Latino philanthropy tackles Covid fallout while aiming to stem growing wealth gap

Hispanics in Philanthropy saw a drop-off from smaller donors while bigger ones picked up the slack to help small businesses, but the real challenge is staving off growing inequity.

In March 2020, Fred Sotelo was excited about the “astronomical growth” of his business in San Diego, Tolteca Corp, which distributes craft beer and coffee to mom and pop shops, as well as restaurants.

Days after he celebrated the business’s second anniversary, the country went into lockdown due to the coronavirus pandemic.

“We lost half our clients overnight. We were frantic.” he said. He had to shift some of his more “traditional brick and mortar” ways of doing business, such as people signing off on a delivery on a piece of paper, and instead had to figure out how to shift things online.

Thanks to a program offered by Google through the organization Hispanics in Philanthropy, Sotelo obtained training, as well as a grant that allowed his business to stay operational.

The pandemic has hit Latinos across the nation disproportionately, not only in the number of Covid cases and deaths, but also with job losses. Latino small businesses were also hit hard, especially with many of them unable to access Paycheck Protection Program funding at the same rate as other business owners. Unemployment was higher among Latino workers than U.S. workers overall. Pay cuts often kept Hispanics from losing their jobs, but resulted in families being unable to pay bills and buy groceries.

Early in the pandemic, Hispanics in Philanthropy, a nonprofit group that connects donors with foundations and nonprofits that provide resources for Latino families and businesses, saw a drop in small donations. Many people no longer had the same amount of disposable income, and at the same time, the tax code changed, making charitable contributions under $250,000 not eligible for the same tax shelter as before.

But even while grappling with job losses, many Latinos were still doing a lot of “informal philanthropy,” said Nancy Santiago, who was most recently vice president of the nonprofit group, and is now working with U.S. Surgeon General Vivek Murthy as deputy director of engagement.

Rather than donating to Hispanics in Philanthropy, many were helping neighbors, members in their community or donating to their church, she said.

Most of the businesses the group helps are mom and pop shops. In addition to monetary assistance to help keep the businesses open, the group works to provide coaching, mentoring and support so businesses can remain open throughout the pandemic.

Little by little, Santiago said, bigger donors such as Google and MacKenzie Scott, the billionaire philanthropist, stepped in. Google made a $3 million commitment, while Scott contributed $15 million.

Latino-owned small businesses “are part of the economic backbone of this country,” said Hector Mujica, economic opportunity lead, Google.org and a board member of Hispanics in Philanthropy. “When I think about Latino SMBs, I think about my family. I think about the role small businesses have played in my family’s story in the United States.”

Latinos lost 66 percent of their household wealth during the last recession and now there is the worry over the fallout from the Covid pandemic.

“Just like the Black community, all the equity is in our homes,” Santiago said. “So as people lose homes, we lose our equity in this country. How do you influence policy if you can’t influence the political process? And you can’t influence the political process without resources.”

To combat this, Santiago co-founded the nonprofit group’s Power Up Fund, a donor-advised fund, which specifically addresses the issue of economic inequity. It recently did their first distribution of cash and capital to startup companies. The first big investment came from a partnership with Google, where the money went directly into the Power Up Fund and in turn, they gave grants in addition to coaching and support, to 500 entrepreneurs in California, Texas and New York.

“When we can’t find a way to fix a problem, we come up with a solution,” Santiago said. “It’s not in our wheelhouse to do small business but we knew nobody else was doing it in this kind of philanthropic way.”

The HIPGive platform has launched new tools including digital giving circles and crowdfunding to increase Latino giving throughout the Americas.

This week, Hispanics in Philanthropy held a conference in Los Angeles as well as virtually, that united Latino business and philanthropic leaders in a space to strategize and share findings.

“This year’s conference encouraged us to have hard conversations about the inequities that still exist in Latinx communities,” Ana Marie Argilagos, president and CEO of the nonprofit group, said. “Funders have begun conversations of commitment to close the inequity gap.”

Follow NBC Latino on FacebookTwitter and Instagram.

Internet Explorer Channel Network
News Related

OTHER NEWS

Chinese real estate giant Evergrande makes long-awaited interest payment

The company has missed three deadlines in recent weeks for interest payments on loans that should have been paid by September 23. The group had until Saturday, October 23 at ... Read more »

Truth Social: Trumps neues soziales Netzwerk: Anderer Nutzer schnappt sich seinen Nutzernamen

Wegen des Verbreitens von Falschinformationen war der ehemalige US-Präsident Donald Trump von sozialen Netzwerken wie Twitter und Facebook verbannt worden. Nun plant er, ein neues eigenes Netzwerk zu launchen – und ... Read more »

El jugador 001 de “El juego del calamar” no puede manejar el volumen de trabajos de actuación que le ofrecen

© Netflix Yeong-su Oh interpretó al jugador 001 en “El juego del calamar”. Yeong-su Oh, quien interpretó al jugador 001 en “El juego del calamar”, dijo al programa de televisión ... Read more »

