One in ten Latino families cite winning the lottery as a method to pay for a child’s education
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We’ve all dreamed of what we would do if we won the lottery. Take care of our family.  Send our kids to college.  Buy our dream house.  Travel.  The list goes on and on.

MassMutual Sudy: With many young families concerned about paying for a college education, the dream of winning the lottery is on the minds of parents who want their children to avoid student loan debt. In fact, nearly one in ten Latinos (9 percent) listed winning the lottery as a method to help pay for their child to go to college, according to a recent MassMutual College Planning and Savings study. But with one in 175 million odds of winning and raising college costs, parents should look at variety of sources to pay for their child’s higher education.

Other than winning the lottery, there are ways to help pay for college.  Here are three ‘must do’ considerations that MassMutual recommends:

  1. Apply for scholarships.  Look for scholarships available through local community organizations, foundations, corporations and nonprofit groups.   Online tools to help you:  FederalStudentAidand TuitionFundingSources.com.
  1. Fill out the FAFSA form. Completing the Free Application for Federal Student Aid (FAFSA) form is the first step toward getting financial aid for college, including aid that doesn’t need to be paid back, such as federal grant money. It only takes 30 minutes to complete online and provides access to grants, loans and work study programs. More information can be found on fafsa.ed.gov.
  1. Encourage monetary gifts (including 529 plan gift cards) from family members and friends for college savings plans for gift-giving events. 

To learn more about ways to help pay for college, contact a MassMutual bilingual financial advisor or visit MassMutual.com.   Or to help determine how much you need to save using free online tools such as MassMutual’s college savings calculator.

NASA astronaut has a message for Latinx STEM students: ‘We need you’
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Astronaut Ellen Ochoa training with NASA

By Penelope Lopez of ABC 

Astronaut Ellen Ochoa has a message for the next generation of Latinx students who are aspiring to work in Science, Technology, Engineering, and Math (STEM) fields: “We need you.”

“We need your minds. We need your creativity,” she told ABC News.

Ochoa, a first generation Mexican-American, made history in the Latinx community as NASA’s first Hispanic astronaut. She took her first space flight aboard the space shuttle Discovery in 1993. She was also the first Hispanic director of NASA’s Johnson Space Center and spent nearly 1,000 hours in space during four shuttle missions.

As the chair of the National Science Board, Ochoa is constantly championing a more inclusive work environment.

“Look at the demographics of our country. They are changing … we have to involve the people in our country. And increasingly, of course, that is people of some kind of Latino or Hispanic heritage,” she said.

For young Latinx students, working in the STEM fields is no longer something out of reach.

“STEM fields offer a unique opportunity to change the world, one person at a time,” said India Carranza, a first generation Puerto Rican and Salvadorian high school junior who aspires to be a physiotherapist. “And being able to help people through their paths and different journeys is one of the unique opportunities of the STEM field.”

Today, Latinx individuals make up nearly 20% of the U.S population and yet just 7% of the STEM workforce.

Continue to ABC News to read the full article 

For first time, heads of all California’s public education systems are Black or Latino
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Headshot of Joseph Castro

California is the most diverse state in the nation, so having a diverse leadership of its schools and colleges shouldn’t be that notable.

But it is. Even for California.

This January when Joseph Castro, a Mexican-American and native Californian, becomes chancellor of the 23-campus California State University system, for the first time, leaders of color will head up all four systems of public education in the state.

All will have an impact by being powerful role models for the millions of students, faculty and staff in the systems they lead.  A fundamental question, however, is whether the new leadership will translate into concrete changes that create more equitable institutions and contribute to improved education outcomes.

Leaders in the field think it is more likely that it will.

“Diversification of leadership is quite important and significant to meeting the goals of racial equity,” said Adrianna Kezar, director of the Pullias Center for Higher Education at the University of Southern California. “Certainly others are capable of such leadership, but the ability to speak from your heart and authentically about this issue and to have a vision for a direction forward is much more likely to happen with leaders of color.”

In addition to Castro, Dr. Michael Drake, who is African American, became president of the nine-campus University of California system in August. Eloy Ortiz Oakley, who is Latino, is chancellor of the 116 colleges that make up the California community colleges.

