Popular Bank, Latin Business Today partner on initiative to empower small biz entrepreneurs
Popular Bank, the stateside subsidiary of Popular Inc., and national multi-platform small business advisor Latin Business Today, LLC, announced the development of an education initiative “to tackle the unique and pressing challenges” facing Latino small businesses amid the COVID-19 pandemic.
The initiative launched in summer 2020 and seeks to reach millions of Latinx small business owners and entrepreneurs nationally, the companies said.
As part of this initiative, Manuel Chinea, Popular Bank COO, and Eli Mendoza, Latin Biz Today advisory board member and Siris Capital Partner and COO, will team up to host “Driving business success through the pandemic,” a nine-part virtual discussion series that aims to discuss evolving challenges and opportunities facing small business throughout economic and operational disruption.
Leveraging their industry expertise and insights, both leaders will collaborate to discuss the current economic and small business landscape and empower small business owners to successfully navigate the immediate and ongoing challenges and opportunities.
Topics will include the small business program stages of survival, as well as tackling medium-and long-term goals.
“Latino-owned businesses had been growing at an accelerated rate prior to the pandemic. We want to do everything we can to provide guidance and resources, especially during this very difficult time, so they can continue to build on their success,” said Chinea.
“It’s critical to adopt and evolve sustainable business practices that can prepare businesses to quickly adapt to unforeseen changes in the environment. The initiative does just that, focusing on key areas such as financing, strategic planning, among others,” he said.
The introduction of “Driving business success through the pandemic” comes at a critical time for small and micro businesses across the United States.
According to a recent survey conducted by the Stanford Latino Entrepreneurship Initiative, 86% of Latino small business owners reported significant negative impact on their businesses by the pandemic.
Nearly two-thirds said they will not be able to continue operating beyond six months if current conditions continue. Additionally, many small business owners now find themselves exploring and seeking new financial relief tools as reopening guidelines continue to change, the companies said.