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HISPANIC NETWORK MAGAZINE www.hnmagazine.com
B2B SUPPLIER DIVERSITY
stand the pathway to financial independence and literacy through join- ing the Grameen America microloan program. Lopez will mentor the organizations existing Latina business owners, educating them on the importance of credit and asset-building and developing a savings pro- gram to promote financial resilience. The partnership will also enhance Grameen America's financial education and training platform, prioritiz- ing digital and multimedia resources to promote financial literacy. Being Latino in this country has always been a matter of pride for me. I am humbled and beyond grateful to partner with Grameen America, said Jennifer Lopez. Were building pathways to employment and lead- ership opportunities. Theres so much strength in this community and were harnessing that. This partnership will create equality, inclusivity and opportunity for Latina women in business. This will change the fab- ric of America! Jennifer Lopez is a trailblazer, having given visibility and advocacy to ensure Latina women are educated, inancially empowered and healthy, said Andrea Jung, president and CEO of Grameen America. Grameen America is the only organization with the national scale, reach and proven model required to deploy $14 billion in loan capital to emerging businesswomen in Latinx communities. Together we will shape entrepreneurship as a viable pathway to success for Latina women who have historically lacked access to the formal inancial markets and are often marginal- ized from economic opportunity. Despite gaps in opportunity, Latina entrepreneurs represent the fastest-grow- ing, yet untapped, segment of U.S. small business owners. In the past 10 years, the number of Latino-owned small busi- nesses has grown 44 percent compared to just four percent for non-Latinos, accord- ing to a recent report by the Stanford Latino Entrepreneurship Initiative. The same report notes Latino-owned busi- nesses are significantly less likely than white-owned businesses to receive loans from national banks, despite demonstrat- ing strong lending criteria. For women, inancial exclusion is disproportionately higher as only four percent of all small business loans from mainstream financial institutions go to women, according to a report by the National Womens Business Council. Asking for a loan from a bank is not as easy as people think, and even more challenging for businesswomen in my community, said Maria Lugo, Grameen America member and owner of Whos Papi? Tires by Papi, an auto-repair and tire shop located in Woodside, Queens. Lugo joined Grameen America in 2011 to revitalize her familys struggling business. Today, Lugos thriving business has expanded in its size, services and staff to meet growing demand. Most importantly, Lugos savings allowed her to send her three children to college. The road to business success is not always easy to navigate, but with hard work and access to financial services, education and mentorship, it's possible to achieve your vision, said Lugo. Surround yourself with people who are going to lift you higher.
Source: Grameen America
In the past 10 years, the number of Latino- owned small businesses has grown
44%
compared to just
4%
for non- Latinos.
-Stanford Latino Entrepreneurship Initiative
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