GPHCC Partners with Interise on National Initiative that Addresses the Latinx Wealth Gap

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Accelerate Latinx, powered by Interise and the Greater Philadelphia Hispanic Chamber of Commerce, is a new initiative aimed at building a more diverse and inclusive economy by supporting the growth of established Latinx-owned businesses.

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Philadelphia, Jul 9, 2019 (Issuewire.com) – Interise, a national economic development nonprofit, announced at the US Conference of Mayors a partnership with the Greater Philadelphia Hispanic Chamber of Commerce (GPHCC) and three other organizations across four cities aimed at building a more diverse and inclusive economy by supporting the growth of established Latinx-owned businesses. Using Interise’s award-winning curriculum, the StreetWise’MBA’, Accelerate Latinx is designed to scale established, Latinx-owned small businesses for local job and wealth creation.

“Interise launches Accelerate Latinx to directly address the growing racial wealth gap – the most challenging situation facing America today,” said Darrell Byers, CEO of Interise. “Creating an opportunity for Latinx business owners to operate and grow their businesses is imperative to creating higher incomes for business owners, employees, and their communities.”

“Philadelphia has the unfortunate distinction of being the poorest big city in the nation and Latinos constitute the poorest demographic locally. At GPHCC, we are thrilled to have the opportunity to address the wealth gap in our community by bringing this award-winning business education program, which is designed to help businesses scale and create jobs,” said Jennifer Rodríguez, President and CEO of the Greater Philadelphia Hispanic Chamber of Commerce.

According to the research paper co-authored by Interise, the Federal Reserve Bank of New York, and Stanford Latino Entrepreneurship Initiative, “Latino-Owned Businesses: Shining a Light on National Trends,” Latinx-owned businesses contribute over $700 billion to the American economy every year. While Latinos start businesses at a higher rate than non-Latinos, they start smaller and stay smaller compared to other businesses. Accelerate Latinx is a multi-city program designed to address this gap.

Through the support of the Kauffman Foundation, Interise has partnered with GPHCC to enroll businesses owners into a Latinx-focused StreetWise ‘MBA’ program that will provide practical business knowledge, management know-how, access to capital and contracting opportunities. The program is scheduled to start this fall.

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To be eligible, Latinx business owners must have operated their business for at least two years, grossing no less than $250k in annual revenue, with at least one full-time employee other than the owner.

 

About GPHCC

Established in 1990, the Greater Philadelphia Hispanic Chamber of Commerce (http://www.philahispanicchamber.org/) is a not-for-profit organization devoted to promoting the advancement and economic growth of Hispanic businesses and professionals in the greater Philadelphia region. We accomplish this through educational programs and a broad range of services and special events. The GPHCC proactively serves a diverse membership–consisting of entrepreneurs, Latino businesses, Latino professionals, corporations and government–with the overriding goal of helping these critical constituencies capitalize on the many opportunities their diversity, enhanced by our Latino multicultural mix, offers.

 

About Interise

Interise builds diverse and inclusive local economies through small business development, supporting the growth of minority-owned small businesses and small businesses located in low- and moderate-income communities. Interise’s award-winning StreetWise ‘MBA’ uses a peer-learning method to provide business owners with the knowledge, know-how, and networks necessary to achieve financial stability and second-stage growth.

As Interise companies grow, they contribute to local job creation and build community wealth. Interise companies historically create new jobs at 5x the rate of the private sector and are responsible for the creation of over 30,000 new jobs. Interise partners with government agencies, anchor institutions, and business associations to make locally branded StreetWise ‘MBA’ programs available in 75+ cities, nationwide. Strategic Growth Partners include the Kauffman Foundation, the Surdna Foundation, and the Prudential Foundation.

Media Contact

Greater Philadelphia Hispanic Chamber of Commerce

[email protected]

215-845-5456

1520 Locust Street, Suite 1001, Philadelphia, PA 19102

http://www.philahispanicchamber.org/

Source :Greater Philadelphia Hispanic Chamber of Commerce

This article was originally published by IssueWire. Read the original article here.

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