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capital access, lban

Don’t miss this Free Resources for Small Businesses Webinar! 

Don’t miss the next session of the Latino Business Action Network (LBAN)  virtual 6-part series supported by Bank of America, “Resources That Matter for Latinx Entrepreneurs During These Times of Uncertainty.” The 6 part series is designed for entrepreneurs and key members of their team and covers important topics such as economic market forecast, capital access, customer acquisition, resource building, and networking. 

capital access

Resources That Matter: Session 3: All about capital Part 2

The next FREE webinar will stream on Thurs, June 24 at 1pm PST / 4pm EST. This upcoming session is a continuation of last month’s conversation on capital access and financial resources. 

Register Now! Session 3: Capital Access Part 2 – June 24th 

What is the impact of not having a banker?

“‘Have a banker before you need a banker’ is one of the best pieces of advice as it relates to capital,” LBAN says. “Capital is a key component in a company’s ability to scale. Unfortunately, not having an established lender is one of the barriers to accessing capital. In addition, we know that Latino-owned businesses are less likely to get their funding needs to be met. The research findings in Ongoing Impact of COVID-19 on Latino-owned Businesses found that 17% of Latino-owned businesses reported that they lacked an established banking provider that prevented them from accessing Round 1 of PPP funding in 2020.” 

This series will help you learn first hand from lenders about how to identify quality bankers and how to continuously engage with them in a way that builds a strong relationship, ensuring the best opportunity for your capital needs. In addition, participants will learn how to structure a one-page funding request, describing their company, their capital needs, and their deployment strategy. 

Don’t miss out on this great opportunity to gain crucial capital insights and knowledge to help your business grow and propel you forward in 2021 and beyond. 

You might be interested: Latina Leaders share small business post-Covid recovery resources 

Latino Business Action Network

LBAN presents: “Resources That Matter: All about capital”

Don’t miss the next session of the Latino Business Action Network (LBAN)  virtual 6-part series supported by Bank of America, “Resources that Matter.” The series covers important topics such as economic market forecast, capital access, customer acquisition, resource building, and networking. 

Latino Business Action Network

Next virtual session May 27, from 1 PM – 2:30 PM PST. (Graphic courtesy LBAN).

During the Covid-19 pandemic, Latino-owned businesses used resilience, creativity, and innovation to survive. Today, the US economy is rebounding and experts are projecting an 8% growth in GDP.  What does that mean for small businesses? It means that small businesses can and should grow in 2021!

Access to capital is a critical component for growth.  We know there are existing barriers to accessing capital. The 2020 Ongoing Impact of COVID-19 on Latino-owned Business report identified a lack of banking relationship, and a lack of required application materials accounted for 39% of the barriers to accessing PPP.

Latino Business Action Network is committed to breaking down those barriers. Join two free webinars to learn the capital resources that will position you for future growth.  In these webinars you will understand the capital landscape, the types of products applicable for your company, how to leverage technology to ensure proper financial documentation, how to build a relationship with a lender, and how to create a one-pager for your company.  In addition, you will have the opportunity to network with growth-minded business owners from across the country.

You might be interested: Latina Leaders share small business post-Covid recovery resources 

The 6-part series is designed for entrepreneurs and key members of their team. From this series, you will hear from industry leaders, learn about essential resources, capital education, network with other growth-minded entrepreneurs, and you will inherit a growth perspective that will propel you in 2021 and beyond. 

Mark your calendar for May 27th at 1 pm PST and June 8th at 1 pm PST to gain the capital tools and resources so that you are best prepared for accessing capital and positioned for growth.  

Latino Business Action Network

Register today for the next virtual session!

Latino Business Action Network (LBAN)

The Latino Business Action Network (LBAN) is a 501(c)(3) nonprofit organization dedicated to strengthening the United States by empowering Latino business leaders to grow substantial firms that create jobs. Our goal to double the number of $10+ million, $100+ million, $1+ billion Latino-owned businesses in the U.S.by 2025. LBAN collaborates with Stanford University to champion the Stanford Latino Entrepreneurship Initiative (SLEI).

