Latino Business Action Network Collaborates with Wells Fargo to Increase Access to Supplier Diversity Programs Nationwide for Latino-owned Small Businesses

USA - English

• USA - English

PALO ALTO, Calif., Nov. 29, 2021 /PRNewswire-PRWeb/ -- Latino Business Action Network (LBAN) is proud to expand its collaboration with Wells Fargo to launch a new initiative that enables Latino-owned small businesses greater access to supplier diversity programs and growth opportunities. Wells Fargo has strongly supported LBAN and the Stanford Latino Entrepreneurship Initiative (SLEI), supporting SLEI-Research, SLEI Education Scaling Program, and LBAN's ongoing Ecosystem Development for Latino and Latina entrepreneurs.

Many large corporations would like to diversify their supplier base, yet only eight percent of Latino-owned businesses have secured a corporate or government contract, per 2019 SLEI Research. Thanks to Wells Fargo's extended support, LBAN is pleased to announce the Supplier Diversity Growth Pathway pilot program. The program will educate, elevate, and connect Latino-owned business leaders to corporate buyers.

"We appreciate Wells Fargo's long-standing support of our efforts since the beginning," said Arturo Cazares, CEO of LBAN. "This extended support from Wells Fargo allows us to accelerate our efforts to facilitate a key pathway for growth for the hundreds of Latino and Latina business owners that have graduated from the SLEI-Ed Scaling program. Simultaneously, it provides a unique opportunity for large corporations to achieve their supplier diversity goals."

The SLEI-Ed Scaling Program empowers Latino and Latina entrepreneurs to scale their businesses further, bringing access to world-class education and one-to-one mentorship to Latino-owned businesses. To date, the program has impacted nearly 800 entrepreneurs, contributing $4.9+ billion in annual gross revenue, employing 39,000+ individuals across 31 different states.

Wells Fargo's support of the LBAN Ecosystem Development has been pivotal, allowing continuous capacity building, digital transformation education, capital education, and networking amongst the LBAN network and mentors.

In addition, the grant funding will allow LBAN to increase the SLEI Research survey sampling, already the largest survey of Latino-owned businesses across the country. The increase in survey responses will allow for a deeper analysis of the opportunities and challenges of Latino-owned businesses across the country by region, gender, and industry. The report will be unveiled at the State of Latino Entrepreneurship (SOLE) Research Forum in January of 2022.

"LBAN has proven that when you invest in growing the capacity and vision of Latino and Latina entrepreneurs, these business owners grow rapidly and make a significant economic impact in their communities," said Jenny Flores, head of small business growth philanthropy at Wells Fargo. "It's exciting to take the portfolio of successful small businesses that LBAN has cultivated and prepare them to grow revenue through the vast array of supplier diversity programs across the public and private sectors. Accessing supplier diversity initiatives can be a game-changer for a small business."

About Latino Business Action Network
LBAN works to make America stronger by empowering Latino entrepreneurs to grow large businesses through entrepreneurship research, education, and networks. 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 eight-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 almost 800 SLEI-Ed Alumni from 31 states and Puerto Rico who collectively generate over $4.9 billion in annual gross revenue.

Media Contact

Jennifer Garcia, Latino Business Action Network, 6507870899, [email protected]

SOURCE Latino Business Action Network