Inversiones: A $70 Million National Investment in Latino Small Businesses

Aside:

National Latino Entrepreneurship Program

NALCAB's National Latino Entrepreneurship program was created to invest in the expansion and coordination of small business assistance programs in predominantly Latino communities across the country. To date NALCAB's Latino Entrepreneurship Program has awarded 43 asset building and small business development organizations with grants totaling $815,000. These grants may also support housing development and building family assets. Read more

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Many of NALCAB’s member organizations support Latino entrepreneurs and small business owners by reducing the barriers to starting a business, and increasing access to capital, credit and markets. Through our national Inversiones initiative, NALCAB helps accelerate the capacity and impact of these programs by:

  • Improving and expanding culturally and linguistically relevant small business development programs that serve predominantly Latino communities
  • Advancing local economic development projects that support small business start-ups and growth, including the creation of loan funds and cultivating commercial development projects in neighborhood small business districts
  • Increasing lending to micro and small businesses in predominantly Latino communities

On June 24, NALCAB reported its small business initiative progress at the Clinton Global Initiative - America (CGI -America) annual conference in Denver. The NALCAB network has invested more than $65 million in small business development through more than 2,000 businesses, and today has created more than 4,300 jobs. A short video, produced by NALCAB, was shown in the opening plenary of CGI – America’s annual event. See video above. This CGI – America Commitment is a platform to sustain and highlight the important work of the initiative.

Background

In  2013, the Clinton Global Initiative – America (CGI-America) accepted a Commitment to Action from the NALCAB network to catalyze $70 million in investment in small businesses and neighborhood small business districts to create 4,000 jobs and support the start-up or expansion of 1,500 businesses.  This CGI-America Commitment is a platform to sustain and highlight the important work of the initiative. NALCAB was recognized for this Commitment at the 2013 CGI-A conference.  That same year, Sam’s Giving Club provided funding for Inversiones to advance NALCAB’s CGI-America Commitment to Action. Read the press releases below to learn more details about Inversiones, CGI-America and the investment by the Sam’s Club Giving Program.


NALCAB and Partners Create Inversiones: A $70 Million CGI-America Commitment to Action For Latino Small Businesses

A new Clinton Global Initiative America Commitment to Action has been announced, which will catalyze $70 million in investment in small businesses and community-based small business districts from NALCAB - National Association for Latino Community Asset Builders, Valley Economic Development Center, Acción Texas, Inc., Chicanos Por La Causa, Inc. and a national network of nonprofits that provide small business lending and development services in predominantly Latino communities. Collectively, this consortium will create 4,000 jobs by supporting the start-up or expansion of 1,500 small businesses in predominately Latino communities by undertaking the following activities:

  • Provide culturally and linguistically relevant small business development services to 5,000 small business owners and entrepreneurs;
  • Complete $50 million in small business lending (loans above $50,000);
  • Leverage $15 million in financing for economic development projects in neighborhood-based small business districts;
  • Provide training and technical support to 200 non-profit practitioners to advance the readiness of specific entrepreneurship-related programs and projects.

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Sam's Club

Sam’s Club Giving Program Funds Inversiones: A Small Business Investment Initiative - Advances CGI America Commitment to Action

NALCAB - The National Association for Latino Community Asset Builders announces a $2M grant from the Sam’s Club Giving Program to catalyze job creation by supporting the development of small businesses in predominantly Latino communities.  This grant will advance NALCAB’s Commitment to Action with the Clinton Global Initiative America (CGI America) to leverage $70 million in investment in small businesses and community-based small business districts. 

With funding from the Sam’s Club Giving Program, the NALCAB Network will, over the next two years, provide services to 1,000 small business owners and aspiring entrepreneurs, resulting in 150 business starts or expansions, creating at least 300 jobs.  To achieve this goal, NALCAB will:

  • Provide $280,000 in grants to nonprofit providers of small business development services;
  • Provide $200,000 in grants to nonprofit small business lenders in order to leverage debt capital that will result in $1.5 million in new lending over the next 2 years;
  • Provide technical assistance to these sub grantees to strengthen their programs, work collaboratively across markets and secure additional capital;
  • Engage 50 small business development professionals in NALCAB’s second National Train-the-Trainer to Support Latino Entrepreneurship

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Participating Partners

VEDC

accion

CPLC