💸💪🏾Moneda Moves (31): On Elizabeth Warren's plan to tackle funding for Latinx entrepreneurs
Feliz viernes and happy first day of summer, Moneda Moves readers! 🌞We're coming to you with a synthesized version of your weekly digest this morning and a note: Moneda Moves is taking a quick beat with notitas back in your inbox following July 4 holidays.
Nos vemos pronto!
Con poder✊🏽,
Lyanne
Keep tabs/cuentas on what's happening at the intersection of Latinx and money.
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Elizabeth Warren on a mission to level the playing field for entrepreneurs of color⚡: Democratic presidential candidate Elizabeth Warren has released a plan that would provide $7 billion in grants to minority-owned businesses. (Which has been received with open arms by diversity advocates in the entrepreneurship space, many of which have been working on this mission for years. The Washington Post gave us the 4-1-1.)
The grants would be available through a "Small Business Equity Fund" and stresses that these opportunities would not be loans, as to ensure entrepreneurs are focused on growth and not paying back debt. This is big for communities of color, which don't often have access to resources like grants. A Stanford Business School report noted that “Latino business owners tend to depend on personal savings and seed funding from friends and family to start their businesses,” and are “much more likely [than white entrepreneurs] to use personal guarantees than business assets to secure financing.” The full coverage is in Vox and written by Rachel Withers.
Julián Castro wants to transform and expand a housing assistance program🏠: Democratic presidential candidate and President Barack Obama's housing secretary Julián Castro is calling out the affordable housing crisis and has developed a plan to help alleviate some of its effects. In a plan released this week, Castro vowed to give renters a tax credit and expand a housing assistance program for the poor. Only 25% of people eligible for housing subsidies received vouchers, he noted. To ease some side effects of the crisis, Castro also wants to offer refundable tax credit to low and middle income renters when their rent exceeds 30% of their income, or are cost burdened per HUD standards. The story comes from NBC Latino's Suzanne Gamboa.
Put your money/monedita where your mouth is! Some money updates for thought.
Eva Longoria -- the actress, philanthropist and modern business woman🎥: This week we were at the Forbes Women's Summit and we would be lying if we said we weren't starstruck following actress Eva Longoria's on stage conversation with editor-in-chef at Forbes Media Steve Forbes. Not only is Eva a household name for her work as an actress, but she has also been a producer, launched a production company, created a clothing line and published a cook book. What was most interesting to me? Her foundation, through which she aims to elevate Latina entrepreneurs by providing microloans. To date, she announced her initiative has given more than $6 million in microloans. She also covered how she is intentional about hiring diverse candidates and how she's dabbled in a variety of industries (hint: it has to do with who she hires). Well done, Eva. A full story is in Forbes by Elizabeth Brier.
That's all for this week, folks. No te olvides, we are also on Twitter and Instagram with updates. If you're receiving this edition as a forwarded email, please sign up! tinyletter.com/MonedaMoves
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