Latino Business Action Network Awarded a $500,000 Small Business Administration Community Navigator Grant
The grant is in partnership with the United States Hispanic Chamber of Commerce and aimed at providing ongoing support to small businesses.
STANFORD, Calif., Nov. 17, 2021 /PRNewswire-PRWeb/ -- Latino Business Action Network (LBAN) announced a $500,000 Small Business Administration Community Navigator grant in partnership with the United States Hispanic Chamber of Commerce (USHCC). LBAN collaborates with Stanford University to conduct foundational research on Latino entrepreneurship across the country and implements a business scaling program for Latino entrepreneurs.
The Community Navigator is a program of the Small Business Administration, designed to serve small businesses in historically underserved communities by supporting the collaboration of economic development groups to activate community resources to amplify and create newly accessible resources. LBAN received a $500,000 grant as one of the partners of the USHCC and other non-profit organizations joining efforts to support local businesses across the country.
"This new grant will advance our mission to strengthen the United States economy by empowering Latino entrepreneurship," said LBAN CEO Arturo Cazares. According to research that LBAN funded through the Stanford Latino Entrepreneurship Initiative, U.S. Latino-owned companies are younger and growing faster than the average. If Latino-owned businesses grow to the same size as the U.S. average company, they could add $1.4 trillion to the United States economy. "Our goal is to facilitate this Latino Opportunity for our country; this will create more jobs and opportunity for all Americans," added Cazares.
LBAN already offers two cohorts per year of the Stanford Latino Entrepreneurship Initiative - Education (SLEI-Ed) Scaling Program for business owners of companies generating a minimum of $1 million per year in gross revenue or $500,000 in external professional funding. The SLEI-Ed Scaling Program helps businesses scale and provides access to LBAN's ecosystem. This grant will support LBAN's new programming for 2022, including a supplier diversity access pathway and increased access to capital - both are key for growing businesses to a much larger scale.
About Latino Business Action Network
LBAN makes America stronger by empowering Latino entrepreneurs to grow large businesses through entrepreneurship research, education, and networks. LBAN's three priorities are research, education, and ecosystem development. Victor Arias, Jr. is Chairman of the Board, Professor Jerry I. Porras, Chairman Emeritus, and Arturo Cazares, CEO. Learn more: http://www.lban.us
About Stanford Latino Entrepreneurship Initiative Research Program
SLEI operates a research program that explores and expands knowledge of the Latino entrepreneurial segment of the U.S. economy through research, knowledge dissemination, and facilitated collaboration. The program, jointly supported by LBAN and Stanford GSB's Center for Entrepreneurial Studies, conducts an annual national survey to assess the current state of U.S. Latino entrepreneurship and is curating a significant panel of Latino entrepreneurs to enable longitudinal research to understand trends over time.
About Stanford Latino Entrepreneurship Education Scaling Program
SLEI also operates an education program (SLEI-Ed) as a collaboration between Stanford GSB Executive Education and LBAN. It is an opportunity designed for U.S. Latino business owners who generate more than $1 million in annual gross revenues or have raised at least $500,000 of external funding. This seven-week immersive program provides business owners with education, enhanced networks, personal mentorship, and a better understanding of accessing and managing capital to scale their businesses. The program has more than 720 SLEI-Ed Alumni from 31 states and Puerto Rico who collectively generate over $4.0 billion in annual gross revenue.
Media Contact
Jennife, Latino Business Action Network, 650.387.6169, [email protected]
SOURCE Latino Business Action Network
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