Hispanics in Philanthropy’s PowerUp Fund Receives $3M Google.org Donation
OAKLAND, CA — September 21, 2020 — Google.org announced a $3M grant to Hispanics in Philanthropy’s PowerUp Fund, in partnership with Ureeka, to directly support hundreds of Latino-owned small businesses across California, New York, and Texas—states with large numbers of Latino-owned small businesses—with access to capital and the training they need to successfully leverage that capital to overcome the economic downturn and continue to grow.
“HIP’s PowerUp Fund stands at the intersection of advocacy and engagement propelling Latinos to build their capacity and visibility,” said Ana Marie Argilagos, President and CEO of Hispanics in Philanthropy. “We understand this incredible responsibility to support Latino entrepreneurs and small businesses that invest in themselves despite the barriers they continue to face. This is the time to cultivate their leadership and grow the network of support that ensures we build generational community wealth.”
Latinos are 1.5 times more likely than the general population to start a business, yet as COVID-19 continues to disrupt the US economy, the impact on the Latino small business community is glaring. A recent study from the National Bureau of Economic Research found that 32% of Latino-owned businesses have been forced to close in recent months, and even more Latino-owned small businesses remain disproportionately at risk, given their overrepresentation in sectors hardest hit by the economic downturn.
“Latino-owned small businesses are key to the economic backbone of the United States,” said Hector Mujica, Americas Economic Opportunity Lead for Google.org. “We are inspired by the resilience and entrepreneurial tenacity of the Latino community, and are proud to support efforts—like PowerUp Fund—that advance economic opportunity.”
These initiatives build on Google’s $180M commitment to support minority and women-led SMBs across the country through the Grow with Google Small Business Fund and Google.org grants.
“Let’s be clear, credit is a financial transaction with moral lineage. Many entrepreneurs of color lack the ecosystem of support that their peers rely on when they set out to start a business. This inequality has fueled investors with excuses that leave many Latino-led businesses frustrated and at a dead-end” said Nancy Santiago, Co-Founder PowerUp Fund Hispanics in Philanthropy and Community Impact Lead for Ureeka. “Google.org recognizes the enterprising influence of our community, understanding that their initial investment will be multiplied. We’re excited about a partnership that understands the power of the resilient Latino businesses we are supporting.”
The PowerUp Fund is a project by Hispanics in Philanthropy and is committed to raising $60 million—$1 for every Latino that calls the U.S. home— and was conceived as a mechanism to “build the field” for Latinx entrepreneurs and investors, with an eye towards connecting return-seeking investors, fund managers, and advisers with Latinx start-ups, innovators, and enterprises.
About Ureeka: Ureeka is a community and platform that connects underrepresented small business owners – the Next Wave Entrepreneurs – to peers, mentors and coaches; trusted business and technology advice; vetted resources and capital that business owners need to grow and scale. Ureeka is a for-profit business, founded by a diverse team whose expertise ranges from technology and investing to the public sector. The company’s mission centers on creating economic opportunity by igniting the potential of small businesses through a platform of resources and a community of peers and experts. Learn more at https://www.ureeka.biz/. Follow Ureeka on Twitter, Instagram, Facebook and LinkedIn.
About Google.org: Google.org, Google’s philanthropy, supports nonprofits that address humanitarian issues and apply scalable, data-driven innovation to solving the world’s biggest challenges. We accelerate their progress by connecting them with a unique blend of support that includes funding, products, and technical expertise from Google volunteers. We engage with these believers-turned-doers who make a significant impact on the communities they represent, and whose work has the potential to produce meaningful change. We want a world that works for everyone—and we believe technology and innovation can move the needle in four key areas: education, economic opportunity, inclusion and crisis response.