Then there is State Superintendent of Public Instruction Tony Thurmond, who was elected in 2018 to oversee the state’s vast K-12 public education system. Of mixed African American and Panamanian background, he is only the second African American schools chief since the legendary Wilson Riles occupied the post for a dozen years until 1982. Out of 50 state schools chiefs, only one other is Black and a half dozen are Latinos or Latinas.

Together the four Californians — all of them men — oversee institutions with enrollments of nine million students, more than the enrollments in most countries.  Their student bodies are extraordinarily diverse, with white students comprising 26 percent or less of their enrollments, depending on the system.

If this new generation of leaders is able to improve the educational success of their students, they will have an outsize impact not only on California’s future, but on the nation as a whole. How they work together will also make a difference as the state attempts to create a more unified “cradle to career” system of education.

What’s also notable is that they are leading their institutions at a time of extraordinary activism and ferment around a range of issues related to racial equity. With that energy and momentum behind them, that could help them move forward on these issues within their institutions. It could also make running them more complicated.

Continue to EdSource to read the full article.

Photo Credit: California State University Press

Sacramento Hispanic Chamber launches tech assistance program for minority-owned businesses
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Business buildings in Sacramento

The Sacramento Hispanic Chamber of Commerce is launching a wide lineup of resources and technical assistance to help minority-owned businesses during the pandemic.

The chamber announced the launch of its “#JuntosSacramento” campaign, which translates to “together Sacramento,” on Monday. The campaign is aimed at bringing together all corners of Sacramento’s Latino community, which includes immigrants and people who draw their heritage from a mix of countries and languages, said Cathy Rodriguez Aguirre, CEO of the Sacramento Hispanic Chamber.

Minority-owned businesses have been among the hardest hit during the pandemic, as they may have lower cash reserves and less access to banking resources to buoy their businesses.

The effort includes one-on-one consulting, resources on digital marketing and financial planning during the pandemic and job training programs.

The Sacramento Hispanic Chamber received about $615,000 in Coronavirus Aid, Relief and Economic Security Act, or CARES Act, dollars for the initiative. Those dollars arrived from a $3 million grant that the Sacramento Inclusive Economic Development Collaborative received from the city of Sacramento. The Sac IEDC was formed two years ago, and includes 15 groups within it like the Sacramento Hispanic Chamber and several property business improvement districts.

“Hispanic and minority owned businesses have been a historic pillar in the growth of Sacramento and our mission is to help the region recover from the impacts of Covid-19 by supporting the community through increased services and new, innovative programs,” Rodriguez Aguirre said, in a prepared statement. “Through our partnership with SAC IEDC we will be able to help foster more business development and spur economic growth.”

The program includes a free, six-part webinar series on topics like digital marketing, financial planning and disaster preparedness. The series starts on Oct. 23 and runs every other Friday, and will be conducted in Spanish and English.

Continue to the Sacramento Business Journal to read the full article.

Sunny Hostin Is Revealing Her Truths—And Urging Black And Latina Women To Do The Same
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Sunny Hostin at a premiere

By Brianne Garrett

Sunny Hostin will never forget where she came from. Before the Emmy Award-winning co-host joined the cast of The View in 2016, she was a senior legal correspondent for ABC News, a legal analyst for CNN and before that a federal prosecutor.

“I’m a lawyer first,” says Hostin, an active member of the National Black Prosecutors Association. As a lawyer, advocacy—especially for underserved youth of color—has always been a big priority. “The 15-year-old kid who got arrested for marijuana possession, does that have to be a felony?” asks Hostin. “Or can that be a diversion program where he gets drug treatment or he gets community service and it gets wiped off his record?”

As a television host and correspondent, she’s sought to advocate for social justice issues. But when it came to systemic racism, it didn’t occur to Hostin until recently that her testimony could expose and, hopefully, help correct it. That realization informed the basis of her new book, I Am These Truths, a detailed account of her journey from the housing projects of the South Bronx to her seat on The View.

Hostin, a proud “Afro-Latina” woman, as she calls herself, hasn’t always embraced her multicultural roots. Born in 1968 to a Puerto Rican mother and a Black father, she spent much of her life feeling ostracized for checking more than one box. “I grew up living in the grey,” she says. “I was otherized.”

The memoir, published in English and Spanish at the suggestion of Justice Sonia Sotomayor, was published in September. It was originally slated to be one of two books released by Hostin this year. But the other, Summer on the Bluffs, her debut novel about the Black beach community of Martha’s Vineyard, was postponed until 2021. In light of heightened police brutality and racial injustice, Hostin believed releasing her memoir was more important.

