Posts

NJEDA announces Henri and Ida relief grant to support recovery for small businesses 

The New Jersey Economic Development Authority (NJEDA) announced the approval of the Henri/Ida Business Assistance Grant Program. The $10.5 million program will provide short-term, immediate rent/mortgage reimbursement in grants of $1,000 to $5,000 for NJ businesses and non-profits that suffered physical damage from the effects of recent tropical storms Henri and Ida.

The NJEDA expects to launch an online application for the program at 9:00 a.m. on Friday, September 17th. 

About the Henri/Ida Grant Program

The Henri/Ida Business Assistance Grant Program will provide support to businesses and non-profits impacted by hurricanes Henri and Ida that have up to 50 full-time equivalent employees as reported on their last WR-30 form (Q2 2021) with the NJ Department of Labor and Workforce Development (DOL) and have a commercial location in the State that suffered physical damage as a result of tropical storms Henri and Ida. 

NJEDA

“Countless New Jersey businesses endured the wrath of Tropical Storms Henri and Ida in recent weeks, and today’s action by the NJEDA’s Board will allow us to move swiftly to help those businesses in need,” said Governor Murphy. “Time is clearly of the essence and we are determined to get funds out to businesses and non-profits as quickly as possible.”

Of the $10.5 million, $10 million will be available for businesses and non-profits impacted by Ida and $500,000 will be available for businesses and non-profits impacted by Henri. Additionally, to ensure grants reach the hardest hit communities, including communities of color, one-third of the $10 million in funding will be targeted to businesses with a primary business location within the 715 census tracts designated as eligible to be selected as an Opportunity Zone.

 

View this post on Instagram

 

A post shared by NewJerseyEDA (@newjerseyeda)


“The NJEDA shares Governor Murphy’s sense of urgency as we work to provide support to small businesses and non-profits dealing with the impact of Henri and Ida,” said NJEDA CEO Tim Sullivan. “The need for assistance is particularly dire, as these storms occurred just as New Jersey was emerging from the impact of the COVID-19 pandemic. It’s more critical than ever that we do our best to help impacted entities return to normal operations so they may continue their role as the economic drivers of New Jersey’s communities.”

Grant eligibility requirements 

Landlords and home-based businesses are not eligible for grant funding through this program. To be eligible, the applying entity must:

  • Provide certification of an unmet need due to damage and/or business interruption.
    • This includes, but is not limited to, flooding, interior or exterior damage to the building structure, roof damage, and siding damage, all of which are directly related to tropical storm Henri and Ida. Loss of power alone will not be considered physical damage.
  • Provide documentation of physical damage to the applicant’s physical commercial location.
  • Have been in operation on August 1, 2021.
  • Present a valid Employer Identification Number (EIN).
  • Submit recent wage reporting form (WR30), if applicable.
  • Submit evidence of an August rent/mortgage payment of at least $1,000 as well as have a need that is greater than $1,000.
  • Be registered to do business in the State of New Jersey, as evidenced by a valid Business Registration Certificate.
  • Be in good standing with the Department of Taxation and DOL, and if applicable, the Division of Alcoholic Beverage Control, the Department of Children and Families, and/or the Department of Human Services.
  • Complete an affidavit identifying all funding sources related to recovery from tropical storms Henri and Ida, including prior grants, insurance, and Small Business Administration loans and grants.
  • Comply with any additional requirements that may apply.

You may be interested: Hurricane Ida leaves vulnerable communities in ruin

Application process

Business owners and non-profit leaders are asked to thoroughly document all physical damage as they prepare to apply for assistance through this and any future programs, including taking clear photographs and saving receipts for repairs and associated materials.

Online applications for the Henri/Ida Business Assistance Grant Program will be available at programs.njeda.com at 9:00 a.m. on Friday, September 17th, 2021.

