LBAN, a nonprofit organization based in Silicon Valley, has partnered with Stanford University to launch the first-ever Startup Accelerator focused on providing equitable access to funding for Latino founders. With the support of JPMorgan Chase, the program will match 40 Latino-founded startups with Latino-friendly capital providers such as venture capitalists, bankers, and community development financial institutions (CDFIs). The goal is to help these startups achieve their fundraising objectives while also providing them with mentorship from industry experts and access to Stanford Graduate School of Business education.

Research has shown that Latino-owned startups tend to be owners of technology companies in the United States. Despite their growth potential and job creation, Latino-founded companies receive less than 2% of all venture capital funding. LBAN aims to address this funding gap and bring more equity into the funding landscape by connecting under-invested Hispanic and Latino entrepreneurs with the necessary resources and networks for success.

LBAN has a successful track record of helping Latino entrepreneurs secure funding for their startups, resulting in the creation of over 50,000 jobs and contributing more than $7.1 billion to the U.S. economy. By leveraging their network of capital providers, LBAN has helped founders like AJ DeLeon, CEO of Innovare, raise additional funding and overcome the challenges they face in accessing capital.

JPMorgan Chase has become a corporate sponsor of LBAN to support Hispanic and Latino entrepreneurs through research, education, and ecosystem empowerment. Their collaboration includes workshops on corporate supplier diversity programs, access to credit, and other topics relevant to Latino entrepreneurs. This partnership is part of JPMorgan Chase’s commitment to drive inclusive economic growth and close the wealth gap for traditionally underserved communities.

LBAN’s Startup Accelerator is currently accepting applications from U.S.-based Latino founders who have raised between $200,000 and $1.5 million from external sources. The program aims to provide them with the necessary resources and support to scale their businesses.

Overall, LBAN’s efforts to expand funding access for Latino founders are crucial for promoting diversity and inclusion in the startup ecosystem. By bridging the funding gap and providing necessary education and mentorship, LBAN is empowering Latino entrepreneurs to succeed and contribute to the American economy.

Sources:

– LBAN: [No URL provided]
– JPMorgan Chase: [No URL provided]