Jennifer Lopez has sworn to help her community by providing $14 billion in loans and six million hours of financial training to 600,000 Latina entrepreneurs by 2030. This will all be done as part of her partnership with the nonprofit microfinance organization Grameen America. This isn’t the first time that Jennifer has taken such an initiative, she is known for taking steps to help Latina entrepreneurs, being a successful one herself. She previously partnered with Goldman Sachs in 2021 for a project titled, “Limitless Labs” which had to goal to uplift Latinas in business by providing them with the resources they needed.
Speaking to Entrepreneur magazine Jennifer explained her journey and her reasons for engaging in these projects in the following words:
In front of Goldman Sachs, I said, ‘I know you’ve done this for African American women entrepreneurs. Now how about Latinas?’ In the past 10 years, Latino businesses grew 44%, compared to 4% in other [demographics], and yet, we remain, like, 60% less likely to receive loans from national banks. Women overall only receive 4% of loans from mainstream banks. We get, like, $1 out of every $23. And obviously, for women of color, it’s even lower.”
She continued:
“I think, honestly, we just haven’t had the opportunities that other people have had in this country. But also . . . I believe there’s a little bit of the thinking I was talking about earlier — how I felt when I was coming up. It was like, I was just lucky to have whatever I had. I think there’s a little bit of ‘be grateful’ in our culture. Be grateful for what you have instead of striving for more.”
Speaking about the next generation of America, she said:
“I think this new generation is, like, ‘Wait a minute . . . I’m a part of the fabric and wealth and growth of this country. I contribute in a really meaningful way . ‘”
And finally, she concluded by saying:
“Being Latino in this country has always been a matter of pride for me. I am humbled and beyond grateful to partner with Grameen America. This partnership will create equality, inclusivity, and opportunity for Latina women in business. This will change the fabric of America!”
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