September 17, 2020
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 over-representation in sectors hardest hit by the economic downturn.
Today, Google is announcing a $3M grant to Hispanics in Philanthropy PowerUp Fund to directly support hundreds of Latino-owned small businesses across California, New York and Texas—some of the states with the largest number of Latino-owned small businesses—with access to capital and the training they need to successfully leverage the capital to overcome the economic downturn and continue to grow. Qualifying Small Businesses can apply here through October 14, 2020.
Google is also providing free tools and training to help any Latino-owned business adapt and grow their business through Grow with Google “Paso a Paso”. Businesses can sign up for workshops (in English or Spanish), and continue their digital marketing training with Primer app minicourses in Spanish. They’re also expanding their Digital Coaches program, already in New York, to the Bay Area and kick off a partnership with the US Hispanic Chamber of Commerce so Latino-owned businesses can get more localized support in their communities.
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. Through these funds, we’ve supported CDFIs focused on Latino-owned small business, CDFIs such as the National Association for Latino Community Asset Builders. You can read more about today’s announcement here.
