Suazo Business Center Empowers Utah’s Latino Entrepreneurs

Avery Kaplan, Membership Associate, Opportunity Finance Network

OFN’s newest member strengthens minority-owned businesses with financial education, small business loans, and community support.

Estimated reading time: 7 minutes

September marks both Hispanic Heritage Month and Workforce Development Month. It’s a time to celebrate the people driving positive change in communities across the country. This month, we’re proud to highlight Suazo Business Center, one of OFN’s newest members

Since 2002, Suazo Business Center has provided business advice and financial education to Latino and underserved communities in Utah. In 2016, they began offering small business loans to expand access to affordable capital for their clients.  

Recently OFN spoke with Andrea Benitez, Suazo’s Finance and Fundraising Manager, to learn more about how the CDFI empowers entrepreneurs to build thriving businesses and lasting wealth.

Suazo Business Center’s President and CEO, Silvia Castro, meeting with Salt Lake City Council Members in support of empowering the Latino and Hispanic community.

What is Suazo’s founding story? 

 

Suazo Business Center was founded in 2002 in memory of Pete Suazo, Utah’s first Latino state senator. He was a great advocate for the state’s Latino and Hispanic population. The idea for the center was born out of the desire to continue his legacy of supporting and empowering Latino entrepreneurs. It all began when Pete Suazo helped Gladys Gonzalez, our founder, secure a loan by assisting her with her business plan. After his passing, Ms. Gonzalez was inspired to create a center in his name, offering the same type of support to the entire community. Today, we carry on his legacy by helping thousands of minority and underserved entrepreneurs build successful businesses.

What is one unique aspect about Suazo and the community you serve?

 

Suazo Business Center is uniquely positioned as Utah’s only minority-founded and operated nonprofit dedicated to the growth and vitality of minority-owned small businesses. We serve a diverse population, primarily Latino and Hispanic entrepreneurs, and offer our programs in multiple languages, including Spanish and Portuguese. This multicultural approach ensures that we meet the specific needs of our community, fostering a supportive environment where minority business owners can thrive. 

2023 Ogden City graduates of Suazo Business Center’s “ELLA” program. 

What’s your “why” for working in the community development space, and how did you end up at Suazo?

 

The driving force behind our work at Suazo Business Center is the belief that every individual, regardless of their background, deserves the opportunity to build a better future through entrepreneurship. I was drawn to this organization because of its deep commitment to uplifting those who are often overlooked by traditional financial systems. My journey here was fueled by a passion for community development and a desire to make a tangible difference in the lives of minority entrepreneurs. Seeing the impact of our work on families and communities is what motivates me every day.  

What’s the biggest opportunity that Suazo is considering to create greater impact? 

 

The biggest opportunity for Suazo Business Center to create a greater impact lies in expanding our microloan program, which provides critical financial support to minority entrepreneurs who often face significant barriers in accessing traditional financing. By leveraging our status as a certified CDFI, we aim to offer more small business loans and continue providing comprehensive business training and one-on-one advising to ensure our clients not only receive financial support but also gain the knowledge and resources to manage and grow their businesses effectively.

What has been a recent challenge for Suazo?

 

Our biggest challenge has been ensuring that we can meet the increasing demand for our services as more minority entrepreneurs seek to start and grow their businesses. With economic uncertainties and the challenges of access to capital, especially for minority women entrepreneurs, we see a significant opportunity to make a meaningful difference. By securing additional funding and strengthening our community partnerships, we aim to expand our reach and help even more businesses succeed. 

Meeting with entrepreneurs at Kahve Café SLC with Suazo Business Center and the Federal Reserve Bank of San Francisco. 

In the past few years, what project has had the biggest impact on the community you serve? 

 

One of our most impactful projects in recent years has been the expansion of our CDFI loan program. By providing small business loans up to $50,000, we have been able to support entrepreneurs who otherwise would not have access to capital. This program, coupled with mandatory business advising, ensures that our clients are not only financially supported but also equipped with the knowledge and skills to manage and grow their businesses successfully. This initiative has helped create hundreds of new businesses and jobs, significantly contributing to the economic vitality of the communities we serve.

What advice do you have for people who are interested in learning about community development and the CDFI Industry? 

 

My advice for those interested in the CDFI industry is to get involved and stay curious. Attend industry events, volunteer with local organizations, and seek out mentorship from experienced professionals. Understanding the specific needs of the communities you want to serve is essential, so spend time on the ground, talking to people, and learning about their challenges and aspirations. The CDFI industry is about more than finance; it’s about creating pathways to economic empowerment and social justice.  

Networking event for local entrepreneurs in Suazo Business Center’s Salt Lake City office. 

What is a challenge facing the CDFI industry right now, and how can the industry rise to meet that challenge?   

 

A significant challenge facing the CDFI industry is the ongoing struggle to secure sufficient funding to meet the growing needs of underserved communities. Many CDFIs are seeing an increase in demand for their services, yet funding has not kept pace. The industry can rise to this challenge by advocating for more support from both public and private sectors, building stronger partnerships, and demonstrating the tangible impact of CDFIs on local economies. It’s also crucial for CDFIs to innovate in their service delivery, leveraging technology to reach more people and deliver more effective support. 

Why are you a member of a CDFI network like OFN? 

 

We are a member of OFN because it provides us with the support, resources, and network we need to fulfill our mission. Being part of OFN connects us with like-minded organizations across the country, enabling us to share best practices, access new funding opportunities, and stay informed about industry trends. This membership also strengthens our voice in advocating for policies that benefit the communities we serve.

Is your CDFI facing challenges meeting the growing demand for capital in your community? If Andrea’s call for policy advocacy resonated with you, take action. Share the congressional districts you serve with OFN’s policy team using this form. Your input helps us amplify your CDFI’s story to Congress, strengthening our collective voice for the funding and policies that uplift CDFIs. 

Have questions about OFN’s funding opportunities for members? Learn more about our current initiatives. 

Stay connected with Suazo Business Center on Facebook, Instagram, LinkedIn, and YouTube.  

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Tags: Latino CDFIs, Member Highlight, OFN Membership, Small Business