Expanding on the success of its Hispanic Entrepreneurship Training Program, the Statewide Hispanic Chamber of Commerce of New Jersey announced on Thursday it has created the Latina Entrepreneurship Training Series, which will focus on the needs of Latina business owners.
The program was made possible from grants provided by Wells Fargo and the Center for Hispanic Policy, Research and Development, SHCCNJ said.
“Latinas create new businesses at three times the rate of any other population group. Whether they are raising a family as single mothers, complementing their spouse’s income, or pursuing a dream of launching their own business, entrepreneurship offers a path for a better quality of life for themselves and their families. However, Latinas face exacerbated barriers to growth, with increased difficulties in accessing the necessary capital and resources to scale up, as well as combined gender and cultural barriers. As a result, they experience the highest failure rates for new businesses within five years of inception,” Valeria Aloe, entrepreneurship program director, SHCCNJ, and founder of AlphaQuest Consulting, said.
The LETS program, developed and run by women Hispanic business owners and professionals, will offer Hispanic women entrepreneurs who have started their business the appropriate tools and connections to expand and scale. Participants in the 10-week program will be provided business education, individual coaching, mentorship, a support community, access to 12 board members who are successful Hispanic business people, and a network of contacts for Latina business owners at no cost.
TO participate, businesses must have a minimum of $50,000 in annual sales and immediate needs for loans, hiring or expansion. It will be offered in Perth Amboy starting May 2020. Applications can be submitted until Dec. 31, 2019.
“We are grateful that Wells Fargo, CHPRD, and the Statewide Hispanic Chamber of Commerce of New Jersey have partnered on this relevant and timely initiative to provide women entrepreneurs classes on a variety of topics vital to building and fortifying their businesses. Part of our mission is to create a more inclusive economy in which entrepreneurs have a fair shot at building and scaling their companies,” Carlos Medina, CEO and president, SHCCNJ, said.