“When you’re telling a story, you have to humanize it; people need testimony,” says Hostin. “I thought, ‘I’ll be the face of this story.’” It wasn’t an easy feat for a journalist used to telling others’ stories. But the book is filled with honest, unfiltered stories, including one about her parents’ experience with housing discrimination.

The book is, in many ways, a risk for Hostin, who exposes a great deal about the discrimination she’s faced as a public-facing media professional, even at her current employer, Disney. Requests to remove such content didn’t hold her back. Hostin’s experiences not receiving her own dressing room like other hosts, being told to “stay in her lane” when it came to coverage and getting paid less than her white colleagues with fewer credentials all made it into the memoir. “I think it’s important to call out that kind of behavior,” Hostin says. “Whether it was intentional or not.”

Continue to Forbes to read the full article. 

Photo Credit: Getty, (Photo by Paul Zimmerman/WireImage)

Olympic gymnast Laurie Hernandez on being a Latina trailblazer — and healing from abuse
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Laurie Hernandez doing gymnastics

Gymnast Laurie Hernandez’s living room is decorated with many photographs. But two are the most special—one shows her parents praying before her performance at the 2016 Olympics and the other is of them hugging her afterwards.

“I love those photos,” Hernandez told NBC News. “Going to the Olympics, competing and then looking into the crowd and seeing my parents, that was one of the sweetest things I could possibly ever have witnessed…It’s just a big reminder as to how much support my parents have given me in all of this.”

Her Puerto Rican parents, Wanda and Anthony Hernandez, were watching their then-teenage daughter make history as the first Latina gymnast to represent the United States at the Olympics since 2004 — while also bringing home some medals. Hernandez won silver on the balance beam and gold on the team event alongside fellow USA gymnasts, Simone Biles, Gabby Douglas, Aly Raisman, and Madison Kocian.

“There was so much representation, from Black women to white women, a Hispanic girl, so I think that was a really important thing for just the globe to see,” Hernandez said.

Hernandez said her fans will learn more about how she trains during the coronavirus pandemic, as well as “how I was raised and who my parents are” in the new Peacock Original documentary series “True Colors,” starring her and other Hispanic trailblazers, such as the actor Mario Lopez, the former professional baseball player Alex Rodriguez and Congresswoman Alexandria Ocasio-Cortez, among others.

“You’ll be able to get a really good feel as to why I am the way I am and why my siblings are the way we are,” Hernandez, who’s currently training for the 2021 Olympics in Tokyo, said. “It’s been, definitely, a crazy ride. I’m only 20 and I feel like I’ve lived three lives already.”

Hernandez remembers being very passionate about the sport since a very young age. When she was still just a little girl training in New Jersey, she looked at her parents and said: “Hey, like I want to go to the Olympics. … I have all these crazy dreams.”

“They could have very easily been like, ‘You’re a child. You came out of the womb nine years ago, maybe let’s try something else.’ But they didn’t. Instead, they hit me with the ‘well, if this is what you want, then how can we help you?'” Hernandez recalled.

At the 2016 Olympics, her parents were praying “that I don’t wipe out,” while competing, she said.

“I didn’t realize it until after Rio. We had all sat down away from cameras and talked about it. And they were like, we really questioned if we were being good parents by letting you stay in it because you’re getting hurt over and over again, which is part of the sport,” Hernandez said. “But after getting surgery in 2014, they saw how determined I was and they were like, ‘OK, we can’t pull that away from her.'”

Continue to Today.com to read the full article. 

McDonald’s Is Awarding $1 Million In Scholarships To Assist Hispanic Students During Pandemic
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Graduation mortar board cap on one hundred dollar bills concept for the cost of a college and university education loans

McDonald’s is proud to announce the company’s “HACER® More Scholarship,” that is providing 100 additional scholarships for Hispanic students as an extension of the annual HACER® National Scholarship.

Through HACER, McDonald’s is committing $1 million to assist Hispanic students this academic year, by helping alleviate the stress ofhigher education costs.

