It is predicted that 40 percent of Black-owned businesses and more than 50 percent of Latino-owned businesses will not return post-COVID-19 disruption. This is linked to the fact that government help is being granted to businesses that have had prior involvement with financial institutions. Financial institutions have also proven themselves to be partial towards businesses that are well-connected, or in other words, privileged. With such data, there is no denying that businesses owned by members of underrepresented communities, such as Black and Latinx, are disadvantaged by systemic blocks. This is why Hispanics in Philanthropy (HIP) and Ureeka have partnered to launch “Together We Win” (“Juntos Ganamos”), which aims to help these types of businesses in particular.
“Together We Win” (“Juntos Ganamos”) is a campaign that emboldens consumers to support small and medium-sized businesses (SMBs) affected by the pandemic to help ensure their economic survival and the recovery of communities.
“The growth of Black and Latino-owned SMBs is impressive, considering the systemic and structural barriers that have existed for generations. However, we have reached a point where the economic disparity and inequity is impacting our collective health and future,” said Nancy Santiago Negron, HIP Advisor and Community Impact Lead for Ureeka.
The union created between HIP and Ureeka allows SMBs to benefit from their established relationships, thus granting them access to their networks and resources such as the PowerUp Fund. This particular fund aids in maintaining a just economy and securing equal opportunities for the Latinx community. Another program that makes part of “Together We Win” is 1863 Ventures, which focuses on business development by using their intricate design on narrowing the gap between entrepreneurship and equity. The combination of these organizations produces a power-in-numbers approach that provides desirable results and can benefit Black and Latino-owned SMB owners most impacted by COVID-19.
“Together We Win” is far from idealistic. They are walking their talk, hence making their vision a reality. A couple of businesses, such as Baiser Beauty and Shop Latinx, have already reaped the benefits of this campaign. Shop Latinx, for instance, was a financial award recipient from this initiative, which was afforded by the PowerUp Fund.
There’s no doubt that those behind this campaign are committed to helping Black and Latinx businesses achieve their goals. Melissa L. Bradley, Ureeka Co-Founder and 1863 Ventures Founder recently said: “Believing in the power of our communities and the power of our shared experiences, ‘Together We Win’ is a movement designed to shift the way we think about our individual choices, how these new majority businesses have the greatest potential to thrive, and the impact their success has to create ripple effects within these different small business segments.”
“Together We Win” is on its way to make others thrive and there’s no stopping them.