Wells Fargo Foundation Provides $250,000 Grant to Empower Hispanic Chambers of Commerce

Representatives from the Wells Fargo Foundation announced Thursday, September 25, a new grant for $250,000 to the U.S. Hispanic Chamber of Commerce Foundation (USHCC Foundation) to continue efforts to build the capacity of Hispanic Chambers of Commerce. The new grant will build on activities started in 2007 by the USHCC Foundation. Those previous activities were funded by a grant from the Wells Fargo Foundation to identify the needs of local and regional Hispanic Chambers of Commerce. The announcement was made during the U.S. Hispanic Chamber of Commerce’s 29th Annual National Convention and Business Expo.

The recently completed first-phase grant activities included a survey and research that have identified several priority areas for the Hispanic business community. According to the survey, local, regional and statewide Hispanic Chambers of Commerce seek training and resources to strengthen governance and administrative functions. Additionally, the research found that Hispanic businesses are in need of capital to begin, grow and expand their companies, an issue of particular importance in the current economic climate.

“The USHCC Foundation is committed to the advancement of the Hispanic community’s economic development and entrepreneurship skills,” said David C. Lizárraga, Chair of the Board for the USHCC and USHCC Foundation. “This new Wells Fargo Foundation grant will support our proactive strategies to empower Hispanic-owned businesses and help expand the reach of Hispanic Chambers of Commerce.”

“For many years, Wells Fargo has enjoyed a growing and supportive alliance with the United States Hispanic Chamber of Commerce,” said Tim Rios, Senior Vice President of Corporate Community Development and national spokesperson for the Wells Fargo Latino Business Services Program. “We look forward to continuing and expanding our relationship with the USHCC Foundation and this grant illustrates Wells Fargo’s continued commitment to the Latino business community.”

The future activities supported by the new grant will focus on improving governance and financial models of local chambers, as well as assisting them in fundraising and procurement. Future studies are planned to explore in more detail the financial needs of Hispanic-owned businesses to assess the size of need, determine the need for loans versus equity financing, identify the outreach or educational program needed to increase the financial capacity of Hispanic-owned businesses, and to better understand what role local Hispanic Chambers of Commerce may play in meeting the needs of their respective members. “

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