Applicants who have not applied for NJEDA assistance in the past will need to create a new Username and Password. Applicants who have previously applied for NJEDA COVID-19 relief programs can use their existing Username and Password. The NJEDA encourages anyone considering applying to visit programs.njeda.com prior to September 17th to create a new Username and Password or to verify that they remember their existing Username and Password.

Applications will be accepted on a first-come, first-served basis, based upon the date in which the Authority receives a completed application submission.

Businesses whose applications are denied will have the right to appeal. Appeals must be filed within the timeframe set in the declination letter (which must be at least 3 days but no longer than 10 days).

For more information, visit NJEDA Henri and Ida Relief

Ivelisse Rodriguez Simon

Ivelisse Rodriguez Simon discusses trends in investment capital for minority women asset managers

Currently, there’s about $70 trillion of capital to manage in the United States, yet only 1% of that capital is managed by women, or people of color despite these groups representing 75% of the US population. This is one of many barriers that prevent and limit access to capital for minority-owned small businesses.

During Latina in Business’ virtual panel, “Latina Small Business Post-Covid: Recovery Resources and Trends,” panelists discussed how the pandemic has shifted our relationship with technology. Now more than ever, businesses are relying on digital tools to connect with customers, grow, and thrive. 

We heard from Grow with Google Program Manager, Lucy Pinto, who shared resources and insights on how businesses are using digital resources to expand, grow, and connect. Later, tech entrepreneur, Rosario B. Casas discussed the rapid advancements in tech-fueled by the pandemic and identified some key tech trends for business owners and entrepreneurs to tap into. Finally, Ivelisse Rodriguez Simon, Managing Partner of Avante Capital, shared trends and insights in regards to access to capital for small, minority-owned businesses. 

Trends in capital for minority small business owners and entrepreneurs

Ivelisse Rodriguez Simon, Managing Partner of Avante Capital. (Photo courtesy Ivelisse Rodriguez Simon)

As Managing Partner at Avante, Ivelisse is responsible for identifying, executing, and managing investment opportunities. Over the last 11 years as managing director, Ivelisse has raised $800 million and has deployed $650 million already to 40 companies. Additionally, Ivelisse is a longtime advocate and champion for women, minorities, and the underserved and underrepresented. She holds leadership roles in several local and national non-profit organizations and even launched a philanthropic organization called We Will with her two sisters, to support and empower underserved women and minorities in the areas of healthcare, education, and financial literacy. 

During the virtual panel, Ivelisse spoke with Latinas in Business Executive Board Member, Pilar Avila, and discussed some of the ways she and Avante Capital are supporting the growth of women’s businesses and what trends she is seeing. 

Ivelisse Rodriguez Simon  17:19  

It’s so nice to be here. I wanted to start first by saying that while $800 million, does sound like a lot of capital, actually, in the grand scheme of things, it’s a drop in the bucket. So just as context, there’s about $70 trillion of capital to manage in the United States, $70 trillion. And only 1% of that capital is managed by women or people of color. Right. So even though women and people of color represent 75% of the US population, we only manage 1% of the capital. And the result of that is a lot of what we’re talking about today, which is that our communities don’t get access to that capital. 

No, the capital remains in the communities that manage it. And so it’s, it’s a very big issue that’s really obstructed a lot of businesses from growing, right. I’m encouraged because I feel like in the last year, a lot of our challenges in the country, a lot of our social and racial challenges have created a lot of awareness around it. And there’s a lot more intention and focus around investing in our communities. So there are a lot more options than there used to be. There are a lot more banks, a lot more creative finance companies that are evolving to serve our communities. 

That said, our businesses are still really small. You know, they’re really, really small. And while it’s one, it’s a wonderful place to start, for us to really create wealth and to create change and growth in our communities, we have to build them bigger, right, they have to get bigger…Because there’s no difference between us and companies that are larger. I mean, I look at these companies all the time and I think: We can manage these businesses. We can be the CEO, we can be the CFO. 

