The Power Fund seeks to ensure Latino communities receive equitable share from the Infrastructure Package and American Rescue Plan and mobilize voters for the 2022 Mid-term
SAN FRANCISCO, December 14, 2021–(BUSINESS WIRE)–The Latino Community Foundation (LCF), in partnership with 20 foundations and donors, raised $10 million for the Latino Power Fund in less than 6 months. The response from a diverse group of funders signals a commitment to invest boldly in a power-building movement led by Latinos and ahead of a consequential mid-term election year.
Devastated by the health and economic impact of COVID-19, Latinos have suffered disproportionately these past 18 months. Over 32,000 Latinos lost their lives, accounting for 45% of COVID-related deaths. Small businesses owned by Latinos – a backbone of the state economy – were also hardest hit. Yet, in California, the probability of a Latino business owner able to receive a loan from a national bank is 91% lower compared to a white business owner, even when controlling for revenue, profitability, and credit scores.
LCF created the power fund to ensure an equitable and just recovery centered on Latinos and their families. “Between the $1.9 trillion American Rescue Plan and the $2.6 trillion Infrastructure and Jobs Package, we have a palpable opportunity to make things right for Latino families,” said Jacqueline Martinez Garcel, CEO of LCF. “These investments are intended to level the playing field with billion-dollar…