💸Moneda Moves (48): This Mexican restaurant is a destination for Iowa caucus candidates🇲🇽
Feliz viernes, Moneda Moves readers. It's been a highlight reel of a week with Iowa caucus results out and coming off the Super Bowl 2020 halftime show put on by Shakira and Jennifer Lopez that took social media by storm even though they won't be seeing a dime from the NFL.
Here's a few quick takeaways from the week. We'll be back with a full length notita the next.
Con poder✊🏽,
Lyanne
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Keep tabs/cuentas on what's happening at the intersection of Latinos and money.
The Mexican restaurant that is a destination for Iowa caucus candidates🇲🇽: For politicians aiming to garner attention ahead of this week's main political event in Iowa, they stopped by La Carretera Mexican Grill in Marshalltown, Iowa. The restaurant, opened by a Mexican immigrant, is now led by his son and has welcomed the likes of Alexandria Ocasio-Cortez, Beto O'Rourke and Former Democratic candidate Julián Castro while campaigning for Senator Elizabeth Warren. Latinos represent six percent of the state and 73,000 are eligible to vote.
"It's important for the Latino community to participate in the caucus," said Castro. "Latinos are growing in Iowa and could determine who wins."
Owner of the restaurant Alfonso Medina believes that his establishment serves as a political driver. When customers finish eating at La Carretera, they receive a bill with a special message:
“Immigrants make the United States great," the message says. "They also cooked and served your food today."
The story comes from NBC Latino reporter Miriam Arias.
Report: Barriers for Latino business owners💰: In this newsletter, we often talk about the surge and power of Latino small businesses. In the last decade alone, Latino businesses have increased by 34%, outpacing business creation for any other ethnic group. But a recent report from the Stanford Latino Entrepreneurship Initiative reveals the kind of barriers Latino entrepreneurs are facing when it comes to breaking barriers in business and scaling up.
A few of the issues raised included:
Latinos in C-level positions at Fortune 500 companies is very small and has not changed a lot in the last 10 years
Latino-owned businesses experience funding shortfalls from traditional small business lending sources like banks
Many Latino-owned businesses are not certified by proper agencies and don't qualify for government or corporate contracts
Despite the barriers the Latino businesses face, the potential for impact is high. Per the report, if Latino-owned businesses matched the size of their non-Latino counterparts, this would add 5.3 million new jobs and $1.5 trillion to the U.S. economy. What will be key to making this happen? Starting to treat Latino-owned businesses as a real asset to the economy.
(Source: Stanford Business)
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