FORT LEE, N.J.--(BUSINESS WIRE)--Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, is proud to celebrate Hispanic Heritage Month, which runs from September 15 to October 15 and honors the histories, cultures and contributions of American citizens whose ancestors came from Spain, Mexico, the Caribbean and both Central and South America.
“Even though Hispanic owned businesses account for approximately 5% of the U.S. GDP and have tremendous opportunity of increasing their share of the U.S. economy, access to capital and other financial obstacles remain serious factors in limiting the opportunities of Hispanic business owners and entrepreneurs,” said Assemblywoman Yvonne Lopez (D-19). “Fortunately, organizations like Cross River are intervening and partnering with organizations like the NJ Statewide Hispanic Chamber of Commerce to invest and empower our Hispanic small businesses. I am grateful to know that Cross River is actively stepping up for the Hispanic community and I appreciate the company’s strategic programming and investments to ensure our Hispanic businesses can continue to grow, thrive, and succeed.”
Earlier this year, Cross River partnered with the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) to sponsor the Hispanic Entrepreneurship Training Program (HETP) program as expansion of its Making Waves initiative.
“We appreciate the support of Cross River, that values the economic power of the Hispanic business community motivating growth through education and networking,” said Carlos Medina, President/CEO of SHCCNJ.
On September 9th, in tandem with HETP and the Latina Entrepreneur Training Series Program (LETS), Cross River participated in a business pitch competition for aspiring or current small business owners that have completed the programs, with a cash prize of $2,000 and features in the Hispanic Chamber’s media outlets. Out of over fifty entrants, nine finalists were selected with businesses ranging from the sustainability, health, mental health, education, and cultural artistry industries, among others. Each business placed an emphasis on social impact. Competition winner Anna Flores Locke, owner of Charlandra Counseling Services, used the business coaching from the programs to solidify her messaging, which she credits with helping her win the competition.
“Before the HETP and LETS program I was struggling to make a decision about leaving full-time employment to pursue entrepreneurship,” said Anna Flores Locke. “Once in the program, because of the business knowledge, resources and confidence I gained, I made the leap to become a full-time Latinapreneur.”
In the United States, there are nearly five million Hispanic-owned businesses that contribute over $800 billion to the American economy annually and Hispanic-owned small businesses represent the fastest growing segment of U.S. small businesses1. Despite these economic contributions, Hispanic entrepreneurs and small business owners face limited access to capital and structural inequalities that hinder their success.
“Many Hispanic small business owners are excluded from financial consideration due to inequality within the traditional banking model, limiting their ability to access capital and start or grow their businesses,” said Juan Azel, SVP Deputy General Counsel at Cross River. “We are proud to partner with the SHCCNJ to bring additional business and entrepreneurship training and resources to this community.”
Cross River is reshaping and powering the future of global finance by creating access to safe and affordable financial services to communities historically left out, always maintaining the highest level of consumer protection and regulatory compliance.
“At Cross River, our strength is in our diversity, and we are honored to celebrate the unique achievements and heritage of the Hispanic culture that our own employees, consumers and partners experience,” said Phil Goldfeder, SVP of Global Public Affairs at Cross River. “Since inception, by utilizing safe and compliant innovation, we’ve been combatting inequality in financial services. Our continued partnership with the SHCCNJ allows us to give back to the community by providing Hispanic business owners with the tools they need to thrive.”
About Cross River
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending and crypto solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.
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1 hispanic-entrepreneurship-and-businesses-brief.pdf (senate.gov)