Latina Leaders share small business post-Covid recovery resources 

Latina leaders share post-Covid recovery resources for Latina and minority small business owners and entrepreneurs during virtual event.

Latina Small Business Post-Covid Recovery event recap 

During our March 19th virtual event, “Latina Small Business Post-Covid: Recovery Resources and Trends”, panelists shared various business recovery resources for Latina and minority entrepreneurs and business owners. 

The event ran from 12:00 pm to 2:00 pm EST and consisted of two panels of Latina Leaders and entrepreneurs and chats with guest speaker Damaris Diaz and Keynotes speaker Stacie de Armas. 

Speaking about the event President and CEO of Latinas in Business, Susana G Baumann, said, “After this very challenging year, it is important to regroup and think strategically about how to recover and protect our businesses and essential workers. I am very grateful for the response of these amazing Latina leaders that will provide the knowledge and resources needed for our community not only to survive, but to excel.”

The event’s first panel, Funding and Resources for Latina Small Business Recovery, featured guest speakers Jennifer Garcia, Christina Fuentes, and Wendy Garcia, who each provided a variety of resources for Latina and minority entrepreneurs and business owners. 

Panel 1 Guest Speakers: Jennifer Garcia, Wendy Garcia, and Christina Fuentes.

Funding Resources for Latina Small Business Recovery  

Jennifer Garcia, is the Interim CEO at Latino Business Action Network (LBAN). LBAN’s mission is to strengthen the United States by empowering Latino business owners to grow. Under her leadership, she oversaw four successful cohorts of the Stanford Latino Entrepreneurship Initiative Education (SLEI-Ed) Scaling Program empowering nearly 300 Latino and Latina entrepreneurs to complete this prestigious program. 

During the panel, Jennifer shared a variety of resources including information on the Stanford Latino Entrepreneurship Initiative Education Scaling Program. The program helps entrepreneurs develop a growth mindset to help take their business to the next level. Through the program, participants will join a powerful network of Latino entrepreneurs and will have an experienced mentor to challenge and support them while helping them apply the curriculum to their business. Participants will also learn about funding and capital options, financial management, and go through various exercises to prepare them for a conversation with capital providers. 

The program is currently accepting applications for their next cohort which begins May 5th, so Apply Now

Latina entrepreneurs and business owners can access additional resources from the Stanford Latino Entrepreneurship Initiative Research department. The goal of SLEI research is to understand the state of Latino entrepreneurship by analyzing data and shaping research in this field. The SLEI’s most recent report highlights the impact of Latino-owned employer businesses in the U.S. economy and compares their experiences to those of White-owned employer firms in the United States. 

The full report can be read here

You might be interested: Key Insights from the 2020 State of Latino Entrepreneurship Report 

Entrepreneurs interested in gaining additional resources and insights should also register for Latino Business Action Network’s (LBAN) upcoming FREE virtual 6-part series: Resources That Matter for Latinx Entrepreneurs During These Times of Uncertainty. The series will cover important topics such as economic market forecast, capital access, customer acquisition, resource building, and networking.

Christina Fuentes, Managing Director – Community Development within the Community Development Division at the New Jersey Economic Development Authority (NJEDA). Christina is responsible for developing, coordinating, and managing initiatives that support community development,  such as incentives and loans along with brownfield redevelopment, historic preservation, and small business services including traditional financing, technical assistance, partnering with Community Development Financial Institutions Fund’s (CDFI)  and COVID-19 recovery programs. 

Christina shared resources for NJ businesses impacted by Covid-19. For businesses looking for grants and PPE products, visit https://business.nj.gov/covid for the latest, up-to-date information. 

Additionally, NJ small business owners can visit NJEDA’s site  for resources such as low-cost financing options, lease incentives, industry specific programs, and more. 

