Blog

Pre-Covid 19, Latina-owned businesses were doing quite well. There were 2.3 million of them, which accounted for 18% of all women-owned businesses, according to a 2019 American Express study. These businesses were growing at a healthy 10% per year. Latina-owned businesses also accounted for almost half of all Hispanic-owned businesses; however, they generated on average only about one third the revenue of women-owned businesses as a whole: $51,000 compared to $143,000 annually. This discrepancy is due to many reasons, but perhaps the greatest cause is lack of access to capital. READ MORE AT ALLBUSINESS

Despite being the fastest-growing segment of the U.S. small business ecosystem, Latinos continue to struggle to secure capital from national banks.

That’s according to the State of Latino Entrepreneurship 2020 research study from the Stanford Latino Entrepreneurship Initiative. READ MORE AT CNBC

Hiring has weakened for six straight months. Nearly 10 million jobs remain lost since the coronavirus struck. And this week, the Congressional Budget Office forecast that employment won’t regain its pre-pandemic level until 2024.

And yet a hopeful view is gaining steam that as vaccinations reach a critical mass, perhaps around midyear, and the government provides further stimulus, the economy and the job market will strengthen much faster than they did after previous recessions. READ MORE AT NEWS TRIBUNE

Proficiency in English is increasingly the norm among US Hispanics, as more and more of the population is US-born. But Spanish isn’t going away.

Podcasts have gained a sizable Hispanic audience, and language comes into play in distinctive ways in that medium. READ MORE AT INSIDER INTELLIGENCE

Latinx is a buzzword for individuals of Latin American origin in the United States, yet the use of “Latinx” as a noun to identify people of Latino and Hispanic heritage is not universally welcomed.

Many Latinos and Hispanics who are familiar with the word “Latinx” respect and understand it in the context of LGBTQ inclusiveness. But it’s overwhelmingly unsupported as a pan-ethnic identity word. READ MORE AT HOUSTON CHRONICLE

(Chicago, IL) - The Little Village Chamber of Commerce and The Little Village Community Foundation announce the selection of Loretta Ivette Trevino as Executive Director effective February 1, 2021. As Executive Director, Ivette will oversee the overall planning, coordination and execution of all Little Village Chamber of Commerce, Little Village Community Foundation and Little Village Special Service Area #25 (SSA #25) staff, operations, programs, projects and services, and will create and implement overall strategic planning and execution of its joint vision and mission.
Previously, Ivette held various roles that led to the growth of the Illinois Hispanic Chamber of Commerce (IHCC). Her roles included Director of the Cook County COVID-19 Recovery: Small Business Assistance Program where she engaged with suburban Cook County small businesses with grants and technical assistance. Ivette also served as the Senior Director of Business Development & Strategy, Director of Community Engagement and Facilitator to the Latinx Incubator in partnership with 1871 Chicago.

“Loretta Ivette Trevino has a strong and proven track record of implementing innovative programs and invaluable experience that will assist us in carrying out our vision and mission to create impactful change for the Little Village community,” said Manny Martinez, President, The Little Village Chamber of Commerce.

On behalf of The Little Village Community Foundation, Dan Arce, Little Village Community Foundation Board President added the following, “We look forward to working with Loretta Ivette Trevino as we continue to build out the Xquina Incubator Café, a transformative, community-driven incubator and café which aims to be an exceptional and thriving ecosystem for the economic growth of Latino communities.”

“The Latino business community, in particular, have suffered from higher rates of COVID-19, higher levels of unemployment, and is generally recognized as being critically underserved. This is the right time to work together towards a common goal to support and empower our growing community and our business owners,” said Loretta Ivette Trevino, Executive Director, The Little Village Chamber of Commerce and The Little Village Community Foundation. “I am ready to get to work with the Chamber, the Foundation and the SSA #25 to make a lasting impact for generations to come.”

The Little Village Chamber of Commerce represents local business by promoting and supporting the growth and success of the Little Village commercial corridors while leveraging the community’s unique cultural identity in order to generate new opportunities. The Little Village 26th street commercial corridor has historically been one of the most dynamic and vibrant entrepreneurial corridors known to provide meaningful economic contributions for the City of Chicago and the State of Illinois.

The Little Village Community Foundation is dedicated to empowering residents to achieve an equitable livelihood and is leading the effort in developing the Xquina Incubator Café, a cross-cultural business incubator in Little Village that will create an open, accessible and inclusive learning environment by providing bilingual, adaptable training and coaching for current and emerging businesses, start-up companies, local residents, artists, multi-media professionals and local youth.”

The Little Village Special Service Area #25 (SSA #25) was established in 2004 to elevate the 26th Street commercial corridor’s existing assets; to create a dynamic public space that attracts new businesses and shoppers and strengthen the residential community.

The Executive Director has supervisory authority over all staff and reports directly to the Board of Directors of The Little Village Chamber of Commerce, The Little Village Community Foundation and The Little Village SSA #25.
###

Apple today announced that Monica Lozano, president and CEO of College Futures Foundation, has been elected to Apple’s board of directors. Lozano brings with her a broad range of leadership experience in the public and private sectors, as well as a long and storied track record as a champion for equity, opportunity, and representation.