Concern over Thaicom sway mars deal Company has yet to resolve hiring deal

Satellite dishes at Thaicom’s headquarters in Nonthaburi province. (Photo: Pattarapong Chatpattarasill) The board of National Telecom (NT) is reluctant to hire SET-listed Thaicom to operate the control system of Thaicom ... Read more »

Minister to submit letter on CPTPP

Thailand's decision on whether to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is becoming clearer, as Foreign Minister Don Pramudwinai is expected to submit a letter of ... Read more »

CP-led group to take over airport link

A Charoen Pokphand Group-led consortium will take over the operations of Airport Rail Link services on Monday. (Bangkok Post photo) A consortium led by Charoen Pokphand Group will take over ... Read more »

Trade Spotlight | What should you do with IRB Infrastructure and Shoppers Stop now?

The market remained in the bear hug for the third straight session following weakness in global peers, dragged by FMCG, IT and Metal stocks, on October 21. But the banking and financials and ... Read more »

Daily Voice| Cyclical sectors likely to turn around and look attractive, says Rajesh Cheruvu of Validus Wealth

With a change in the nature of economic cycles, cyclical growth sectors are likely to look more attractive. Most of these sectors have been underperformers for over five years. An improvement in capacity ... Read more »

Russian spy satellite blazed a fiery trail over Michigan Tuesday night

Hundreds or perhaps thousands of people across the U.S. Midwest and Ontario witnessed a blazing fireball flying through the night sky earlier this week. Although the object undoubtedly came from ... Read more »

Erster Bitcoin-ETF - Kommt jetzt ein Fonds auf Ethereum?

Gerade ging in den USA der erste Bitcoin-Fonds an die Börse, schon spekuliert die Community, welche Krypto-Währung wohl als nächste folgen wird. Ganz heiß gehandelt wird dabei Ethereum. © Bereitgestellt ... Read more »

Hot Stocks | 'Can bet on Bank of Baroda, Kotak Mahindra Bank and Union Bank for double-digit returns in 2-3 weeks'

After testing a fresh lifetime high of 18,604 on October 19, Nifty started to move lower. The profit booking spree continued for the third straight session on October 21 and ... Read more »

Storyboard | A new name for Facebook Inc. Hot or not?  

Facebook. | Representative image Soon after news broke that Facebook Inc is looking to rebrand its eponymous social media platform, people began sharing their suggestions for a new name for ... Read more »

Estados Unidos enviará este sábado un millón de vacunas de Pfizer a Bolivia

© CHRISTOF STACHE (AFP) Imagen de las dosis de la vacuna de Pfizer-BioNTech contra el coronavirus. Estados Unidos comenzará este sábado el envío de un millón de dosis de la ... Read more »

Ascendas Reit to acquire 11 logistics properties in Kansas City for $207.8 million

SINGAPORE (THE BUSINESS TIMES) – Ascendas real estate investment trust (Reit) has proposed the acquisition of 11 logistic properties located in Kansas City in the United States for $207.8 million. ... Read more »

This Aesthetic Cafe in Makati Is Your Chic Oasis in the City

© Provided by Preview.ph Tucked along the busy highways of Magallanes is a verdant oasis that may just be your next go to café. With chic industrial features, such as ... Read more »

Donald Trump Plans to Launch His Own Social Media Network Called ‘Truth Social' and Subscription VOD Service With ‘Non-Woke' Content

Donald Trump, the twice-impeached former U.S. president who has repeatedly spread falsehoods about the 2020 election, announced that he’s launching a social media network called (really) Truth Social. Trump also ... Read more »

Hooters hace Photoshop en fotos de camarera después de tener criticas por sueldo y uniformes

© user109863929/TikTok Captura de pantalla 2021-10-21 a las 12.18.45.png La cadena de restaurantes Hooters, ha sido acusada de hacer photoshop en la perforación del ombligo de una camarera, en medio ... Read more »

22-24 Ekim Yarış Programı

© Motorsport.com Türkiye Yarış Programı 22 Ekim Cuma  Seri  Seans  Saat (TSİ)  Kanal  MotoGP  1. Antrenman  10:55  –  MotoGP  2. Antrenman  15:10  –  Formula 1  1. Antrenman  19:30  F1TV & ... Read more »

How companies like Crocs and Uber will continue to pay less tax under a new law

‘A shambles’ is what Professor of Tax Law Jan van de Streek of Leiden University calls the bill by outgoing State Secretary for Tax Affairs Hans Vijlbrief (D66), which aims ... Read more »

Supply-chain woes hitting social media as firms cut back on holiday advertising, says Snap

Shares of Snap tumbled more than 25 per cent in extended trading. SAN FRANCISCO (BLOOMBERG) – Snap warned on Thursday (Oct 21) that supply-chain bottlenecks are prompting companies to hold ... Read more »

PTTGC pledges to reduce its emissions Firm targets 20% decrease by 2030

The net-zero goal, which is also known as carbon neutrality, requires countries to strike a balance between emissions and absorption of carbon dioxide from the atmosphere. PTT Global Chemical Plc ... Read more »

