Rockefeller pledges $10 million for Black, Latinx business recovery

Rockefeller pledges $10 million for Black, Latinx business recovery

The Rockefeller Foundation and Together We Win | Juntos Ganamos have announced a partnership aimed at supporting the recovery of small and midsize Black- and Latinx-led businesses impacted by the COVID-19 pandemic.

Launched in June by Hispanics in PhilanthropyUreeka, and Flo Lab, the Together We Win campaign will work with the Rockefeller Foundation Opportunity Collective (ROC) to expand efforts to assist Black- and Latinx-owned businesses and the communities they serve. Building on the efforts of HIP's PowerUp Fund, ROC will work to catalyze public- and private-sector investments in cities that are home to Black and Latinx-owned SMBs most affected by the pandemic, including Atlanta, Boston, Chicago, El Paso, Houston, Louisville, Miami, Newark, Norfolk, and Oakland. The foundation has pledged $10 million for the effort, which will be allocated to government, business, nonprofit and faith-based groups in all ten cities working to eliminate barriers to capital and credit among low-wage workers and small businesses operated by women, Black, and Latino owners.

"We are excited by the renaissance of partners interested in supporting BIPOC entrepreneurs," said Gregory Johnson, director of U.S. equity and economic opportunity at the Rockefeller Foundation. "Entrepreneurship is a demonstrated means to economic independence. This investment supports the ability of Latinx entrepreneurs, who have opened businesses at almost double the rate of business openings for any other demographic group in recent years. They are critical to the local and national economies — providing jobs and local essential goods and services to low-income or vulnerable groups. This investment furthers our goal of helping these vulnerable enterprises stabilize, scale, and grow to the benefit of their families and communities.

"When we conceived 'Together We Win', we wanted to create more than a campaign — we wanted a movement, a seismic shift — to help businesses recover and regain their footing now in the short term while providing them with the tools and resources to stay open and prosper in the long term," said PowerUp Fund co-founder and HIP senior advisor Nancy Santiago. "Now with the endorsement of the Rockefeller Foundation Opportunity Collective and, we have additional means to really extend our reach and make a sizable impact on hard-hit communities at a national level."

(Photo credit: Together We Win | Juntos Ganamos)