Prior to joining College Futures Foundation, Lozano spent 30 years in media as editor and publisher of La Opinión, the largest Spanish-language newspaper in the US, helping shine a light on issues from infant mortality to the AIDS epidemic. She went on to become chairman and CEO of La Opinión’s parent company, ImpreMedia. Lozano continues to serve on the boards of Target Corporation and Bank of America Corporation. READ MORE AT APPLE

As 2020 comes to a close, the first Hispanic Commodore of the Chicago Yacht Club reflects on the last two years he has led the club, including during the pandemic.

Lou Sandoval is a groundbreaker. He is the first Hispanic to hold the post in the club's 145-year history and his tenure ends December 31, 2020.

Sandoval said he's grateful he can be an example for parents, including several of the club's staff members who are of Hispanic and African-American heritage.

"I stand as an opportunity for them to see that their children can aspire to something. In that, there's strength," Sandoval said.

Sandoval is a trailblazer, inviting others -- especially Latinos, to join his journey on the water. READ MORE AT ABC 7 CHICAGO

Arizona Hispanics’ buying power is expected to hit an all-time high at $57.3 billion by 2022. In the Phoenix region alone, about 310,000 Latinos plan to buy a vehicle over the next year. About 95,000 plan to purchase a home or condo.

​These are just a few of the facts contained in the 2020 DATOS report, “The State of Arizona’s Hispanic Market,” which paints a telling portrait of Latinos’ growing economic power and influence in Arizona. READ MORE AT AZ BIG MEDIA

Out of the sorrow of 2020, shared experiences through the virtual vortex of our home computers, phones and smart TVs managed to create organic and emotionally binding moments across the spectrum of U.S. society. At the core of many of these moments were people of Latin origins. READ MORE AT THE LOS ANGELES TIMES

I recently noticed my friend added the descriptor “Latina-owned small business” on her website and related accounts. She’s not Latina. Neither is anyone in her immediate family, her extended family, nor ancestrally. She’s a white woman. I am Latina, and my culture is very important to me. READ MORE AT SLATE

CVS Pharmacy is introducing its Hispanic-focused format to New Jersey and New York with 12 stores, including one on Long Island – in Central Islip, at 2 E. Suffolk Ave.

Called CVS Pharmacy y más, the stores have bilingual staff, signs in Spanish, and "more than 1,500 products from trusted Hispanic brands. READ MORE AT NEWSDAY

The West Michigan Hispanic Chamber of Commerce Foundation received a $100,000 grant from Bank of America to support its Transformando West Michigan initiative to launch the Latinx Business Restart Program.

The Hispanic chamber said the program is designed to provide local Hispanic businesses with assistance to restart and improve their businesses once the state deems it safe to do so over the next coming weeks and months through training and coaching. READ MORE AT GRAND RAPIDS BUSINESS JOURNAL

President-elect Joe Biden will add to the diversity of his incoming administration on Wednesday when he introduces Miguel Cardona as his choice for U.S. Secretary of Education.

Cardona, currently the education commissioner for the state of Connecticut and a former teacher, would be another Latino addition to Biden’s top team, after advocacy groups urged the former vice president to appoint Hispanic Americans to senior roles.

If confirmed by the U.S. Senate, Cardona would be charged with helping the administration get students and teachers back in the classroom after the COVID-19 pandemic forced at-home instruction in districts across the country. READ MORE AT REUTERS

The massive legislation package passed by Congress Monday night also greenlights the establishment of two long-awaited Smithsonian museums in the nation's capital: one focused on American Latinos and another dedicated to American women's history.

Though the museums could take years to conceptualize, curate and build, Congress' approval is a victory for the museums' advocates whose efforts date back decades. READ MORE AT CNN

Often hailed for higher-than-average rates of entrepreneurialism and new business formation, the Latino community has been struck particularly hard by the Covid-19 crisis.

Help was also harder to come by for Latino business owners, who had less cash on hand when requesting Covid assistance in the form of PPP loans, and were only half as likely as their White counterparts to receive the federal loans. READ MORE AT CNBC

We all know that more diverse companies perform better than their peers. McKinsey’s most recent study found that “companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability”, and in terms of ethnic and cultural diversity “top-quartile companies outperformed those in the fourth one by 36% in profitability”.

However, Women in the Workplace research, carried out during the pandemic together with Lean In, has suggested that one in four women were considering downshifting their careers or leaving the workforce. READ MORE AT PERSONNEL TODAY

New data from the CDC this month continues to show the disproportionate impact the pandemic is having on certain communities. Those numbers show that Latinos are being hospitalized at almost four times the rate of whites. Polling has also shown that Latinos are less likely to trust a vaccine. So why is that? READ MORE AT NPR

Over the last few months, the world has changed, and with it there has been an even greater realization that diversity and inclusion (D&I) efforts are important for all workers, not just some.

Leaders in D&I among contingent workers agree that they reap bottom-line benefits, such as being 27% more likely to agree that their ability to attract talent is a competitive advantage, 24% more likely to agree to achieving a high return on investment (ROI) for contingent work, and have a 19% greater access to highly-skilled talent. READ MORE AT CISION

The Aspen Institute and the Microfinance Impact Collaborative today announced the creation of the Entrepreneur Backed Assets (EBA) Fund, which will strengthen the capacity of community-based financial institutions to lend to small businesses in low-income communities and those owned by people of color.

The fund, which will create a secondary market for loans originated by community-based microlenders, has been launched with initial grant funding from the Citi Foundation, the Bill & Melinda Gates Foundation, and the Robert Wood Johnson Foundation. Microsoft Corporation and Woodforest National Bank are making the first capital investments in the Fund. READ MORE AT STREET INSIDER