Philanthropy Pours More Money Into Latino Wealth Creation

credit: Open Data 4 Development

The US Hispanic unemployment rate was more than three percentage points higher than the white unemployment rate in December, and the Hispanic or Latino unemployment rate was more than four percentage points higher than the overall US rate.

But the good news is that private foundations and nonprofit organizations are stepping up their efforts to help Latino- and immigrant-led businesses grow.

"It was important for us to make sure that, as we moved into this crisis mode of COVID, that Latino- and immigrant-led businesses weren't an afterthought," says Jacqueline Martinez Garcel, CEO of California's Latino Community Foundation.

The foundation started the Latino Entrepreneurship Fund in 2020 with $4 million from the James Irvine Foundation to help Latino entrepreneurs and community financial lenders assist Latino businesses.

Since then, it has provided $1 million to help start three new community-development financial institutions.

Such financial institutions, which have charity status, typically provide loans of up to $75,000 to low-income entrepreneurs or small businesses owned by people of color.

Hispanics in Philanthropy, an organization that works to attract charitable funds to serve Hispanics, launched the PowerUp Fund to help Latino-owned small businesses in California, New York, and Texas.

Google.org, the tech giant's philanthropic arm, gave $3 million toward that effort. Read the Entire Article

A customized collection of grant news from foundations and the federal government from around the Web.

How's Your Community Doing?
Check Out it's
Community Vital Signs

Ex-BlackRock exec: Jettison ESG for direct investing

"It's leading to cynicism," says Terrence Keeley. That's the gist of his new book, Sustainable: Moving Beyond ESG to Impact Investing, in which the former BlackRock executive calls for institutional...more

Climate Change: The True Possibilities Of Impact Business

Think venture capital is all about generating short-term profits for investors? Well, think again. There's a new type of venture capital out there, and it's focused on helping to solve long-term...more

India Wants To Leverage Its Stock Market For Social Impact. Will It Work?

India wants to use its stock market to raise funds for social causes. The country's securities regulator has approved the setting up of the Social Stock Exchange, which will operate within the...more

Time To Put Serious Money Into The Amazon

The world's largest rainforest is being destroyed at an alarming rate, according to a new report from the UN's Food and Agriculture Organization. The study finds that deforestation in the Amazon...more

How To Invest In Humankind Through Socially-Responsible Investments

Want to use your money for good? Consider doing so by investing in companies that make a positive impact on the world, Consumerist reports. "Socially responsible investing is one way to invest in...more

UK government launches AI innovation programme to lower carbon emissions

"Putting this rapidly-evolving technology into action will enable us to save energy costs for businesses and households, create high-value, skilled jobs, and kickstart millions of pounds of private...more

Do Investors Need To Sacrifice Returns To Reward Strong ESG Performers?

One of the fastest-growing areas of investment is "socially responsible investing," or ESG, which focuses on a company's social, environmental, and governance practices. But while some see it as a...more

Schroders Launches £1B Real Estate Fund Targeting UK's Most Deprived Towns

Schroders Capital has a new fund in the works that it says will bring "positive social impact" to some of the UK's most deprived areas. The UK Real Estate Impact Fund will invest in affordable...more

ESG Prohibition Lifted On Your 401(k) by Department Of Labor Ruling

The Labor Department has rolled back a rule brought in under President Trump to make it easier for employers to include impact investment funds in their retirement plans. The Trump-era rule, which...more

Why Venture Capitalists Are Doubling Down On Impactech Sector

When it comes to venture capital, India is home to 107 "unicorns" - startups valued at $1 billion or more - but only 11 of them are impact startups, Quartz reports. "One could argue that asset...more