Latino-owned businesses are fueling small-business growth in the United States and Massachusetts. The nearly 4.4 million Latino-owned businesses in the United States contribute more than $700 billion to the American economy every year, according to the U.S. Hispanic Chamber of Commerce. In 2020, the COVID-19 pandemic disproportionately affected Latino small businesses in a variety of ways including loss of business, employees, income and an uncertain future. Latino businesses are looking for ways to adapt to an ever-changing and uncertain environment.
Latino Businesses Are Key to the Economic Recovery
As we rebuild the United States economy amid COVID-19 crisis, Latinos play a prominent role in the recovery.
Latinos in Massachusetts comprise 12% of the Bay State’s population and are a majority in many of our Gateway Cities.
MA is home to over 30,000 Latino-owned businesses, which generate over $4.2 billion in annual revenue and create over 27,000 jobs.
Over the last 10 years, the number of Latino-owned businesses has grown 34% compared to just 1% for all others.
As capital and resources such as grants, PPP loans and technical programs become more available to support small business, Latino business owners need to be prepared to leverage these resources to stabilize, capitalize and grow.
Amplify Latinx, in collaboration with the Enterprise Center at Salem State University as program administrator, and Surfside Capital Advisors, as technical assistance provider, is launching the Latino Business Resilience Program.
The goal of this program is to help Latino-owned small businesses across the Commonwealth to develop and implement resiliency strategies such as pivoting, digital transformation, and capital readiness to navigate the ongoing uncertainties of COVID-19 and create the foundation for success in the recovery.
This culturally responsive program will be available in English and Spanish. It will serve 20-25 Latino businesses in Massachusetts, including restaurants, retailers, bodegas, barber shops, etc. that have between $100,000 – $1,000,000+ in annual revenue.
Benefits of the Program
- Expert business evaluation and development of a strategic road map through Surfside Capital Advisors to optimize your business model, stabilize, get capitalized and grow.
- Business coaching, mentorship and education to help you make the best decisions for your business, guided by experts from Surfside Capital Advisors.
- Understand how to pivot your business and identify basic financial, payroll and marketing solutions to operate profitably in the COVID economy.
- Learn best practices when managing a business in the US.
- Access a strong network of mentors, experts and capital sources for sustainability and growth.
We will accept applications from February 1 – 26, 2021 on a rolling basis.
The services offered under this program will be performed by Amplify Latinx and Surfside Capital Advisors (the “Providers”).
- Comprehensive Business Evaluation. Surfside Capital Advisors will conduct an evaluation of your company’s health and develop a recovery, stability, or growth plan. The evaluation will consist of gathering information about the current financial situation of the business, accounting, payroll, financial reporting capabilities, taxes, and legal set up.
- Creation of a Strategic Roadmap. Surfside Capital Advisors will work with you to assess the best business strategy for the business and design a road map to support the business. In this phase, Surfside will identify available grants and other sources of capital available to support your business’ objectives. You will also receive recommendations for services providers to assist with bookkeeping, payroll, marketing and other business solutions.
- Business Performance Coaching and Mentoring. During the program you will receive business performance coaching sessions. If you have access to regular financial reports, Surfside consultants will also review together and identify key drivers of revenue and expense in your business.
- Assistance with Accessing Grants, Loans and Certifications. During the Program, you may also request assistance with applying for (1) available grants, loans such as the Paycheck Protection Program (PPP) or SBA lending, and (2) certification as a minority-owned and/or women-owned business to access government and corporate contracting opportunities. These application supports will be provided through our partners.
- Training and Education Sessions. You will be invited to attend training sessions that will cover topics such as: best business financial practices, access to capital options, digital and social media capabilities, and HR best practices, among others.
- Connector Events. Leveraging the broad and deep network of the Enterprise Center, Amplify Latinx and Surfside Capital Advisors, you will have opportunities to meet and connect with business peers, community leaders, policy makers, and key people from financial institutions.
- Be a Latinx-owned business in Massachusetts. If your business is located in Andover, North Andover, or Lawrence, MA, you will have the option of participating in our Merrimack Valley Latino Business Recovery Program.
- Be owned by one or more individuals who are at least eighteen (18) years of age.
- Have $100,000 – $1,000,000+ in annual revenue with growth potential and need support with strategy, pivoting or digital transformation to sustain the business.
- Be able to produce and provide financial reports to assess the overall financial situation of the business. The confidentiality of this information will be respected and safeguarded.
- Be willing and committed to spend at least 13 hours, over a 4-month period, working with Surfside Capital Advisors.
Once the application is submitted online, Enterprise Center at SSU staff will reach out to schedule a brief interview. Participants will be accepted into the program if they meet the requirements. Participants will be selected on a rolling basis by March 1, 2021.
Overview of Program Partners
Amplify Latinx is a non-partisan, collaborative movement whose mission is to build Latinx economic and political power by significantly increasing Latinx civic engagement, economic opportunity and representation in leadership positions across sectors. Amplify Latinx’s PowerUp initiative is focused on increasing growth and economic opportunity for Latinx-owned businesses in MA..
The Enterprise Center at Salem State University (Enterprise Center) is a leader in helping businesses start and grow in this region and an advocate for the small business community. All business owners and those seeking to start a business have access to the Enterprise Center’s professional growth and business development programs, initiatives, and individual business assistance.
Surfside Capital Advisors LLC is a boutique business management consulting firm that helps clients from small to midsize companies make smart decisions that are critical to their business growth and development.
The Program does not discriminate on the basis of race, color, national origin, religion, gender or gender identity, familial status, disability, ancestry, age, marital status, public assistance status, sexual orientation, veteran history/military status or genetic information.
This program is funded through the Massachusetts Growth Capital Corporation, The Boston Foundation and LISC Boston