Pilar Avila  19:28  

We are the capital, right? We hired the talent. We know we have talent, too.

Ivelisse Rodriguez Simon  19:33  

We have talent too, exactly. So I think that that’s what we’ve been really committed to at Avante, which is not only supporting women and people of color managing businesses but really trying to get women and people of color into this industry to manage capital so that we can go out and find entrepreneurs from our communities and help them grow. Because if there are not many people in my seat that look like us, our people are never gonna get capital. 

Ivelisse Rodriguez Simon

Avante Capital Team in Los Angeles (Courtesy Ivelisse Rodriguez Simon)

Pilar Avila  20:16  

Have you seen particular trends in the extraordinary growth in certain industries or certain types of products or services that we should be aware of whether we have a company in that sector? Or maybe our companies can move into those services?

Ivelisse Rodriguez Simon  20:41  

It’s a great question, Pilar, because, you know, when you go to look to see, where are many of the companies owned by women, people of color, they tend to be in a lot of service industries. Right. And I think that there are so many opportunities in other industries that have larger scale opportunities, healthcare, for instance, technology, Business Services, engineering,  we’re just as capable. But for some reason, we haven’t really moved into those industries and not in a larger way. And so I think, people who are doctors or nurses or engineers or computer engineers, starting businesses in those fields, you can gain a lot of scale, you could really grow quickly and be large.

Pilar Avila  21:28  

Continue to place a lot of emphasis on STEM, right, at every level of education. And once you have the education, and maybe get some experience under your belt, the large companies come out and start the businesses. 

You might be interested: Applications for the SBA’s Restaurant Revitalization Fund are now open

Taking advantage of resources and opportunities to grow 

Pilar Avila  27:21  

So what would you recommend to our small businesses, micro businesses between you know, 250,000, half a million to 5 million, to do to really apply best practices for the organization, finances, to be prepared to present themselves in the best light to obtain loans, investments, strategic partners and really grow into multimillion dollar enterprises. What do we need to do? How do we need to present ourselves and prepare?

Ivelisse Rodriguez Simon  28:03  

I think that the best thing to do is to find mentors and people that have done it before, that can really help you walk through the process. Because it is complicated. There are a lot of different things that banks want to see. And we had panels earlier that also had access to resources. There’s a lot of resources out there, right, and we should utilize them. But the key is to understand that there’s a lot of capital now available. You know, where I wouldn’t have said this 10 years ago, I think that there’s a lot of capital, if you’ve got a good idea, if you got a good business, if you’re a growth brand, you can get access to capital at this point in our country’s history. And you can grow and you should do it.

How American Rescue Plan Act will help minority-owned small businesses recover post-COVID

The American Rescue Plan Act will help small businesses recover post-COVID by providing critical assistance to businesses across the country and delivering $50 billion in aid and relief. 

Minority-owned businesses have struggled to get small-business relief loans 

The COVID-19 pandemic brought on great financial difficulties for businesses across the nation. Small businesses were greatly affected, with women- and minority-owned small businesses hit the hardest. 

Photo by Gene Gallin on Unsplash

Since last April, workers of color have faced the highest rates of pandemic-related unemployment. Data shows that Black and Latino people are now facing greater rates of unemployment than during the 2008 Great Recession. Minority-owned small businesses have also faced greater difficulties accessing capital and relief loans. 

The Paycheck Protection Program, which launched in March 2020, has now become the largest small-business support program in U.S. history, sending $734 billion in forgivable loans to struggling companies. It has helped nearly 7 million businesses stay afloat, but it has also been plagued by complex, ever-changing rules that have hindered many businesses from getting much needed relief loans. 

Many of the businesses affected by the changing rules and confusion have been minority-owned businesses. From language barriers to unfair biases, minority business owners have struggled to gain access to capital and bank loans from major banks. Many have since turned to their communities and smaller, local banks to find relief, but new changes to the program under President Biden are now pushing to funnel more money toward women- and minority-led businesses. 