For those looking to get assigned to a Small Business Services Liaison or with specific questions, contact smallbusinessservices@njeda.com

Wendy Garcia, is the Chief Diversity Officer at the Office of the NYC Comptroller Scott Stringer. Wendy Garcia is responsible for increasing contracting opportunities for Women and Minority-owned Business Enterprises (M/WBEs) and managing diversity related projects across all bureaus of the agency. She also leads the Comptroller’s Advisory Council on Economic Growth through Diversity and Inclusion – a group comprised of national, local, corporate, and government experts seeking to increase supplier diversity in the public and private sectors.

Wendy shared a plethora of resources available to entrepreneurs and business owners from the M/WBE University site. Comptroller’s M/WBE University is a series of workshops designed to increase access to the Comptroller’s Office and citywide opportunities for M/WBEs. Materials from all past classes are available for download at the site.

PDF of Resources for Small Businesses Owners & M/WBE’s Impacted by Covid-19 (click to download).

Latina entrepreneurs Stanford

Opportunity knocks for Latina entrepreneurs at the Latino Business Action Network

Latino and Latina entrepreneurs continue to be the fastest growing demographics opening businesses in the United States. However, economic growth opportunities are missed somehow on the way compared to other small businesses’ development. The Latino Business Action Network has come to the rescue and is offering real opportunities for scaling. 

When Victoria Flores decided to leave corporate America and start her own small business, little she knew she would end up as one of the twenty-four Latina entrepreneurs that recently graduated –among 71 total participants– at the fourth cohort of the Stanford Latino Entrepreneurship Initiative – Education Scaling program (SLEI-Ed).

These seventy-one applicants were selected by The Latino Business Action Network (LBAN), a not-for-profit organization that aims at strengthening the American economy by empowering Latino and Latina entrepreneurs to substantially grow their firms, create jobs, develop leadership and spawn a new generation of companies.

Participants excange ideas with Mentors at SLEI-Ed program Latina entrepreneurs

Participants exchange ideas with Mentors at LBAN Closing Ceremony

LBAN complements the Stanford University Executive Education educational component with very valuable enhanced access to capital, personal business mentorship and access to an engaged alumni network which now includes several hundred Latino and Latina business owners.

Latino entrepreneurs fast to start but slow to grow

According to the 2016 SLEI report, Latino firms continue to be created at faster rates than the national average. The 3.3 million Latino firms reported by the Census 2012 represented 12 percent of all U.S. firms but projections show that, continuing at their faster than average creation rates, 4.23 million Latino firms were estimated to be up and running at the end of 2016.

The average Latino firm, however, made one-quarter of the non-Latino firms’ sales revenues in 2012, representing a missed opportunity gap of $1.38 trillion in the U.S. economy.

Mark L. Madrid Executive Director LBAN Latina entrepreneurs

Mark L. Madrid. Executive Director, LBAN

“The scaling of Latino businesses is an American economic imperative,” states Mark L. Madrid, LBAN Executive Director.  “The Latina and Latino businesses that we convene at Stanford embody the American dream and reinforce the critical role that Latino businesses play in our new American economy.”

The Stanford Latino Entrepreneurship Initiative – Education Scaling program

To be considered for this program, small businesses need to generate a minimum of $1 million in revenue and/or acquisition of $500K or more in external funding (companies that have received market and/or investor validation). They also need to be headquartered or have a strong U.S. presence.

“This year’s Latino entrepreneurs came from 20 different states,” Melody Estrada, LBAN Director of Marketing and Lead of Program Operations told LatinasinBusiness.us.

Dr Jerry Porras Professor Emeritus Stanford

Dr Jerry Porras. Professor Emeritus, Stanford University

After an initial meeting at Stanford Graduate School of Business with program faculty, mentors and other members of the program, the participants take a customized online course based on curriculum developed by Professor Huggy Rao, Stanford Graduate School of Business Faculty and Bob Sutton, Stanford School of Engineering Faculty, who are internationally recognized experts in scaling businesses.  “In addition to the cutting edge 7-week online Stanford Executive Education training, during their final weekend of the program, all Latino and Latina entrepreneurs meet at the Stanford Graduate School of Business  with potential capital providers and assigned business mentors.” Melody added.

