GRAND RAPIDS, Mich. — A new partnership aimed to support local businesses is being called a game changer.
The Hispanic Center of Western Michigan, Opportunity Resource Fund, and Northern Initiatives launched a $1.2 million loan program on Thursday, April 17, to support Latino-owned businesses in Kent County. I spoke to investors and local companies on why the future of Latinos in West Michigan is bright.
"This is exciting news and positive news for our Latino community here in West Michigan," said Michelle Boughner, President of the Hispanic Center.
Diverse partnerships across industries and expertise gathered in the Hispanic Center ready to buy in to Latino entrepreneurs in Kent County.
The program is a breakthrough after years researching.
"A lot of back and forth, honestly," Boughner explained as it took time to identify and understand the complexities of Latinos launching businesses.
"Making sure we had the right team players around the table was, I think, one of the biggest struggles that we had, and once we found them, everything moved along smoothly," Boughner added.
The Hispanic Center of Western Michigan has been working on Latino equity, self-sufficiency, and personalized prosperity for 47 years. The center's president said some entrepreneurs need Spanish translation services. Others are not eligible for a traditional loan, which can end success before it begins.
"That dream that I had to launch a first time business, or that dream that I have to scale up an existing business so that I can create generational wealth, has been completely eliminated," said Boughner.
This program is not the first of its kind, but it is now the largest led in West Michigan. Northern Initiatives and Opportunity Resource Fund will come along side new and existing companies, guiding them to scale with advisors to be more bankable.
"We'll be doing essentially $50,000 and above, and then connecting with the community to access the capital is obviously difficult for any minority group, especially as well as the Hispanic community," explained Opportunity Resource Fund Loan Officer Alexis Hill.
Hill invests in businesses like Monte Electric which received $145,000. She sees how empowering loans can be for entrepreneurs.
"Once they get the loan, they're really happy, you know, to see the expression and see what, how the impact can help," said Hill. "A lot of these entrepreneurs might be electricians contractors, so the projects that you see, like the amphitheater and the affordable housing projects, these are what our entrepreneurs are doing."
The goals of the new program: increase business growth, build stronger networks, and accelerate the value Latino entrepreneurs bring to greater Grand Rapids.
"Persevere," Hill added.
Boughner encouraged business owners to not be afraid to receive support.
"It's a statement," Boughner said. "It's a statement to say, you know we are. We know the Latino community is here. We know they are a vibrant part of our community, and we want to invest."
To learn more about the program, visit the Hispanic Center of Western Michigan's website.
Follow FOX 17: Facebook - X (formerly Twitter) - Instagram - YouTube
