The power and promise of Latino entrepreneurs and small businesses in low- to moderate-income, or LMI, communities are undeniable. Study after study shows their immense size and potential. Just consider this stat: There are more than 4 million Latino-owned businesses in the U.S., and together they generate $660 billion in revenues. However, another study points out that this subset is growing at a slower pace compared to their non-Latino counterparts, resulting in a $1.3 trillion revenue gap.
May 1—First Bank announced it has invested $500,000 into Justine PETERSEN's Emerging Markets Loan Fund. This revolving loan fund is designated for micro- to mid-sized loans to small business to increase access to capital in areas of Missouri and Southern Illinois where it is needed most.
The city of Detroit announced plans to raise $130 million in partnership with Invest Detroit as well as the Kresge Foundation and other local philanthropic and public organizations in an effort to provide commercial improvements, affordable housing, and streetscape and park improvements in seven
By leveraging the combined strengths of each partner, we are able to achieve a level of impact that could not be accomplished independently. We believe that by working together, we can set new standards for small business owners in underserved communities who face barriers in accessing capital. By identifying key service areas we have achieved partnerships that help us work toward mutual goals.