HomeUSALatino Business Action Network Launches the First Startup Accelerator For Hispanic and...

Latino Business Action Network Launches the First Startup Accelerator For Hispanic and Latino Founders

LBAN
LBAN

Latino Business Action Network (LBAN), a San Jose, CA-based nonprofit that collaborates with Stanford University to empower Latino entrepreneurship, launched its first Startup Accelerator focused on expanding equitable access to funding for Latino founders.

The inaugural cohort of this new program supported by JPMorgan Chase matches 40 Latino-founded startups with Latino-friendly capital providers (venture capitalists, bankers, and CDFIs) to help them meet their fundraising goals and receive mentorship from industry experts with vast networks and experience. In addition, these Latino founders will be taught by Stanford professors to guide them through their go-to-market plan, profit model, financial statements, and startup valuation, culminating in a Stanford Graduate School of Business Executive Education certificate.

LBAN’s Startup Accelerator is currently open for enrollment. It is accepting applications until December 2023 to fulfill its goal of supporting U.S.-based Latino founders who have already raised between $200k and $1.5 million from external sources. Startup founders can apply here.

In ten years, LBAN has helped thousands of Latino entrepreneurs who faced disproportionated bias to secure funding for their startups, allowing them to scale and create over 50,000 jobs in America while contributing $7.1+ Billion to the U.S. economy. 

Commenting on the cohort launch, LBAN CEO, Arturo Cazares, said: “When it comes to investing, VCs assign an unfair bias towards Latinx founders, when in reality, the data proves Latino-founded companies continue to outperform their white-owned companies. By giving Latino entrepreneurs the network, resources, and access to capital that they have been traditionally closed off from, LBAN and our partners are bringing more equity into the funding landscape.

JPMorgan Chase became a corporate sponsor earlier this year to support Hispanic and Latino entrepreneurs through LBAN’s core pillars of foundational research, transformational education, and empowering ecosystem. Throughout this year, JPMorgan Chase has provided a number of in-person and virtual workshops to Latino entrepreneurs on corporate supplier diversity programs and benefits of minority certification–the remaining sessions will cover business banking valuations access to credit, and more. The firm’s joined LBAN’s 8th annual State of Latino Entrepreneurship Summit where JPMorgan Chase’s representatives spoke on the importance of access to capital for Latino entrepreneurs and small business owners and the firm’s $30 billion Racial Equity Commitment. This collaboration is part of the ongoing efforts led by JPMorgan Chase to drive inclusive economic growth and access to close the wealth gap for those who have been traditionally underserved, including Black and Hispanic and Latino communities.

VCWire

27/09/2023