You might be interested: PPP Loan forgiveness: $50,000 loans for small business and self-employed

Changes to PPP and SBA loans under the American Rescue Plan 

New Funding and Changes to the Paycheck Protection Program (PPP). The bill includes $7.25 billion in additional funding for the Paycheck Protection Program (PPP) and changes eligibility for the PPP, including:

  • Expanding eligibility for 501(c) nonprofits. It also makes local offices of larger nonprofits eligible for PPP assistance as long as those locations are not larger than 500 employees for first PPP loans or 300 employees for second PPP loans, expanding access to vital relief for nonprofit organizations that are critical to local services and the economy.
  • 1st PPP Draw loan deadline: on or before 31 May 2021 (businesses must have been in business from 15 Feb 2020)

PPP loans have:

  • A fixed interest rate of 1% that is non-compounding and non-adjustable
  • No requirement for collateral or personal guarantees
  • No fees or prepayment penalties
  • A 5 year maturity

New Programs per the American Rescue Plan Act

Supplemental Targeted EIDL Advance Payment: 

  • A $5 Billion fund for $5k payments to those hardest hit

Restaurant Revitalization Fund & Grants – Coming soon

  • A $28.6 billion fund for grants to eligible entities in this hard-hit industry
  • Max $5 million grant/location and aggregate max $10mil grant

lack of access to capital

How to Apply 

If you have a small business and would like to apply for any of these SBA programs, visit www.sba.gov to learn more about COVID-19 Small Business Guidance and Loan Resources. Under SBA’s Coronavirus Relief Options page, you can learn about how to apply for a variety of programs including: 

  1. Paycheck Protection Program (PPP) 
  2. Economic Interruption Disaster Loan (EIDL) 
  3. SBA Express Bridge Loans 
  4. SBA Debt Relief for 7(a), 504, & Microloans 
  5. Shuttered Venue Operators Grant program

Steps to finding a lender:

Need more help? Check out our other PPP resources

Damaris Diaz

Damaris Diaz shares pandemic stories and how COVID has impacted the Latino community

In our most recent National Conversation with Latina Leaders event, Latina Small Business Post-Covid Recovery: Resources and Trends, correspondent and TV personality, Damaris Diaz joined the conversation in a fireside chat with Latinas in Business Inc. President and CEO, Susana G Baumann.

Damaris Diaz

The free event sponsored by Prudential took place virtually on March 19 from 12:00 pm to 2:00 pm EST streaming on Zoom and Facebook Live, featuring two panels of Guest Speakers, including Damaris, and with Keynotes Speaker Stacie de Armas.

Don’t miss our next event! Meet&Greet: SOCIAL MEDIA HACKS AND TRICKS

During the fireside chat, Damaris shared stories of her own experience in the pandemic as well as the stories of others she has encountered throughout her work as a journalist and TV correspondent.

Born in La Vega, Dominican Republic, Damaris moved to the U.S. with her family as a young child, residing first in New York, before settling down in New Jersey as an adult. A Seton Hall graduate, Damaris focused her studies on communications and criminal justice. Now, as a journalist, correspondent, and TV personality, Damaris has had the opportunity to interview countless people and share their stories with larger audiences.

Born in La Vega, Dominican Republic, Damaris moved to the U.S. with her family as a young child, residing first in New York, before settling down in New Jersey as an adult. A Seton Hall graduate, Damaris focused her studies on communications and criminal justice. Now, as a journalist, correspondent, and TV personality, Damaris has had the opportunity to interview countless people and share their stories with larger audiences. 

Some key topics Damaris spoke about were the impact the pandemic has had mentally on the Latino community, essential workers, business owners, and families who have suffered unexpected losses, including her own family. 

Biggest lessons learned during the pandemic 

Susana G Baumann 4:23

I would like to ask you, you know, what, what lessons have we learned from the pandemic? You know, this unexpected devastation? I know you have been covering a lot of personal stories of family, emotional and financial distress.

