PepsiCo Awards Grants to 100 Hispanic Food & Beverage Business Owners
PURCHASE, N.Y. — PepsiCo Inc.'s PepsiCo Foundation is welcoming 100 new grantees to its Impacto Hispanic Business Accelerator Program.
Established in 2020 with 150 grantees to-date, the transformative initiative, in partnership with local nonprofits, is intended to offer Hispanic food and beverage grantees invaluable support and knowledge to elevate their businesses and achieve sustainable growth.
[Read more: PepsiCo Shares Significant Progress on ESG Goals]
After six weeks of intensive training and coaching, in partnership with Accion Opportunity Fund (AOF), Allies for Community Business, LiftFund and Prospera, the incoming class will receive $10,000 grants in addition to joining the PepsiCo Foundation Impacto Network.
This year's cohort represents a diverse group of passionate and innovative individuals, all driven by the shared goal of making a difference in the Hispanic business community, according to PepsiCo. They were selected based on their exceptional dedication and hard work throughout the training and coaching process, and they join the 150 members of the Impacto Network across the country.
"Unfortunately, the Hispanic community has long faced systemic barriers to success which are only amplified by current economic woes like inflation and worker shortages. That's why we are so delighted to congratulate the 100 talented entrepreneurs who have completed the 2023 Impacto Hispanic Business Accelerator Program. Our goal is to help these restaurants and food service businesses navigate the ever-changing economy, beat the odds that small businesses face, and keep their doors open and their businesses thriving," PepsiCo Foundation President C.D. Glin said.
"We at the PepsiCo Foundation are inspired by the passion, resilience, and dedication of these Hispanic business owners, and we are excited to see how their businesses continue to flourish and how their collective efforts create lasting benefits for their families and communities across the country."
[Read more: PepsiCo Selects 10 Hispanic-Owned Startups for Business Mentoring Program]
The Impacto Hispanic Business Accelerator is a key component of PepsiCo's Racial Equality Journey, which was introduced in 2020 and includes commitments from the company of more than $570 million over five years to increase representation at the managerial level to reflect the workforce availability of the communities where PepsiCo operate, uplift businesses and elevate diverse voices across our value chain, and help create economic opportunity in underserved communities.
As part of this journey, PepsiCo launched the multifaceted Juntos Crecemos platform in August 2021 aimed at strengthening Hispanic-owned restaurants, bodegas and carnicerías (meat markets), to address foundational business challenges, and support business growth. The Juntos Crecemos platform includes the Hispanic Digital & Delivery Program, Bodega and Carnicería Essentials and the recently-launched Greenhouse Accelerator Program: Juntos Crecemos Edition.
"We are honored to collaborate with the PepsiCo Foundation to deliver the Impacto Hispanic Business Accelerator program," said Luz Urrutia, CEO of Accion Opportunity Fund. "For nearly 30 years, AOF has been committed to helping underinvested entrepreneurs gain access to the resources they need to grow their businesses, support their families, and contribute to thriving communities. The business owners graduating from Impacto this year have a great achievement to celebrate, and we look forward to continuing to support their entrepreneurial journeys."
The PepsiCo Foundation and partners will continue to support these grantees on their journey, offering ongoing mentorship, access to resources and opportunities to collaborate with like-minded individuals. The network of Impacto grantees stands as a testament to PepsiCo Foundation's commitment to fostering economic growth and social progress for Hispanic entrepreneurs, the company stated.
[Read more: PepsiCo's Supplier Diversity Program Grows Its Commitment]
Purchase-based PepsiCo generated more than $86 billion in net revenue in 2022, driven by a complementary beverage and convenient foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream.