As the Hispanic population continues to grow and seek opportunities for entrepreneurship and home ownership, several entities in Louisiana are making it a priority to provide resources and support to help them thrive.
“The Hispanic Chamber of Commerce of Louisiana is dedicated to fostering a favorable business environment for Hispanic business owners through education, through networking, through procurement opportunities and accessing contracts,” said Mayra Pineda, CEO & President of the Hispanic Chamber of Commerce of Louisiana, during a recent panel discussion hosted by Hancock Whitney.
“But, as we know, accessing capital is one of the main barriers that small business owners face when they’re trying to scale their business,” Pineda continued. “So, educating them in that area is really critical.”
Pineda said the state’s Hispanic Chamber offers everything from small workshops in Spanish to larger seminars in English. One of its biggest and most successful annual events is a free business conference and trade show in New Orleans that focuses on procurement opportunities to help small businesses have access to corporate or government contracts. More than 100 exhibitors attended the most recent show, with attendees from Central America, Mexico, Spain, the Philippines and more.
“I’ve had chamber members tell me that they met someone at the event last year and now they are a supplier for a company because they were able to access that contract,” Pineda said. “Being tied into this network and providing education and information that businesses need to know as far as where to go and how to build a relationship will prove beneficial to them. It’s economic development, and it’s also creating generational wealth.”
Hancock Whitney has been a longstanding partner of the state’s Hispanic Chamber. From Board membership to volunteerism, Hancock Whitney has also acted as a trusted advisor in providing financial education on a range of topics, from home ownership to assisting current business owners and prospective entrepreneurs through the bank’s Small Business Matters program.
“Hancock Whitney believes strongly that we need to provide individuals and businesses access to stable, affordable housing opportunities, and we feel by doing that, it definitely builds a stronger community,” said Paula Duplantis, senior vice president and retail sales leader at Hancock Whitney.
Duplantis said Hancock Whitney’s Plan Your Way Home program offers guidance through the mortgage lending process for both first-time and experienced home owners. Hancock Whitney has also partnered with the Federal Home Loan Bank of Dallas to offer grants and financial assistance for down payment assistance and closing costs.
“It’s definitely a high priority that we do as much as we can for the community to help them fulfill that dream of having a home,” she said.
In addition to making an impact in the business and nonprofit worlds, the nation’s Hispanic population is also a key segment of the residential real estate market. According to the National Association of Hispanic Real Estate Professionals, the Hispanic home ownership rate in the U.S. in 2023 reached 49.5 percent. Today, more than 9.5 million Hispanic households own their own home, a figure that has been rising steadily for nearly a decade.
Roy Williams, director of grantmaking at the Greater New Orleans Foundation, said supporting the region’s Hispanic population is a key component of GNOF’s mission to build a vibrant, thriving and equitable community for all. For example, the Foundation recently offered board governance training in Spanish through its nonprofit leadership and effectiveness program to ensure that people who primarily speak Spanish have the same knowledge as their English-speaking counterparts.
“By helping nonprofit organizations and boards, we’re building better organizations that can really better help communities do their work,” Williams said.
GNOF is encouraging Hispanic organizations, among others, to apply for Hancock Whitney Opportunity Grants this year. The funds can be used for a wide array of community work, along with home ownership and home preservation. Grant applications opened on October 9th at www.gnof.org.
Pineda, Duplantis and Williams spoke more about both the barriers and opportunities facing Hispanic individuals during their discussion, “Hispanic Heritage Month: Celebrations Through Art, Business, Festivals and Finance.” The full discussion can be viewed online at www.nola.com. Hispanic Heritage Month is celebrated from Sept. 15 to Oct. 15 and honors the rich history, culture and contributions of Hispanic communities in the United States in the arts, politics, science, education, business and more.
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