NALCAB and Partners To Create Inversiones: A $70 Million CGI America Commitment to Action For Latino Small Businesses
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. The grants awarded may also support housing development and/or building family assets. To date NALCAB's Latino Entrepreneurship Program has awarded 43 asset building and small business development organizations with grants totaling $815,000. Read more
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 predominately 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.
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 $700,000 grant from the Sam’s Club Giving Program to catalyze job creation by supporting the development of small businesses in predominately 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