In an effort to uplift Latino-owned small businesses across the United States, Pitbull joined forces with Jeff Hoffman, the Global Entrepreneurship Network (GEN), and founders Carolyn Rodz and Elizabeth Gore of Hello Alice to launch the Hispanic Small Business Center to help business owners through COVID-19. In addition to offering invaluable resources, mentorship and step-by-step guides, they are also actively fundraising and deploying $10,000 emergency grants to Latino entrepreneurs. Owners can apply for emergency grants HERE, and chosen applicants are awarded grants on a rolling basis as funds are raised.
“It’s an honor to partner with Jeff Hoffman, The Global Entrepreneurship Network (GEN) and Elizabeth Gore and Carolyn Rodz from Hello Alice to support grants to Latino Small Business owners across the United States,” said Armando Christian Perez (Pitbull). “We are here to help those who need it the most. We’re not here to talk about it, we’re here to be about it.”
The global pandemic has upended and ravaged corporations worldwide. However, its damage, disruption, and decimation of Latino entrepreneurship borders on irrevocable and irreversible. Of the 5,337 Latino business owners who have already applied for help at Hello Alice, 93% are asking for emergency cash assistance. 76% cite declining sales due to social distancing. Even with the recent extension of government PPP loans, the Center for Responsible Lending predicts that 90% of all applicants will or have faced rejection. Given this widespread rejection, statistics show only 9% of Latino small business owners could possibly receive PPP stimulus money. Since the beginning of COVID-19, one-in-four American small businesses have already shuttered and projections predict the closure of another 40% within the next month. Unfortunately, the Latin community’s companies are closing faster than that of any other demographic.
“As a Latina entrepreneur, I know success in business is a direct result of the social capital, financial support and mentorship that amplify our hard work,” says Carolyn Rodz, Co-Founder of Hello Alice. “This is why I am so committed to ensuring that every Latino-led business has the resources they need to give their businesses a fighting chance. Time after time, Hispanic entrepreneurs have proven they can do more with less, but we need to step in and offer them the resources they’ve long deserved.”
Alongside GEN and Hello Alice, a consortium of organizations have come together under the umbrella of the COVID-19 Business Resource Center to provide specific resources, mentorship and guides for support through the Hispanic Small Business Center.
To further uplift the Latino community and raise awareness for the Hispanic Business Center’s resources and emergency grants, GEN Chairman Jeff Hoffman and Pitbull created a PSA that reinforces the shared sentiment that together, we will win.