The PepsiCo Foundation launched the 2023 Impacto Hispanic Business Accelerator Program to provide capital and mentorship to small Hispanic businesses in the food and beverage industry.
This year, the PepsiCo Foundation will select 100 Hispanic-owned business participants to receive a $10,000 grant to support their ongoing efforts to grow, thrive, and prosper in their communities.
Hispanic food and beverage small business owners interested in participating in the 2023 Impacto Hispanic Business Accelerator Program should register online at https://aofund.org/program/impacto/.
In partnership with Accion Opportunity Fund, Allies for Community Business, LiftFund, and Prospera, the program aims to bolster Hispanic-owned businesses — specifically food and beverage businesses that are beloved community staples — to address foundational business challenges and support business growth, the PepsiCo Foundation reported.
“Supporting long-term solutions that drive economic equity in the Hispanic community isn’t just right – it’s imperative. The Impacto Hispanic Business Accelerator is more than just saving businesses; it is about investing in the people that bring life, culture, and vibrancy to our communities and ensuring that they continue to grow, thrive, and prosper today and for generations to come” said C.D. Glin, President of the PepsiCo Foundation and Global Head of Philanthropy, PepsiCo.
The Importance of Supporting Hispanic Businesses
- According to the Bureau of Labor Statistics, nearly 50 percent of businesses fail within the first five years, which is why the PepsiCo Foundation is focused on keeping the doors open during the more challenging times, whether it be a pandemic or inflation.
- Eighty-nine percent of Hispanic owners say that inflation is impacting their businesses and hindering their ability to stay afloat, and access to cash flow remains a significant issue.
- A study conducted by Stanford revealed when Latino-owned businesses had a gross revenue that was three times larger than White-owned businesses, had similar business and personal credit scores, and had lower outstanding debt on average, the Latino companies still had lower approval rates when requesting loans above $50,000.
“The PepsiCo Foundation Impacto grant helped us keep the doors open and our employees employed. I am so thankful the Foundation continues this because I am now expanding my business to two new locations. I think these types of grants are a blessing, and they came when we most needed them. A small grant like this can go a long way to get us over the top,” Jesse Iniguez, owner of Back of the Yards Coffee in Chicago, said.
All applicants can access business training and coaching from Accion Opportunity Fund and local nonprofit partners.
The Impacto Hispanic Business Accelerator program has supported over 750 businesses since its inception in 2021.
“The contributions of Hispanic communities are an integral part of the fabric of American culture. Unfortunately, the community has also long faced systemic barriers to success, which are only amplified by current economic woes like inflation and worker shortages. Our goal is to help these businesses navigate the ever-changing economy, beat the odds small businesses face, and keep the doors open and the business thriving,” said Glin.
This program builds on PepsiCo’s Racial Equality Journey Hispanic initiative, a $172 million set of commitments launched in 2020.
Registrations to enter the 2023 Impacto Hispanic Business Accelerator Program will be open until June 16, 2023.