Damaris Diaz 4:54

That’s right, Susana. It’s been you know, it’s been a whirlwind…So many of us have been affected on so many levels. I have friends who say to me, ‘Oh, wow, you know, I haven’t gotten COVID. And my family’s all okay.’ And I’m like, wow, God bless you, you know that that’s not my story. My story early on, my cousin’s parents both fell ill in the hospital. Here in a local hospital in New Jersey, just two days apart. Ambulance came for the mom, ambulance came to the dad, the next day, within a week…And you know, nobody was prepared for that nobody was prepared for a loss in the middle of a pandemic, where you can’t even congregate with your family and be there for them and hold their hand and be a part of their pain.

And, you know, we all know the same way we’re born, eventually, someday we’re going to die. But to kind of have to face this in the middle of a crisis where we don’t even know like: Is there a cure? Well, you know, what’s the medication? What’s going to happen with our families? And then you start seeing the stories…on a daily basis of young people, people in their 20s, children of all age,  and so we are living with this fear, not knowing ‘At what point am I going to get it? And how is my system going to react to it?’

I think that the lessons we learned, one of the biggest lessons learned here is: you’ve got to be prepared. How do you prepare for this kind of thing? You know, we kind of go through life on a day to day thinking, ‘Okay, I need to prepare for today. What’s my, what’s my assignment for today, I’m going to call and get a permanent release. And I’m going to get my cameraman lined up, and I’m going to get my editor ready, and we’re going to do this.’ We’re preparing for the now, for the now. But there’s, you know, tomorrow and the day after that, and the week after that and the month after that, and there’s so many things that we don’t think about, but this pandemic has put it in our faces, you know, hit us on the forehead, like, ‘Hey, wake up, wake up! Are you ready? Are you ready for this?’ Nobody was ready for this. And we’re like reinventing the wheel every day as we go along, trying to figure out our lives in the middle of this health crisis that’s just not here in the U.S., but it’s in the entire world.

Susana G Baumann 7:54

Correct. Yes. One thing that you mentioned was really, very, very powerful on the inability to be there for your losses, for the people who are passing. I know personally, friends who lost their parents. And like you said, they were not able to even say the goodbyes…rituals are important in any society, and this pandemic put us totally on hold for those very traditional rituals that help us cope with the losses. 

Two sides of the pandemic: from despair to hope 

Damaris then shared various stories of individuals in the pandemic, from the hardships of being an essential healthcare worker to how a small business owner found hope and success helping others. 

Damaris Diaz 8:41

One of the first stories that I covered that really hit hard for me and for so many viewers was a nurse in New York City. She works as a nurse, and so you know, a lot of our first responders were the first ones to get COVID because they had to work there without masks without, you know, the gloves without all the safety precautions because the hospitals weren’t prepared. And so she got COVID, she had to isolate herself, her kids were sent somewhere else. Her mom would leave her food, along with other relatives, at her doorstep. And she’s thinking, ‘Oh, my gosh, what’s going to happen to me? What’s going to happen to my mom, if she gets it? What’s gonna happen to my children? When can I see them?’ So when she finally got clear to go back to work, she drives across –she lives in Jersey– she drives across the George Washington Bridge, and she said, it was like this magnetic pool, just trying to pull her back to New Jersey, like ‘Go home, don’t do this. And she said, you know, she kept thinking, I have a duty I have to do this. So she said, ‘Oh, God just helped me get past the bridge. Once I get past the bridge, maybe when I get to the parking facility, maybe I’ll have the courage to go.’ 

So she’d park in her car and cry. She’d walk to the hospital and she’d still feel that magnetic pool saying to her, don’t do this go home and just be with your family because the world as we know it has changed and you know, and our lives could end tomorrow. And that’s when she heard the applause. Her shift started when the applause began every night around 7pm. And she says those applause were the ones that got her through, got her through those doors, got her to, you know, to her posts and helping people day after day. But she said she cried, every single day  she drove to work. And you know, now it’s almost a year later, and she’s still working as a nurse, and she probably still feels conflicted. But she’s got a duty, you know. 

