What an incredible journey this year 2020 has been! Challenges like the pandemic, an economic crisis and social unrest gave Latinas in Business the opportunity to reach and impact more lives of Latinas across the country than ever. It’s now December, and we are closing a year that has been everything but boring, ending it with a mix of good news and bad news.
Good news first
Good news first, the COVID-19 distribution of vaccines has started around the country and the world so there’s hope that soon we will be on our way to the “new normal.”
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Latinas in Business has grown exponentially this year, and achieved many of the goals we had for FY 2019-2020 including extending our national footprint and completing our Executive Board.
After some hesitation due to the shock of the ”first wave,” we immediately recognized the Power of Collaboration as the beacon theme for this year.
We quickly pivoted our programs to virtual encounters and in July we launched the Women Entrepreneur Empowerment Summit virtually, with the participation of national and international organizations and over 700 views.
We ended the year with a tremendous opportunity to lead A National Conversation with Latina Leaders, 23 supporting organizations, and the presence of Keynote Speaker Maria Elena Salinas. We reached over 2400 viewers!
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Strengthening the digital presence of our publication, LatinasinBusiness.us, we reach now almost 12,000 subscribers, publishing up to 5 times a week. So far 38 Latinas have been featured on our Spotlight Latina Leader of the Month. We also reached over 1800 members nationwide.
We launched our paid membership program and our affiliate marketing programs, intended to provide editorial and promotional value in a community that needs more help than ever!
Bad news second
My thoughts go first to all those who lost their loved ones this year. If death always seems unfair, losing a love one because of leadership inadequacy and negligence is not only unacceptable but also should be accountable. The worst legacy of the current Presidency is the continuous emotional roller coaster that has put the country and the world through, undermining the values and traditions this country and its governing system was built on.
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For frontline workers, my warmest wishes to those who have selflessly put their own lives on the line to save others, to protect even those who acted irresponsibly. They are the s/heroes that have, in many cases, left their own homes and families to protect those of others.
For real small businesses, especially Latinas and other minority women entrepreneurs, this has been a year of death or survival.
According to recent news, Latino companies that applied for the Paycheck Protection Program saw a 21% drop in revenue from February through September while their costs for PPE and other safety measures rose and continue to remain high.
Additionally, they extended their spending to stay open and ended with a negative 11% margin. They are now cash flow negative and are on the brink of going out of business, the annual Latino Small Business Biz2Credit survey reveals.
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In a glooming and already unequal environment -even before the pandemic-, from solopreneurs under the risk of losing their homes to small enterprises letting go of all their hired labor, it is estimated that around two-thirds of Latino businesses will close their doors for good.
The recently announced $900 billion package will not rescue these businesses. The additional funding might last 3 months at the most, and this amount will not get them through the end of the pandemic.
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Although we have great hope that the new Administration will return this country to sanity and to world leadership, we are still not at the end of the tunnel. So don’t count your money until it is in the bank!
The best for last
Lastly, we recruited 6 unstoppable Latinas, corporate, entrepreneurs and community leaders in their own right, for our Executive Board of Trustees. What an honor to be on this journey with such amazing ladies!
We will continue to push hard to advocate for the economic empowerment of Latinas and other minority women entrepreneurs and working women who had lost their jobs and/or their childcare, and are dealing with enormous levels of stress and uncertainty.
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We are inviting you to participate in an unique opportunity to contribute to aid this problem, and help these businesses return to work. We are scaling our budget to include our Founding Corporate Advisory Board, a group of volunteers from prestigious partners to help us achieve our LATINA$GROW Recovery Fund Program.
Details for this program are being discussed with some powerful allies and influencers, and we would be happy to share additional information with you if you’d be interested in being a part of our efforts.
Not one organization will be able to achieve all the work that needs to be done, so more than ever, the power of collaboration continues to be the only way out. We are in this together, we will get out of this together!
How the future looks
I foresee a great future for our ambitious goals. Only 2 years into our nonprofit status, we are already stepping on solid ground to grow at national and international levels.
Please consider to support this unique vision from Latinas in Business Inc., an organization that has proven to be here to stay. Join us in this fantastic venture to continue impacting the lives of thousands of Latinas and other minority entrepreneurs, professional and corporate women who are struggling to succeed in this economic crisis.
Let’s bring our future to a great start in 2021, and as always, thanks for your continuous support!
- Martin Luther King’s Day: Which “DREAM” is dying in America? - January 18, 2021
- PPP Loan forgiveness: $50,000 loans for small business and self-employed - January 13, 2021
- Second round of PPP loans: Why you should act now and where to go - January 11, 2021
- Ted Cruz behavior damages the Latino brand and leadership - January 7, 2021
- Latinas in Business all hands in for a brighter future - December 24, 2020