Applications for the 2023 Impacto Hispanic Business Accelerator Program open today
PURCHASE, N.Y., May 17, 2023 /PRNewswire/ -- The PepsiCo Foundation, PepsiCo's philanthropic arm, is proud to open applications for the 2023 Impacto Hispanic Business Accelerator program today. 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.
- 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 tougher times, whether it be a pandemic or inflation.
- 89 percent of Hispanic owners say that inflation is currently impacting their businesses and hindering their ability to stay afloat and access to cash flow remains a major issue.
- A study conducted by Stanford revealed when Latino-owned businesses had a gross revenue that is 3 times larger than White-owned businesses, have similar business and personal credit scores, and have lower outstanding debt on average, the Latino businesses still have lower approval rate when requesting loans above $50,000.
"The PepsiCo Foundation Impacto grant helped us keep the doors open and keep our employees employed. I am so thankful the Foundation is continuing this because today I am now expanding my business to two new locations. I think these types of grants are such a blessing and it came at a time when we most needed it. 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.
Hispanic food and beverage small business owners who are bringing life, culture, and vibrancy to their local communities are encouraged to apply here. Applications will be open from May 17, 2023 – June 16, 2023.
"I am so grateful for all the work you've (PepsiCo Foundation) done. It has truly been life changing for me. A year ago, I was afraid to knock on doors and now I am hopeful, motivated and even expanding the business to a second location. Thank you for being a vessel to shed light on small Latina owned businesses. It truly is a win for the entire community," Nayomie Mendoza, owner of Cuernavaca's Grill in Los Angeles said.
Media will have the opportunity to speak with the PepsiCo Foundation and/or previous grantees on these commitments and the impact of the program. Spokespeople include:
- C.D. Glin, President of the PepsiCo Foundation and Global Head of Philanthropy of PepsiCo
- Esperanza Teasdale, VP & GM, Hispanic Business Unit, PepsiCo Beverages North America
- Nayomie Mendoza: Previous grantee and owner of Cuernavaca's Grill, specializing in authentic Mexican dishes. Mendoza's parents founded the restaurant 17 years ago when they migrated from Mexico. Mendoza is opening a second location this month.
- Jesse Iniguez: Previous grantee and co-founder of Back of the Yards Coffee. He opened the coffee shop in 2017 with a mission to provide community members a safe space to come together. Iniguez is opening two new locations in the summer and fall of 2023.
About The Impacto Hispanic Business Accelerator
All applicants will have access to business training and coaching from Accion Opportunity Fund and local nonprofit partners. The selected 100 participants will receive a $10,000 small business grant to support their ongoing efforts to grow, thrive, and prosper in their communities.
"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 C.D. Glin, President of the PepsiCo Foundation and Global Head of Philanthropy, PepsiCo. "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."
The Impacto Hispanic Business Accelerator program has supported more than 750 businesses since its inception in 2021. This program builds on PepsiCo's Racial Equality Journey Hispanic initiative, a $172 million set of commitments which launched in 2020.
PepsiCo's Commitment to Supporting Hispanic-Owned Businesses
As part of its Racial Equality Journey Hispanic Initiative, 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. To learn more about PepsiCo Juntos Crecemos, visit PepsiCoJuntosCrecemos.com and follow @PepsiCoJuntosCrecemos on Facebook and Instagram.
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 non-profits 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.
SOURCE PepsiCo Foundation