I think that when I got into journalism, I thought, I just want to tell happy stories. There’s so many things that are happening in the world that are going to make us sad, that are going to make us feel crushed, I want to tell happy stories. And I’ve been very fortunate to travel the world, to interview celebrities, and movie sets, sports figures, artists, on red carpets, I’ve had the blessing and the luck to do that. But you know, the reality is, that that’s not everything. We suffer through sadness, we suffer through loss, we suffer through pain. And there are a lot of stories out there to be told, you know, of very strong women that have a voice and deserve for their stories to be told. 

So for me, that was such an honor to be able to tell her story, even though it broke my heart. And even though my voice is cracking, as I was interviewing her, you know, as a Latina, you’re, you’re raised to be strong, like, don’t shed a tear. And if you shed a tear, don’t let anyone see you. And so you know, it’s like, wow, this, this pandemic has taken a couple layers off of me, off of the way I’ve allowed the world to see me.

Susana G Baumann 11:31

This has been tremendously challenging for all families, and especially for women. So what are the good stories? Because also, the pandemic has brought, you know, some fantastic ways that he has transformed our lives for good. What do you think they are? 

Damaris Diaz 12:39

Oh, wow, telling good stories is something that I could do with my eyes closed, because it just makes me feel good. And I know that that’s the effect that we have on people when we tell these stories. 

So recently, I interviewed a– una Dominicana de Nueva York, who started her own business before the pandemic. She learned how to make these beautiful, like balloon arrangements. And she said, ‘You know what, we need to celebrate everything, you know, it’s not just a birthday, or Mother’s Day, let’s celebrate everything, let’s make people happy.’ So she learned how to make these balloons, she started to make them and deliver them and she said, ‘I was bringing joy to people. And then the pandemic happened. And it was like we weren’t allowed to be happy. Because everything has to be canceled, celebrations were canceled. We couldn’t even have a barbecue and get together with our family.’  So she started to do these courses online to help people to learn how to make them and she’d send them all the links, ‘You need to buy the supplies. And these are the cheapest ones. And I’m going to give you a whole how-to, right here right now virtually.’

And she said it’s so important to continue to celebrate our children, especially. Kids that are now being homeschooled, that, you know, who knows how their futures are going to look with this experience. This is a traumatic experience for so many children, you know, forget the fact that ‘Oh, you can’t hang out with my friends and I can’t do my extracurricular activities.’ But a lot of them had to see their grandparents die, you know, their loss of their parents, loss of the other relatives, loss of friends. And so you know, their lives are being formed right now. And this woman said, ‘It’s so important to celebrate them. So I wanted to teach parents how to make these beautiful balloon arrangements.’ And so her business went from starting out to nothing to online to now helping other people.

You might be interested: Stacie de Armas on breaking stereotypes and advocating for Latinas 

There are so many beautiful stories to be told. Yesterday, the Despierta America live, we were at a vaccination center in the Yankee Stadium. It’s open 24 seven, right? So you would think the line would wrap around the entire block considering we’ve been anxiously waiting for this vaccine. But what’s happening? Our Latinos, our African American brothers and sisters are having so much trouble having access to the vaccine. First of all, you go online, and it sends you from one thing to the other to the other, and you can’t figure it out and you think you have an appointment, just to be evaluated to see if you can get the vaccine. And you never even had an appointment for that. 

covid-19 vaccine

Photo by Hakan Nural on Unsplash

And there’s this woman in Pennsylvania, her name is Bibi, and online, she started to help people have access to the vaccine. So if you if I called her and said, ‘Listen, girl, I can’t figure this out. My mom needs a vaccine. I know I’m not a priority right now. But she is,’ she will go online, help walk you through the steps, and the next phone call or email you get from her is: Hey, your appointment for your vaccination is on Tuesday, April, whatever. And she’s doing this in her free time. This is an entrepreneur, her little business is suffering. She’s a mother of two, she’s homeschooling her two daughters, she’s got her husband, she’s got to take care of her family and her life. And she’s taking all of her free time to help people that need this service. 

