps to address the pressing concerns highlighted by our community, offering a holistic approach to overcoming the financial barriers that impact their economic advancement and agency."
Latino entrepreneurs are a force in the national economic landscape, with over 5 million Latino-owned businesses contributing a $800 billion to the U.S. economy. Latino businesses are growing faster than any other demographic in the United States, with nearly 1 in 4 new businesses being Latino-owned. "The Biden-Harris Small Business Boom has been powered by Latino entrepreneurs. The Latino Capital Accelerator will help them get the funding and support needed to grow resilient, thriving businesses,” said Isabel Casillas Guzman, Administrator of the U.S. Small Business Administration. “The SBA is proud to collaborate with the Latino Community Foundation and all of its LCA participants to ensure SBA’s lending programs and entrepreneurial ecosystems can align to create a more inclusive and prosperous economy.”
The organizations selected as the inaugural cohort of the LCF’s Latino Capital Accelerator serve communities throughout the state of California. They will each receive a $75,000 grant to support their certification or recertification as Community Development Financial Institution (CDFIs), strategy and marketing consulting, and technical assistance. Additionally, the cohort will participate in four cultural retreats designed to foster community, confidence, and support within the cohort. These six organizations are:
- Statewide: TMC Community Capital
- Central Valley: Fresno Area Hispanic Foundation (FAHF)
- Central Coast: El Pájaro Community Development Corporation (El Pájaro CDC)
- Los Angeles County: Inclusive Action for the City
- Riverside County: Viva Foundation
- Sonoma County: Creser Capital Fund
The Latino Capital Accelerator is an 18-month intensive program modeled after LCF’s signature Latino Nonprofit Accelerator which has led 25 grassroots organizations to leverage $11M in public and private funding. The capital accelerator will address the systemic funding gap affecting Latino businesses by providing the selected organizations the resources and expertise necessary to achieve or maintain their CDFI status, secure new funding, and develop robust technical skills to better serve Latino entrepreneurs.
About the Latino Community Foundation
The Latino Community Foundation (LCF) is on a mission to unleash the civic and economic power of Latinos. LCF has the largest network of Latino philanthropists in the country and has raised $100 million to build Latino civic and political power. In 2024, former Housing and Urban Development Secretary Julián Castro was named LCF’s CEO. For more info, please visit latinocf.org.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241009136689/en/
Contacts
Ariana Andrade, (415) 225-3776, aandrade@latinocf.org
Communications Director, Latino Community Foundation (LCF)
Victoria Sanchez De Alba, (650) 270-7810, victoria@dealba.net
De Alba Communications (for LCF)
