Jennifer Lopez Stands With $14B Loan Program To Help Latina Entrepreneurs Gain Access To Capital

With the unfortunate reality of minority women being less likely to receive access to capital, Lopez and Grameen America are working to combat this gap. The goal is to reach 600,000 Latina women who are breaking into tech, according to the outlet. Along with business capital, the selectees will have access to expansive financial education training.

After watching Latina women such as her mother not have the opportunity to chase their dreams due to lack of access, Lopez wants marginalized communities to have the ability to pursue a multitude of careers.

“We’ve been the valet parkers, people cooking in the kitchen and housekeeping. This is what I grew up with,” said Lopez, according to the outlet. 

“Regardless of gender, race, or income, we want to make sure that everyone has that pathway out of poverty and toward financial inclusion in a system that essentially disadvantages communities of color and disadvantages women from the lion’s share of capital access.”

For Latina entrepreneurs interested in being a part of the loan program in order to build business income, they are required to: Become a member of Grameen, complete a one-week-long financial training course prior to receiving their loan while continuing to participate in weekly financial literacy sessions, and make payments on their loans on a weekly basis. 

The loans are for business use only and working capital needs including new equipment, rent, etc.

Per Jung, “the average loan size at Grameen hovers at around $5,000, though first-time loans don’t surpass $2,000 when a member joins the program.”