The same weekend, family members were included at the participants’ graduation ceremony and mentors’ appreciation program that celebrated the success of this talented group of innovators and business leaders. Stanford alumni were also welcomed as part of the celebration.

“One of the key elements of the program is to keep the graduates learning and benefiting afterwards through an active alumni network that already includes hundreds of fast-growing business” Eutiquio “Tiq” Chapa, Director of External Relations, explained to LatinasinBusiness.us. “It is imperative that they find and share opportunities and resources amongst each other and also, provide our research team with information about their progress,” he said.

The research , conducted by research analyst Marlene Orozco, tracks alumni of the program. Additionally,  the initiative leads the largest national survey of Latino business owners.

Mentors, the lens that keep Latino and Latina entrepreneurs on focus

Lili Gil Valletta Stanford Mentor Latina entrepreneurs

SLEI-Ed Mentor Lili Gil Valletta

This year, the program gathered 43 mentors from several states around the country. Some of these mentors are also successful business owners and/or national leaders in their fields.

Mentors included Rakia Reynolds, Founder and CEO, Skai Blue Media, a sought-out communications professional that provides expertise in creative development, branding, marketing, and business communications;  and Noreen Gillen, CFP, CRPC, CPWA, Wealth Management Advisor, Merrill Lynch Wealth Management, a SLEI-Ed Mentor Alumna who has participated since program inception. Prior to Merrill Lynch, Ms. Gillen worked at Sony BMG Entertainment with artists like Christina Aguilera/RCA Records and The Dave Matthews Band/RCA Records.

Also, Lili Gangas, Chief Technology Community Officer, Kapor Center for Social Impact, a SLEI-Ed Mentor Alumna  who is currently leading Kapor Center’s efforts to activate the inclusive tech entrepreneurship ecosystem;  and Lili Gil Valletta,  President/CEO & Co-founder, XL Alliance and SLEI-Ed Mentor Alumna, an award-winning entrepreneur, World Economic Forum Young Global Leader and TV media contributor. She is the co-founder and President of XL Alliance, and the creator of Dreamers Ventures, an alliance of investors and business experts that select, mentor and launch products created by Latinos to sell on television in partnership with HSN.

“LBAN’s vision is to double the number of $10 million, $100 million and $1 billion+ Latino-owned businesses by 2025,” Melody explained.

Mentor Appreciation's Ceremony at Stanford

Mentors’ Appreciation Ceremony at the Stanford Graduate School of Business

Investors looking for opportunities

“Investors are an integral part of the program,” Melody explained, “as they provide potential access to capital for specific projects or businesses they might be interested in.” The program offered a one-on-one matching educational opportunity between entrepreneurs and investors, who might be able to offer their resources at a certain point of growth for these Latino and Latina entrepreneurs.

Some of the investors present at this last cohort were Maria Salamanca, Venture Capital, Unshackled Fund, which concentrate on early stage immigrant tech founders and is based in Silicon Valley;  Monika Mantilla, Private Equity at SBCC Fund, which offers funds for women and diverse-owned businesses with $10M+ in revenues;  Leticia Riquelme, from Inter-American Development Bank, who structures finances for organizations and firms internationally; Deldelp Medina, Director of Entrepreneurship Programs at CODE2040; and Arlan Hamilton, Venture Capital & Managing Director of Backstage Capital, a firm that invests in women-owned early stage technology companies, among others.

“We encourage all Latino and Latina entrepreneurs with high growth-potential who meet our eligibility requirements to apply,” Melody said, “The application can be found at www.lban.us ,” she concluded.

Stanford leadership group Latina entrepreneurs

LBAN Leadership team (L to R) Eutiquio “Tiq” Chapa, Alice Rodriguez, Dr Jerry Porras, Mark L Madrid, and Melody Estrada.