Business Owners across the U.S. receive grants, coaching, and personalized training
PURCHASE, N.Y., Sept. 22, 2023 /PRNewswire/ -- The PepsiCo Foundation is thrilled to welcome 100 new grantees to the Impacto Hispanic Business Accelerator Program. Established in 2020 with 150 grantees to-date, the program seeks to empower and equip Hispanic food and beverage entrepreneurs with the skills and resources to take their businesses to new heights. After six weeks of intensive training and coaching, in partnership with Accion Opportunity Fund, Allies for Community Business, LiftFund and Prospera, these outstanding individuals will receive $10,000 dollar grants in addition to joining the PepsiCo Foundation Impacto Network.
The PepsiCo Foundation's Impacto Hispanic Business Accelerator Program aims to address the unique challenges faced by Hispanic entrepreneurs and provide them with a platform to thrive and create lasting change in their communities. This transformative initiative, in partnership with local nonprofits, is intended to offer grantees invaluable support and knowledge to elevate their businesses and achieve sustainable growth.
This year's cohort represents a diverse group of passionate and innovative individuals, all driven by the shared goal of making a difference in the Hispanic business community. They were selected based on their exceptional dedication and hard work throughout the training and coaching process, and they join the 150 members of the Impacto Network across the country.
"Unfortunately, the Hispanic community has long faced systemic barriers to success which are only amplified by current economic woes like inflation and worker shortages. That's why we are so delighted to congratulate the 100 talented entrepreneurs who have completed the 2023 Impacto Hispanic Business Accelerator Program. Our goal is to help these restaurants and food service businesses navigate the ever-changing economy, beat the odds that small businesses face, and keep their doors open and their businesses thriving," President of the PepsiCo Foundation C.D. Glin said. "We at the PepsiCo Foundation are inspired by the passion, resilience, and dedication of these Hispanic business owners, and we are excited to see how their businesses continue to flourish and how their collective efforts create lasting benefits for their families and communities across the country."
The Impacto Hispanic Business Accelerator is a key component of PepsiCo's Racial Equality Journey, announced in 2020 with the company announcing commitments of more than $570 million over five years to increase representation at the managerial level to reflect the workforce availability of the communities where we operate, uplift businesses and elevate diverse voices across our value chain, and help create economic opportunity in underserved communities. As part of this journey, PepsiCo launched the multi-faceted Juntos Crecemos platform in August 2021 aimed at strengthening Hispanic-owned restaurants, bodegas and carnicerías (meat markets), to address foundational business challenges, and support business growth. The Juntos Crecemos platform includes the Hispanic Digital & Delivery Program, Bodega and Carnicería Essentials and the recently-launched Greenhouse Accelerator Program: Juntos Crecemos Edition.
"We are honored to collaborate with the PepsiCo Foundation to deliver the Impacto Hispanic Business Accelerator program," said Luz Urrutia, CEO of Accion Opportunity Fund. "For nearly 30 years, AOF has been committed to helping underinvested entrepreneurs gain access to the resources they need to grow their businesses, support their families, and contribute to thriving communities. The business owners graduating from Impacto this year have a great achievement to celebrate, and we look forward to continuing to support their entrepreneurial journeys."
The PepsiCo Foundation and partners will continue to support these grantees on their journey, offering ongoing mentorship, access to resources, and opportunities to collaborate with like-minded individuals. The network of Impacto grantees stands as a testament to PepsiCo Foundation's commitment to fostering economic growth and social progress for Hispanic entrepreneurs.
To learn more about the program and to read more about each of the 100 grantees from the 2023 class, please click here.
About the PepsiCo Foundation
The PepsiCo Foundation, the philanthropic arm of PepsiCo, invests in the essential elements of a sustainable food system with a mission to support thriving communities. Working with nonprofits and experts around the globe, we're focused on helping communities obtain access to food security, safe water and economic opportunity. We strive for tangible impact in the places where we live and work—collaborating with industry peers, local and international organizations, and our employees to affect large-scale change on the issues that matter to us and are of global importance. Learn more at www.pepsicofoundation.com.
About Accion Opportunity Fund
Accion Opportunity Fund works to create an inclusive, healthy financial system that supports the nation's small business owners by connecting entrepreneurs to affordable capital, educational resources, coaching, and networks. Through innovative partnerships and outreach strategies, we reach entrepreneurs of color, low-income entrepreneurs, and women, who often lack access to the financial services they need to build and grow their businesses. Loans made by Accion Opportunity Fund Community Development. California Finance Lenders license number 6050609.
About Allies for Community Business
Allies for Community Business (A4CB) believes that entrepreneurs from any background can start and grow businesses that create generational wealth for their families and communities. A4CB's mission is to provide the capital, coaching, and connections entrepreneurs need to grow great businesses that create jobs and wealth in their communities. As a nonprofit Community Development Financial Institution located on Chicago's West Side, A4CB prioritizes Hispanic/Latinx, Black, women, and low-income entrepreneurs throughout the Chicagoland area and beyond. Learn more at a4cb.org.
About LiftFund
LiftFund, a nonprofit small business lender, transforms lives by opening doors, leveling the financial playing field and building a community of shared success through entrepreneurship. Founded in 1994 in San Antonio, Texas, LiftFund provides capital, financial coaching, tools and resources to entrepreneurs who do not have access to loans from commercial sources. Since inception, LiftFund has provided access to almost $1 billion in capital, and over 26,400 loans, to diverse business owners throughout its 15-state footprint. For more information, follow LiftFund on social media @LiftFundUS and visit www.LiftFund.com.
About Prospera
Prospera is an economic development, nonprofit organization that has specialized since 1991 in providing bilingual assistance to Hispanic entrepreneurs who want to start, sustain, and grow their business. In the last five years alone, Prospera facilitated over $70 million in loans for small business clients, trained 17,300 entrepreneurs, and helped consulting clients create or retain more than 16,000 jobs. Prospera currently serves Florida, North Carolina, and Georgia. For more information, visit www.prosperausa.org.
SOURCE PepsiCo Foundation