Philanthropy Pours More Money Into Advancing Latino Wealth

credit: Don Leach, Coastline Pilot

In the wake of the death of Eric Garner, one of the most high-profile cases of racial inequality in American history, many foundations and other groups are stepping up their efforts to help Latino entrepreneurs, the Chronicle of Philanthropy reports.

"It was important for us to make sure that, as we moved into this crisis mode of COVID, that Latino- and immigrant-led businesses weren't an afterthought," says Jacqueline Martinez Garcel, CEO of the Latino Community Foundation.

The foundation, which supports Latino-led organizations in California, started the Latino Entrepreneurship Fund in 2020 with $4 million from the James Irvine Foundation to help Latino entrepreneurs and community financial lenders assist Latino businesses.

Since then, it has provided $1 million to help start three new community-development financial institutions.

Such financial institutions, which have charity status, typically provide loans of up to $75,000 to low-income entrepreneurs or small businesses owned by people of color.

Hispanics in Philanthropy, an organization that works to attract charitable funds to serve Hispanics, launched the PowerUp Fund to help Latino-owned small businesses in California, New York, and Texas.

Google.org, the tech giant's philanthropic arm, gave $3 million toward that effort.

The Aspen Institute Latinos and Society Program researches ideas to advance Latino economic security.

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