Centro de Apoyo Familiar (CAF)

For Aspiring/Current Hispanic Women Owned Small Business (WOSB): 

• Provide Entrepreneurship development via education and mentorship with special emphasis on financial preparedness and literacy 

• Train to understand and create solid business plans to attain capital  

• Introduce WOSBs to the Small Business Administration (SBA) Fund, to the 8(a) Business Development Program, the WOSB Federal Contracting Program, Opportunity Zones and other possible capital resources 

• Guide WOSBs to a greater level of business knowledge and resultant business confidence

Latino-owned businesses (LOBs) face persistent financial challenges as they are not treated on the same level as White-owned businesses (WOBs) when applying for loans. Latinas represent 40% of all Latino business owners and the number of Latina-led employer firms has grown 20% within the last 5-year period of data available in 2020. Researchers at Stanford School of Business have found that Latinos typically access funding from high-interest, high-risk sources and it is particularly difficult to get financing from national banks. The odds of loan approval from national banks are 50% lower for LOBs, when controlling for business performance. Additionally, Hispanic women face language barriers, low self-image, and health disparities. 

Challenge = Assisting with access to capital, capital campaigns, and/or financial education and information.

• Latino-owned businesses (LOBs) start small and stay small. CAF recognizes that while Hispanic-owned business is the fastest-growing segment of the US small business, (a growth rate of 34% in the past 10 years compared to 1% for all other small businesses), LOBs are unable to secure extra capital to ensure continual growth. This is due to location (Opportunity Zones knowledge can benefit LOBs), and to the lack of loan approvals. This becomes a double-edged sword when applied to Latina-owned small businesses. 

• There are 4.65 million LOBs in the US which generate an estimated $700 billion per year and are primed to play a significant role in bolstering the U.S. economy. If enabled, LOBs will become a major job creator and driver of wealth creation in the post-pandemic economic recovery.
  

CAFs solution will equip Latinas to overcome current hurdles through financial empowerment, networking, counseling, and mentorship. This is accomplished through educational workshops and seminars along with providing other financial resources available, in bilingual formats. 

CAF’s solution will serve Latina-owned small businesses, Hispanic women of ages 25-60, and the impact of our solution will be to increase financial stability to their businesses, their families, and their communities. CAF envisions our solution will provide knowledge and wealth spanning multiple generations. 

CAF operates and has implemented our solution in the following states: 

• Maryland
• Washington DC
• Virginia

States not listed are the following:

• Massachusetts

Centro de Apoyo Familiar (CAF)’s mission is to revitalize communities through economic, social, and educational empowerment in collaboration with the faith-based organizations. This mission encompasses Hispanic women owned small businesses launch and/or small businesses sustainability.

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Theory of Change

• CAF currently serves 75 small businesses through our current small business development workshops.  

• In one year, CAF will expand these workshops/seminars to Latina-owned small businesses for a total of 150.  

• In five years, CAF plans to expand 20% year over year totaling 1,116 small businesses.  

CAF primarily served the Hispanic immigrant community which is part of the larger BIPOC community. Our stakeholders are the leaders, faith-based leaders, and breadwinners of these communities who rely on CAF’s ability to connect them to resources. Through monthly meetings, CAF has the opportunity to hear about community needs and adjust and bring new services and resources. 

Stakeholders include local Maryland political leaders as evidenced by Mrs. Pool's participation in the Housing Advisory Committee  for Special Outreach Initiative led by the White House and the U.S. Department of Treasury and serving on the Governors Hispanic Affairs Commission as Chair for the Housing Subcommittee. 

Geographically, CAF reaches the D.C Metro area community, Maryland, Northern Virginia, as well as Eastern Massachusetts, where CAF has a physical presence. Due to the virtual migration caused by the COVID-19 pandemic, however, CAF has been able to serve many more locations which benefit from virtual services. 

CAF partners with members of CAF’s Connector’s Network (CCN), which is made up of faith-based organizations and community leaders that strive to serve their communities and combat marginalized community obstacles. The CCN will help CAF host the workshops/seminars at their local neighborhoods, distribute information about Mujeres Fuertes/ Futuros Seguros (Strong Women/Strong Futures) project, recruit participants, and also encourage those with the greatest desire to participate. Through our partners, CAF will recruit Promoters (community advocates), who form part of CAF’s Train the Trainer model to not only empower community leaders with the informational workshops/seminars CAF will provide, but also strategically place a go-to resource within that community. Promoters will be thoroughly trained in the Mujeres Fuertes/ Futuros Seguros (Strong Women/Strong Futures) program to help us coordinate the logistics of the implementation of the program. Promoters will also receive further training on other available resources for Latina-owned business members, and be kept up to date by CAF for developments which can benefit their communities.  

CAF has a positive track record with the community we serve and has strong ties to the community via the churches and an even stronger relationship with the state and local municipalities. CAF also has staff from the community we directly serve and understand the issues the community faces on both a personal and professional level.  

• For 2022-2023:  

• Partnership with Working Women and La Plaza 

• Expand the above programs to other communities 

• Expand the CAF Connectors Network (CCN) 

• Partnership with Small Business Administration  

• Strengthen relationship with local officials and government agencies 

• For 2022-2027: 

• Expand organizational capacity  

• Expand partnerships with marginalized communities 

• Expand CAF program offerings  

• Expand CCN 

• Develop new offerings for entrepreneurs 

• Partnership with Small Business Administration  

• Strengthen relationship with local officials and government agencies  

Achievement of the above goals will be made possible by leveraging Truist Funding and other funding.  

CAF staff are drawn from the community they serve and have a strong sense of leadership in the community with the ability to reach underserved sectors not reached by traditional outreach strategies and programs.  

The messaging CAF uses works for the Hispanic community because CAF’s staff as well as leadership is part of this community. CAF also meets monthly with community leaders to listen to their concerns, changes they would like to see to programs, and voicing new areas for CAF to expand to. CAFaccomplished this through CAF’s Connector’s Network which contains over 250 organizations/leaders and is constantly growing. CAF also connects to the community through Promoters, part of CAF’s Train the Trainer model, which forms an integral part of CAF’s outreach and ability to impact the targeted communities. Community members are empowered through CAF’s seminars, learn about available resources, and act as community liaisons to direct community members towards resources and need-to-know information.  

• CAF believes that Truist mission is in alignment with CAF mission to empower marginalized communities 

• CAF desires to develop and sustain a long-term program of presence in Hispanic women- owned small businesses support arena 

• CAF embraces the TRUIST foundation goals such as finding new and innovative ways to reach the community and make meaningful differences in underserved communities.  

Women Working is a non-profit run by executive director Madeline Jordan who works primarily to empower women to reach their career and financial goals. They would work with CAF as an outreach partner. 

La Plaza is a non-profit organization designed to cultivate business and leadership development, and personal financial stability for Hispanic entrepreneurs and families. La Plaza would work with CAF to introduce and enhance entrepreneurial skills with women, giving them business knowledge and financial empowerment.  

CAF also has many corporate partners, and will have banks, investors, and other community leaders attend and help host workshops/seminars.