LAS VEGAS (KTNV) — Hispanic-owned businesses in the Las Vegas area can now apply for a program aimed at supporting growth in the community.
PepsiCo's philanthropic arm, PepsiCo Foundation, is offering not only a $10,000 grant to selected businesses, but also opportunities for coaching.
The program is called the Impacto Hispanic Business Accelerator. Each year, it operates in just 10 cities. In 2023, Las Vegas is one of them.
The application period opens Wednesday, May 17, and runs through June 16 of this year.
"The program aims to bolster Hispanic-owned businesses — specifically food and beverage businesses that are beloved community staples," according to PepsiCo Foundation.
Representatives cite a study on loans for Hispanic business owners as inspiration for the program.
"A study conducted by Stanford revealed when Latino-owned businesses had a gross revenue that is 3 times larger than White-owned businesses, have similar business and personal credit scores, and have lower outstanding debt on average, the Latino businesses still have lower approval rate when requesting loans above $50,000."
Rachel Kent, senior manager for media and community relations at PepsiCo Foundation, says the winners will be announced in the fall.
Applicants will have access to business training and coaching from Accion Opportunity Fund and local nonprofit partners. The selected 100 participants will receive a $10,000 small business grant to support their ongoing efforts to grow, thrive, and prosper in their communities, according to PepsiCo.
Applications can be submitted through the Impacto Hispanic Business Accelerator page.