Preparing for the unexpected with Prudential

Lastly, Susana and Damaris discussed the importance of life insurance, especially in such an uncertain time such as now. Culturally, many older Latinos still live by old norms, expecting their children will be around to take care of them in their old age. But this pandemic has opened our eyes to show us that tomorrow is not guaranteed and one never knows when a crisis or health emergency might strike which is why families need to plan now and have these conversations now to be ready for whatever may come in the future. One of the ways to prepare is through life insurance. Prudential 

Susana G Baumann 17:01

So what makes you believe that a company like Prudential can lessen these effects of the devastation of Latino families, especially, you know, those that worry about their finances, and don’t know if they’re gonna make it to the end of the pandemic?

Damaris Diaz 19:01

Well, Prudential, first of all, speaks our language. So whether you’re bilingual or not, Prudential speaks our language. So they’re there to help us and they are experts in this field. I mean, they’ve been around since 1875, before you and I were ever on this planet, and it’s the largest insurance carrier in the United States. So they are the go to place….They understand our community, our values and they know what matters. Like you said, culturally, as we get older, we’re thinking our kids are going to take care of us, right? My mom still has that hope. She still has that hope that my sister, my brother, and I are going to care for her in her older years, because that’s what she was taught. And that’s what my grandparents believed. My grandfather was taken care of by all of his children, seven children, and all of the grandchildren and great grandchildren, until the day he passed about a year and a half ago. We were by his bedside. And before that he, you know, in hospice, every single day, my aunt was there taking care of him, 24/7. 

That’s a full time job and not a full time job, like a 40 hour, you know, full time gig that we would have. Twenty-four seven. And so you know, what we need to plan financially for those situations. 

And those are conversations that we don’t want to have, especially, as a younger person, it’s like, I’m not gonna think about that I have my whole life ahead of me. Really? Something could happen to me tomorrow, and I could be bed bound, God forbid, you know? Tomorrow is now. Like, we have to plan now. And so that’s when a company like Prudential steps in. Prudential understands that  we have different stories. It’s not a one size fits all situation. And so when you speak to one of the experts at Prudential they come knowing what our struggles are.They understand that we speak a different language. It’s not just that hablamos español, we speak a whole different cultural language.

You know, 52% of Latinos do not have an emergency savings.” (Photo by Micheile Henderson on Unsplash)

When my father passed, he was 61 years old, and he passed after a heart attack, years ago, that was like the eye opener for me. I would have never thought about life insurance until that happened. But I remember growing up and hearing them talking about that, and I used to think these people are crazy. They’re planning their death, like they’re buying life insurance….But you know, that’s just the ignorance in a person like myself at that age where I didn’t want to think about tomorrow.

We have to think about tomorrow, we need to have emergency savings, and not just for a month or two months. As hard as that may seem….You know, 52% of Latinos do not have an emergency savings. And that’s proven. And so many people are worried, like ‘how are we going to do this?’ 

It’s not too late. Yes, we’re in a pandemic. Yes, a lot of people have lost their jobs. Yes, we’re in a huge economic crisis, but it’s not too late. Prudential believes that one of the best ways to feel empowered and supported is to learn, educate ourselves, on our finances, have these conversations as hard as they may seem. 

Susana G Baumann 25:00

Thank you so much for your time. We know that’s a challenge for us, for Latinos, for small businesses and uh, but we need to learn to talk about money. We need to talk about money with our children, with our families, with our parents and to plan for the future. 

For more information and resources from Prudential, visit www.Prudential.com/tuSumas