Wells Fargo and the United States Hispanic Chamber of Commerce Announce Expansion of Innovative Small Business Accelerator Program to 5 New Markets including Los Angeles
The Los Angeles Latino Chamber of Commerce (LALCC) has been selected as one of five new partners (seven overall) to participate in the Avanzar
Small Business Accelerator Program, a United States Hispanic Chamber of Commerce (USHCC) and Wells Fargo project designated for Latino small businesses ready to take their business to the next level.
In 2020, five new market regions have been selected to invest and expand the Avanzar program by partnering with five local Hispanic Chambers of Commerce.
The other new chambers selected by the USHCC as partners are Latin Chamber of Commerce of Las Vegas Nevada (Las Vegas, NV), Arizona Hispanic Chamber of Commerce (Phoenix, AZ), Georgia Hispanic Chamber of Commerce (Atlanta, GA), and the Hispanic chamber of Commerce of Metro Orlando & Prospera (Orlando, FL)
In 2019, Wells Fargo and the USHCC piloted the Avanzar program in partnership with the Albuquerque Hispano Chamber of Commerce in Albuquerque, New Mexico and the Latin American Chamber of Commerce of Charlotte in Charlotte, North Carolina.
Avanzar (‘advance’ in Spanish) is an eight-month business accelerator designed for Latino small businesses that are ready to take their businesses to the next level. Each Latina and Latino entrepreneur participates in courses that are aimed to help develop business plans, strategy, and the leadership skills needed to scale their small businesses. Course topics include building financial plans, streamlining operations, lowering expenses, marketing, leveraging social media, and obtaining access to capital for each business. Subject matter experts, from Wells Fargo, will provide the access to capital training. Throughout the Avanzar Program the USHCC Chambers will track and monitor certain performance metrics with the Hispanic Business Enterprises (HBEs) in the Avanzar Program, including jobs created, access to capital and access to contract opportunities.
“Wells Fargo is proud to be the founding sponsor of the Avanzar program. We fundamentally believe that capacity building, access to capital, and effective mentoring are critical ways to ensure that Hispanic-owned businesses grow and scale. The Avanzar program is about empowering Hispanic business owners to grow sustainable firms that create jobs in communities all across the United States,” said Regina Heyward, Senior Vice President and Head of Supplier Diversity at Wells Fargo.
“We are very excited to expand Avanzar to five new cities thanks to the support from Regina Heyward, on behalf of Wells Fargo, and the great results from our first pilot thanks to Rocio Gonzalez, President and CEO of the Latin American Chamber of Commerce of Charlotte and Ernie C’De Baca, President and CEO of the Albuquerque Hispano Chamber of Commerce,” said Ramiro A. Cavazos, USHCC President and CEO. “Wells Fargo’s investment in Avanzar proves their commitment to helping support Latina and Latino entrepreneurs, America’s fastest growing business group, and our Hispanic Chambers across the country.”
“In the current economic environment, programs like this are critical to help Latino-ed enterprises navigate the current economic crisis, recover and continue to grow,” said Lilly Rocha Executive Director of LALCC. “The Chamber is excited to be partnering with the USHCC, Wells Fargo and our other partner Chambers to bring this important program to our Latino business community.