HIP to Deploy Millions in Emergency Investments
FOR IMMEDIATE RELEASE Press Contact: Sonia Melendez Reyes
June 2, 2020 [email protected], 626-274-4877
Washington, D.C.— (June 2, 2020) As the nation experiences multiple national emergencies, Hispanics in Philanthropy (HIP) presents a call-to-action for social justice to focus on Latino small businesses and nonprofits across the U.S. and the Caribbean. The virtual summit, Nuestro Momento; Nuestro Poder / The Time is Now, The Power is Ours, will bring together 700 leaders, nonprofits, advocates, and the business sector to ignite a post-COVID-19 economic recovery that supports Latinos businesses, which have been disproportionately impacted.
At the summit, HIP will announce its commitment to philanthropic innovation by officially launching the PowerUp Fund—a key component of HIP’s suite of financial tools that include both emergency and long-term funds for Latino small businesses and nonprofits. Overall, HIP has deployed nearly a half a million dollars in COVID-19 recovery grants to Latinx organizations. The PowerUp Fund will deploy additional funds to entrepreneurs in California, Florida, and Texas. The PowerUp Fund is committed to raising $60 million—$1 for every Latino that calls the U.S. home—and its goal is to balance the scales of economic justice by investing in Latinx businesses.
“We are coming together during these difficult times and the moment has never been more urgent or the need greater to use our collective power to fight against racism and towards social justice – because to do nothing is not an option,” said Ana Marie Argilagos, HIP’s president and CEO. “Racism is also a public health crisis and COVID-19 has amplified structural inequities that have existed in our society and culture for far too long. The pandemic has devastated Latino households and small businesses in the U.S.—some economists warn that a full 50 percent of Latino small businesses will not survive post-COVID-19. That is why we’re focusing our granting efforts in providing immediate and direct relief to Latino organizations and small businesses.”
Additionally, HIP will announce the creation of the Essential Fund, a fund that has already raised $2 million and has a goal of fundraising $3 million to support Latino-serving organizations with close ties to Latino essential workers in their efforts to focus on much-needed COVID-19 relief and recovery efforts. The funds will be dedicated to resourcing communities with cash, food and rental assistance, personal protective equipment, child care, and other resources workers need to continue providing essential services for our country as we flatten the curve.
The two-day summit will include civil rights leader Dolores Huerta, award-winning journalist Maria Hinojosa, ABC’s “The Good Doctor” actor Nicholas Gonzalez—who serves as a spokesperson for #Masks4Farmworkers, VICE News correspondent Paola Ramos, and actress/activist Patricia Velasquez. Philanthropic leaders taking part in the summit include Stephen Heinz, Rockefeller Brothers Fund; Antonia Hernandez, California Community Foundation; Don Chen, Surdna Foundation; and, Teresa Younger, Ms. Foundation for Women.
Entertainment will include performances by Mexican regional music singer Ana Barbara and Comedian Anjelah Johnson. Other musical acts will include performances by recording artist Maria Isa, and Cumbiaton’s DJ Sizzle.