Popular Bank And Latin Business Today Announce Initiative To Empower Small Business Entrepreneurs Navigating COVID-19 Health Crisis

Rhea-AI Summary

Popular Bank, a subsidiary of Popular, Inc. (Nasdaq: BPOP), in collaboration with Latin Business Today, has launched an educational initiative to support Latinx small businesses affected by the COVID-19 pandemic. The initiative includes a nine-part virtual discussion series titled Driving Business Success through the Pandemic, aimed at providing insights on survival strategies and recovery for small business owners. A recent survey indicated that 86% of Latino small business owners faced significant pandemic impacts, with many at risk of closing within six months.

Positive

• Introduction of a collaborative initiative to support Latinx small businesses amid COVID-19.
• Nine-part virtual series provides essential insights for small business recovery.
• Addressing critical challenges faced by 86% of Latino small business owners as per recent survey.

Negative

• 86% of Latino small business owners reported significant negative impacts due to the pandemic.
• Nearly two-thirds of Latino small businesses may close within six months if conditions persist.

NEW YORK, March 30, 2021 /PRNewswire/ -- Popular Bank, a subsidiary of Popular, Inc. (Nasdaq: BPOP), and national multiplatform small business advisor Latin Business Today, LLC ("Latin Biz Today"), announced the development of an education initiative to tackle the unique and pressing challenges facing Latinx small businesses amid the COVID-19 pandemic. The initiative launched in summer 2020 and seeks to reach millions of Latinx small business owners and entrepreneurs nationally.

Popular Bank and Latin Biz Today collaborates on a nine part video series on Hispanic business strategy and recovery.

As part of this initiative, Manuel Chinea, Popular Bank Chief Operating Officer, and Eli Mendoza, Latin Biz Today advisory board member and Siris Capital Partner and Chief Operating Officer, will team up to host Driving Business Success through the Pandemic, a nine-part virtual discussion series that aims to discuss evolving challenges  and opportunities facing small business throughout economic and operational disruption.  

Leveraging their unique industry expertise and insights, both thought leaders will collaborate to discuss the current economic and small business landscape and empower small business owners to successfully navigate the immediate and ongoing challenges and opportunities. Topics will include the small business program stages of survival, as well as tackling medium-and long-term goals. Previous discussion included emergency funding and liquidity, small business agility and navigating success amid disruption.  Upcoming discussions will continue to closely follow the real-time experience of small business owners,as they scale operations and plan for the slow return to normalcy following the successful distribution of the COVID-19 vaccine.

"Latinx-owned businesses had been growing at an accelerated rate prior to the pandemic. We want to do everything we can to provide guidance and resources, especially during this very difficult time, so they can continue to build on their success," said Chinea. "It is critical to adopt and evolve sustainable business practices that can prepare businesses to quickly adapt to unforeseen changes in the environment. The initiative does just that, focusing on key areas such as financing, strategic planning, among others."

The introduction of Driving Business Success Through the Pandemic comes at a critical time for small and micro businesses across the United States. According to a recent survey conducted by the Stanford Latino Entrepreneurship Initiative, 86% of Latino small business owners reported significant negative impact on their businesses by the pandemic. Nearly two-thirds said they will not be able to continue operating beyond six months if current conditions continue. Additionally, many small business owners now find themselves exploring and seeking new financial relief tools as reopening guidelines continue to change.

In addition to a virtual discussion series, Driving Business Success Through the Pandemic will include a series of educational articles.

About Popular Bank

Popular Bank is the mainland subsidiary of Popular, Inc. (Nasdaq: BPOP), which ranks among the top 50 U.S. banks by assets. Popular, Inc., brings more than 125 years of success in banking, driven by integrity and values. Popular Bank leverages its financial expertise to enable customers to focus on what matters most. Leveraging its institutional depth, Popular Bank works side-by-side with business and retail customers delivering competitive offerings such as Retail and Private Banking, Commercial Lending, Mortgage Services, Association Lending, Healthcare financing, and Middle Market banking. Popular Bank has branches in New York, New Jersey, and Florida, and provides 24/7 digital banking solutions and access to 55,000 ATMs through the Allpoint^® network.¹

To learn more, visit PopularBank.com or call 1-800-377-0800. Find out more about Popular Bank's commitment to community service at PopularBank.com/About-us/.

About Latin Business Today

Latin BizToday is a national multi-platform online publication dedicated to facilitating business success and performance for Latinos across all size businesses to enhance work, life, and culture. Rooted in the trusted advisor legacy of Dr. Les "Coach" Fernandez, Latin Biz Today was established ten years ago and has amassed over 170 of the "best and brightest" team of expert mentors-contributors. They team with partners and a nationally recognized advisory board to find solutions for today's rapidly changing market with a Latinx nuance. In August of 2020 Latin Biz Today launched five new content channels covering Sports, Music, Food, Fashion and Ideas from industry and consumer perspectives. Visit: Latin Biz Today, Latin Biz Hoy, Facebook, LinkedIn, Instagram, Twitter and sign up for the free newsletter.

^1. Surcharge-free access to Allpoint ATMs only applies to ATM access or withdrawals completed with a Popular Mastercard Debit Card. Popular Bank and its affiliates are not affiliated with ATM National, LLC. Allpoint is a registered trademark of ATM National, LLC.

Copyright^© 2020 Popular Bank. Member FDIC.

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SOURCE Latin Business Today, LLC

FAQ

What initiative has Popular Bank launched for small businesses?

Popular Bank has launched an educational initiative in collaboration with Latin Business Today to support Latinx small businesses affected by COVID-19.

What is the focus of the virtual discussion series by Popular Bank?

The series, titled Driving Business Success through the Pandemic, focuses on survival strategies and recovery for small businesses.

What percentage of Latino small business owners reported negative impacts from the pandemic?

A recent survey indicated that 86% of Latino small business owners experienced significant negative impacts due to COVID-19.

What risks do Latino small businesses face according to recent surveys?

The survey revealed that nearly two-thirds of Latino small businesses may not survive beyond six months if current conditions continue.

When was the initiative to support small businesses launched?

The initiative was launched in summer 2020.