Former U.S. president Donald Trump launches 'TRUTH' social media platform

FILE PHOTO: Former U.S. President Trump holds rally in Iowa By Dan Whitcomb LOS ANGELES (Reuters) -Former U.S. President Donald Trump will launch his own social media app, TRUTH Social, ... Read more »

Production outlook improving

From January to September, domestic car production increased by 25.6% year-on-year to 1,211,946 units. The Federation of Thai Industries (FTI) expects car production to grow beyond the target of 1.6 ... Read more »

'Zero-trust security' on the rise Remote work economy lifts demand for IT security but many Asian companies must do more to upgrade, says Okta

The survey found that organisations in Asia Pacific prioritise zero-trust security more than their peers in other regions. The unprecedented mass migration of organisations' IT infrastructure to cloud and digital ... Read more »

Hawaii Welcomes Travelers Back Beginning November 1 Announcement comes about two months after tourists were asked to voluntarily postpone travel due to Covid-19 concerns

Hawaii will open itself to travelers in November, after being asked in August to postpone their trips. “Beginning Nov. 1, we want to invite and encourage fully vaccinated visitors and ... Read more »

Aura Cristina Geithner denuncia estafa por redes sociales

© AURA CRISTINA GEITHNER (TWITTER OFICIAL) Aura Cristina Geithner denuncia estafa por redes sociales Aura Cristina Geithner es una de las actrices y cantantes más reconocidas de la farándula nacional, ... Read more »

BAAC to back farming-related startups

Bank for Agriculture and Agricultural Cooperatives (BAAC) will invest in promising startups in the farming sector, especially those which have boosted farmers' income, said the bank's executive vice-president Narong Khuntiviriyakul. ... Read more »

Three schemes set to welcome visitors

People walk pass a thermal screener at Don Mueang airport in Bangkok on Wednesday during a readiness inspection in preparation for the country’s reopening on Nov 1.  Pattarapong Chatpattarasill Thailand's ... Read more »

Cryptocurrencies a new issue for SEC Regulator to educate young investors

Cryptocurrencies have given rise to a new set of challenges for the Securities and Exchange Commission (SEC) as the recent price surge has lured numerous new investors to the market ... Read more »

BoT eases mortgage LTV ratio Move aims to boost property sector

The Bank of Thailand (BoT) has further eased the loan-to-value (LTV) ratio for mortgage lending to allow homebuyers to borrow loans of up to 100%, aiming to help boost the ... Read more »

Krungsri profit soars for first 9 months

A customer utilises passbook update services provided at a bank branch of Krungsri. Varuth Hirunyatheb Bank of Ayudhya (BAY), marketed under the brand Krungsri, has reported a net profit of ... Read more »

Zipmex unveils ZLaunch platform

The ZLaunch platform will be accessible to Zipmex’s users from Oct 26. Zipmex has introduced ZLaunch, a platform that allows users to stake in the platform's original token — Zipmex ... Read more »

Phuket envisages attracting 10,000 tourists per day

Phuket aims to attract 10,000 tourists per day, contributing 35 billion baht to the local economy by December, while the island is listed among the top destinations for local travellers ... Read more »

Altos Hornos de México analiza declararse en quiebra en Estados Unidos

© Reuters. Altos Hornos de México analiza pedir protección por quiebra en EU. Altos Hornos de México (AHMSA)  informó este jueves que explora la posibilidad de solicitar la protección por ... Read more »

Shares Of SPAC Tied To Donald Trump Social Media Venture Nearly Quadruple In Heavy Trading

Shares of Digital World Acquisition Corp. — the special purpose acquisition company that plans to merge with a Donald Trump-led social media network — surged Thursday in heavy volume as ... Read more »

Trump is fighting Twitter's censorship with an even more censorious social site of his own

Donald Trump. Illustrated | Getty Images, iStock After nearly a year banned from most major social media outlets, former President Donald Trump has created his own platform. Trump announced Wednesday ... Read more »

Qantas ramps up for Christmas rush as Australia borders reopen

SYDNEY (BLOOMBERG) – Qantas Airways is gearing up for a Christmas rush, bringing back all its Australian workers and adding flights as the nation’s borders reopen after more than 18 ... Read more »

Reviewing the 12 Best Samsung TVs of 2021 – Which Model Is Right For You?

© Courtesy of Samsung Samsung is one of the biggest names in television manufacturing because they consistently produce quality, dependable models that can fit almost any budget. Their mid-range models ... Read more »

Red social de Donald Trump habría plagiado trabajo del fundador de Mastodon

© Trump Media and Technology Group Pantalla de presentación de la red social Donald Trump Truth La nueva red social similar a Twitter de Donald Trump parece ser un clon ... Read more »

CDC panel recommends Moderna, J&J boosters

The committee also endorsed a "mix and match" approach to booster shots, which would provide greater flexibility. Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic