A new initiative to support the growth of established Latinx-owned businesses
Accelerate Latinx, powered by Interise and the Greater Philadelphia Hispanic Chamber of Commerce, is aimed at building a more diverse and inclusive economy.
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The Greater Philadelphia Hispanic Chamber of Commerce (GPHCC) is continuing its devotion towards promoting the advancement and economic growth of Latinx businesses and professionals in the region.
The Chamber recently announced the launch of a new initiative, Accelerate Latinx, with the goal of building a more diverse and inclusive economy, particularly for Latinx-owned businesses.
The initiative, in collaboration with Interise and three other organizations across four U.S. cities, will use Interise’s award-winning curriculum, StreetWise’MBA’™, a program that provides small business owners with the business knowledge, management, know-how, and the networks needed to grow established small businesses. StreetWise’MBA’™ is used by nearly 80 cities across the country.
According to a 2018 report from the Stanford Latino Entrepreneurship Initiative (SLEI), only three percent of Latinx-owned companies generate at least $1 million in annual gross revenue.
Accelerate Latinx will be designed to scale established, Latinx-owned small businesses for local job and wealth creation.
Darrell Byers, CEO of Interise, calls the growing racial wealth gap “the most challenging situation facing America today.”
“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,” Byers said in a press release.
During the Greater Philadelphia Hispanic Chamber of Commerce’s new member orientation on July 23, GPHCC President Jennifer Rodriguez, said only 18 Latinx-owned businesses will be selected to participate in this program.
“It is really meant for those businesses that are tired of the status quo,” she said. “We’re bringing you the tools, resources, and networks, and you are going to create the plan.”
The program will consist of 12 sessions over seven months, starting in September. Participants will meet every other Thursday for three hours throughout the duration of the program.
There are five modules for this program:
- Setting the Stage for Growth
- Balancing Cash Flow & the Bottom Line
- Building Profitable Sales
- Getting What You Need to Grow
- Putting it All Together
For each module, participants will be assisted by the instructor, their CEO Mentoring Group, and multiple guest experts.
At the end of the seven months, each participant will present their three-year roadmap for success in the growth of their business.
Applications are being accepted now, and will continue through August. To be eligible, Latinx business owners must have operated their business for at least two years; gross no less than $250,000 in annual revenue; and their business needs at least one full-time employee other than the owner.
The program is free for GPHCC members. All non-members must pay $500 of the program's $10,000 tuition.
To apply for the Accelerate Latinx program, click here.