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by CINDY BARTH.
The U.S. Hispanic Chamber of Commerce Educational Fund this month launched the first program in the United States dedicated to advancing the economic growth of midsize Latina-owned businesses generating more than $10 million in annual revenue.
The Latina Growth Accelerator aims to provide Latina entrepreneurs with the education, networks and resources needed to scale their businesses effectively. The program is made possible through the support of The Kroger Co. Foundation and a collaboration with the Women’s Business Enterprise National Council, a leader in business development and the largest certifier of women-owned businesses in the U.S.
It’s a timely and important endeavor, said Evelyn Barahona, senior vice president of the USHCC Educational Fund, as Latina entrepreneurs represent more than 14% of all women-owned businesses and contribute $1.3 trillion annually to the U.S. gross domestic product.
However, despite their significant economic impact, they face barriers such as limited access to capital, which the Latina Growth Accelerator seeks to address by offering:
“We created this program to fill a critical gap specifically for Latina entrepreneurs,” said Barahona. “Together with WBENC, we’re building a community of advisers and advocates to help midmarket Latina businesses achieve transformative growth and reach higher levels of success.”
The six-week inaugural cohort, set to launch in the first quarter of 2025, will welcome 30 business owners selected from the USHCC and WBENC networks.
Barahona said in conversations with Latina entrepreneurs, many expressed their difficulties with challenges ranging from access to capital to feeling like they have to do it all themselves. The lack of capital access, in particular, means many Latina entrepreneurs wind up bootstrapping their companies or using credit cards to launch their startups.
“We believe this program will help these women find ways to grow in a more scalable way, with the necessary resources within their reach,” she said. “Our goal for participants is for them to complete the program with a plan in place for their next big move and an understanding of what their path to growth looks like.”
Beyond scaling businesses, the Latina Growth Accelerator also aims to honor cultural heritage, foster inclusive hiring and promote diverse business strategies for competitive advantage.
“If you look at the downtown areas of pretty much every city in America, you not only find big businesses but also small businesses,” Barahona said. “Understanding that there’s always going to be small businesses helping grow the local workforce and economy, we want to do what we can to help these businesses cross that next big hurdle. Our hope is to continue offering the accelerator to even more businesses, since growing these businesses is a win-win when it comes to community and economic development.”
Latina Growth Accelerator
Description: The accelerator is the first program in the United States dedicated to advancing the economic growth of midsize Latina-owned businesses generating more than $10 million in annual revenue. It is being launched by the U.S. Hispanic Chamber of Commerce in partnership with the Women’s Business Enterprise National Council and with support from the Kroger Foundation.
What’s offered: Expert-led education sessions on capital readiness to prepare a strategic plan to scale; small group coaching with seasoned business experts and advisers; peer and corporate networking; capital connections with leading mid-market capital providers and M&A experts; and exclusive resources from the Women’s Business Enterprise National Council and U.S. Hispanic Chamber of Commerce networks
Start date: First-quarter 2025
No. of companies participating: 30
See Original Article at The Business Journals
