Press release
The PepsiCo Foundation to Provide Capital and Coaching to Over 100 Hispanic Small Business Owners to Help Them Thrive During Tough Times
Applications for the 2023 Impacto Hispanic Business Accelerator Program open today PURCHASE, N.Y., May 17, 2023 /PRNewswire/ -- The PepsiCo Foundation,
About this update from Pepsico, Inc.
[{"type":"text","content":"Applications for the 2023 Impacto Hispanic Business Accelerator Program open today\nPURCHASE, N.Y., May 17, 2023 /PRNewswire/ -- The PepsiCo Foundation, PepsiCo's philanthropic arm, is proud to open applications for the 2023 Impacto Hispanic Business Accelerator program today. In partnership with Accion Opportunity Fund, Allies for Community Business, LiftFund, and Prospera, the program aims to bolster Hispanic-owned businesses — specifically food and beverage businesses that are beloved community staples — to address foundational business challenges and support business growth.\n\n \n \n \n \n \n \n\n \nAccording to the Bureau of Labor Statistics, nearly 50 percent of businesses fail within the first five years, which is why the PepsiCo Foundation is focused on keeping the doors open during the tougher times, whether it be a pandemic or inflation.89 percent of Hispanic owners say that inflation is currently impacting their businesses and hindering their ability to stay afloat and access to cash flow remains a major issue.A study conducted by Stanford revealed when Latino-owned businesses had a gross revenue that is 3 times larger than White-owned businesses, have similar business and personal credit scores, and have lower outstanding debt on average, the Latino businesses still have lower approval rate when requesting loans above $50,000.\"The PepsiCo Foundation Impacto grant helped us keep the doors open and keep our employees employed. I am so thankful the Foundation is continuing this because today I am now expanding my business to two new locations. I think these types of grants are such a blessing and it came at a time when we most needed it. A small grant like this can go a long way to get us over the top,\" Jesse Iniguez, owner of Back of the Yards Coffee in Chicago said.\nHispanic food and beverage small business owners who are bringing life, culture, and vibrancy to their local communities are encouraged to apply here. Applications will be open from May 17, 2023 – June 16, 2023.\n\"I am so grateful for all the work you've (PepsiCo Foundation) done. It has truly been life changing for me. A year ago, I was afraid to knock on doors and now I am hopeful, motivated and even expanding the business to a second location. Thank you for being a vessel to shed light on small Latina owned businesses. It truly is a win for the ent...