According to the Pew Research Center, half of Hispanics said they worry daily or nearly every day about financial issues like paying their bills, the amount of debt they carry and the cost of health care, and more 1 . The increased financial strain caused by the pandemic has also created uncertainty as parents and students work to fund and continue higher education. As a result, McDonald’s created the “HACER® More Scholarship” to help more students pursue college degrees despite the pandemic. So, in 2020, 100 additional scholarships will be awarded, bringing the total to 130, versus 30 in 2019. The additional scholarship recipients will be selected from the 2019 HACER National Scholarship pool of applicants that meet the existing criteria for the scholarship and will be enrolled in school for spring of 2021. “HACER® More Scholarship” recipients will be selected in October, allowing them to use the funds for the current academic year.

“Despite the difficulty of this time, students are showing their resiliency by continuing their education ,” said Santiago Negre, HACER® scholarship committee judge and head of McDonald’s National Hispanic Consumer Market Committee. “McDonald’s and our owner/operators are committed to our communities and customers, so we are honored to contribute to the educational pursuits of Hispanic students through the HACER® National Scholarship program, having done so for the last 35 years.”

The McDonald’s HACER® National Scholarship is one of the largest programs committed to college scholarships. Since 1985, it has awarded $31.5 million to Hispanic college students pursuing their higher education dreams. This year, in addition toreceiving scholarships, the 30 winners of the 2020 HACER® National Scholarship received a “tech backpack” that included a laptop, wireless mouse, and headphones—some of the tools needed to succeed in a virtual learning environment.

“It’s a huge relief to know even with the difficulties we’re all facing this year, like adapting to a new way of learning, keeping ourselves and our families safe, and more, that I no longer have to worry about the burden of tuition costs thanks to McDonald’s,” 1. “Coronavirus Economic Downturn Has Hit Latinos Especially Hard.” Pew Re search Center, Washington D.C. (August 4, 2020) https://www.pewresearch.org/hispanic/2020/08/04/coronavirus-economic-downturn-has-hit-latinos-especially-hard/ said Vladimir Rosales, one of the 2020 HACER® National Scholarship winners, awarded $100,000 to attend San Jose State University in California. “I’m thankful that this year McDonald’s is not only supporting me in achieving my higher education goals but is also giving another 100 Hispanic students the same opportunity.”

The McDonald’s HACER® National Scholarship is just one of many company initiatives created to educate the next generation of youth. This includes the Black & Positively Golden Scholarships for students attending Historically Black Colleges and Universities (HBCUs) and the McDonald’s/APIA Scholarship program for Asian and Pacific-Islander American students. The Archways to Opportunity program for crew gives eligible employees at participating U.S. restaurants the ability to earn a high school diploma, receive upfront college tuition assistance, access free education/career advising services and learn English as a second language.

Hispanic college-bound high school seniors and their parents are encouraged to visit mcdonalds.com/hacer for additional college resources in English and Spanish and for details on how to apply for the McDonald’s HACER® National Scholarship.

The scholarship application period for the next academic year opens on October 5, 2020 and runs through February 3, 2021.
HACER and McDonald's logo
ABOUT McDONALD’S
McDonald’s USA, LLC, serves a variety of menu options made with quality ingredients to nearly 25 million customers every day. Ninety-five percent of McDonald’s 14,000 U.S. restaurants are independently owned and operated by businessmen and women. For more information, visit www.mcdonalds.com, or follow us on Twitter @McDonalds and Facebook. www.facebook.com/mcdonalds .

The Importance of Employee Resource Groups
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Written by: Patty Juarez, head of Wells Fargo Diverse Segments, Commercial Banking with introductory remarks from Ramiro A. Cavazos, President and CEO, United States Hispanic Chamber of Commerce.

For the past ten years, the United States Hispanic Chamber of Commerce (USHCC) has conducted the only Hispanic Employee Resource Group (ERG) Summit & Corporate Challenge in the nation. The USHCC was proud to award Wells Fargo and its ERG “Latin Connection” First Place in the competition during our 2020 National Conference.

More than 100 corporations have competed since our inaugural event, proving that ERGs are more ready than ever to provide value and impact their company’s growth. Since 2010, winners including Wells Fargo’s Latin Connection – have been recognized as the best ERG in the country during our National Conference. The USHCC continues to recognize the growing importance of corporate ERGs who increasingly demonstrate they have tangible impacts on employee growth and leadership development, community service, and create a strong network within each corporation where employees – especially employees of color— can meet, connect, and learn from each other.

Congratulations to Patty Juarez, Josephina Reyes, and the entire Wells Fargo Team at Latin Connection for their unwavering commitment to diversity, inclusion, and employee growth.

“Any time you have an opportunity to make a difference in this world and you don’t, then you are wasting your time on Earth.”Roberto Clemente

Supporting employees, communities, and business.
Employee resource groups (also known as ERGs, affinity groups, or business network groups) are networks of employees who join together in their workplace based on shared characteristics, life experiences, or ally aspirations. These groups are voluntary and employee-led, with a goal of fostering a diverse, inclusive workplace aligned with the organizations they serve. These groups are a key component for a business’s diversity, equity, and inclusion strategy. As president of Wells Fargo’s Latin Connection, I have seen first-hand the positive impact these networks can have on our Latino employees.

According to John LaVeck, program head of the Employee Resource Network program in the Enterprise Diversity and Inclusion Office at Wells Fargo, “Employee Resource Networks are formed around market and historically under-represented segments in leadership, and provide employees with personal and professional development, mentoring, leadership engagement, networking, and community outreach opportunities.”

From a career standpoint, an ERG provides mentorship opportunities to its members. Senior leaders are invited to share insights on their personal career journeys, allowing members to connect and seek their counsel. Sometimes, these connections mature into mentorships and sponsorships. Group members also have access to unique professional development opportunities, webinars, speaker series, and other educational opportunities. Many organizations host workshops aimed at enhancing and developing the skillsets of its members.

ERGs provide a number of benefits to a business and its employees.
 Internally, they provide networking platforms that encourage a sense of belonging. As businesses strive to create a sense of community among diverse employees, ERGs can often times be a bridge that closes gaps. They also open communications channels for leaders to foster and build involvement and engagement among employees and leadership. Allies are also key to impactful ERGs. Incorporating allies in the work allows for further education and expanded reach of an ERG. Senior leadership involvement is key to reinforcing a company’s commitment to supporting ERGs and all employees across diversity dimensions.

 Externally, ERGs have tremendous positive impact in diverse communities. At Wells Fargo, our Latin Connection members log more than five-thousand volunteer hours annually. It is amazing to see these teams making a difference in the communities where we live and work.

 Culture is another key to a strong ERG. It is often the shared stories and experiences that bring people together. We celebrate shared values, traditions, food, music, and backgrounds. In Latin Connection members celebrate shared holidays and the history of contributions of Latinos in our country and community. These celebrations allow members the opportunity to connect and celebrate who they are and what they represent. These celebrations also welcome and invite others to learn and share in the Latino culture.

ERG members are not one dimensional; many identify with multiple dimensions. It is important for ERGs to explore intersections. For instance, within Latin Connection, the group co-hosted an event with the Veterans Network, which celebrated the contribution of Latinos in armed forces. Group members represent a number of generations, including a growing number of millennials, and many are bi-cultural and have other diversity dimensions. It is important to meet members where they are in those areas of intersection, while addressing individual needs so they feel comfortable bringing their whole selves to work.

 The Latino market often represents a significant opportunity for businesses. ERGs represent the voice of a community or group – lending authenticity, value, and life experiences to shape the narrative for new strategies, testing products, and informing marketing campaigns, while ensuring our business is providing what the community wants and needs. This allows ERGs to also have a significant financial impact to a business’ the bottom line. Employee resource groups are key to the engagement and motivation of members and to business success. These groups will continue playing an important part of corporate culture and success.

In times like today, when COVID-19 is impacting the ability to be together in person, these groups serve as a critical bridge to maintaining and making new connections within our companies and our communities.

Against tough odds, Hispanic businesses are strengthening communities across America
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Two Latina women working together on a tablet computer

By Janet Alvarez

When Jennifer Rodriguez relocated to Philadelphia in the late ’90s, the once-bustling South Philly neighborhood of Italian Market was in decay.

“It was a place experiencing disinvestment, and many wondered what would become of what was a once-vibrant commercial corridor,” says Rodriguez, who is now the president of the Greater Philadelphia Hispanic Chamber of Commerce.

That was, she said, until a wave of Mexican immigrants arrived – along with their small businesses. “They saw opportunity where so many others saw vacancy and blight.”

Today, the area is vibrant, attracting residents and entrepreneurs, and is among the most desirable neighborhoods in Philadelphia. To Rodriguez, it’s emblematic of the Hispanic community’s penchant for hard work and entrepreneurialism — even amid the Covid crisis.

“Our community knows how to find opportunity where others may not. We have done it before; we can do it again,” she says.

Rodriguez points to some key statistics regarding Hispanics and entrepreneurship – for example, data showing that Hispanic and immigrant entrepreneurs start more businesses than native-born Americans, and tend to grow revenue more quickly than the economy, as a whole.

Indeed, according to statistics from the Stanford Latino Entrepreneurship Initiative, between 2009-2019 the number of Latino business owners grew 34%, compared to 1% for all business owners in the United States. And between 2018-2019, Latino-owned businesses reported an average revenue growth of 14%, outpacing the growth of the U.S. economy.

In honor of Hispanic Heritage Month, we’ll take a look at a few of the Hispanic entrepreneurs who, in Philadelphia — like Latino entrepreneurs in much of the country — are working to strengthen their community and local business ecosystem.
From Argentina to Shark Tank

Silvia Lucci was not a born restaurateur — she became one by necessity and marketing wit. The Argentina native studied education and obtained a master’s degree in social and urban development in her native country, but found herself suffering a minor stroke some years ago. That’s when her husband, a chef, began preparing “healing foods” for her. Silvia credits the diet, which was vegan, organic, gluten-free, and highly nutritious, with turning around her health. It was also delicious.

“We Latinos like bold flavors, and don’t want to compromise taste for health,” she says.

Soon, the couple found themselves selling the food at local farmers markets. That’s when a stroke of ingenuity occurred: Silvia printed cards with her business logo, and asked customers to drop them off at their favorite grocery store if they liked her food. The gambit worked. Dozens of cards were dropped off at a nearby Whole Foods Market, prompting the supermarket to invite her to pitch her LUHV Foods products. After a 15-minute “Shark Tank”-style pitch, Silvia and Whole Foods were in business. The rest is history.

Today, Silvia’s LUHV Foods are distributed in Whole Foods Markets throughout the mid-Atlantic region. She expanded her grocery delivery and catering businesses, and has opened two bistros in Hatboro and Philadelphia, Pennsylvania.

Awards and accolades have followed. Full-page write-ups in the Philadelphia Inquirer. ”Best of Philly” Awards. A new, 24,000 square foot factory kitchen to expand her business nationally — despite the pressures of Covid.

Lucci credits her success in large part to her immigrant work ethic, and says it’s helped her navigate the vagaries of coronavirus.

“Being an immigrant is a virtue. This country was created by immigrants. We’re not foreigners; we’re new Americans planting roots here, and building a future. Now, when we’re in a pandemic, it’s when the virtues of hard work, creativity, and ambition that immigrants espouse really resonate. Our grandparents were all immigrants; that internal strength they had is what defines the future of this country.”

Though Luhv Foods now occupies most of Lucci’s time, her early years in the United States were filled with odd jobs cleaning houses and even longer hours. She arrived an undocumented immigrant in the 1980s, later obtaining her legal residency via the Green Card lottery, and became a citizen in 2000. Her undocumented immigrant housekeeper to U.S. citizen entrepreneur success story is heartening, but shouldn’t confound anyone.

“I am the face of an undocumented immigrant. People often think there are two types of Hispanics: legal ones and undocumented, but we are one and the same. We are all here to work hard and build a better future.”

Breakthrough technology for head injury

When Jessie Garcia played college rugby at Lehigh University, she suffered a concussion, but her coach didn’t recognize the symptoms and allowed her to keep playing. That worsened her condition and required her to take serious time off due to post-concussive syndrome. The problem, she says, was a common one: People just weren’t equipped to readily recognize head injuries, except for the most significant ones — but even mild concussions could have deleterious effects and warrant attention. That’s how her idea for Tozuda, a head-impact sensor that is cost-effective and easy-to-use, was born.

“I originally envisioned its use in organized sports such as college and professional teams, but Covid caused sports teams to stop for a while, so we had to look for other markets,” says Garcia, CEO of Tozuda, a manufacturing company that develops safety products for sports and industrial applications including the Tozuda Head Impact Indicator, a device that attaches to any helmet and indicates when a hit may cause a head injury.

Continue on to CNBC to read the complete article.

JPMorgan Chase Commits $30 Billion to Advance Racial Equity
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Today, JPMorgan Chase announced new long-term commitments to advance racial equity. The firm will harness its expertise in business, policy and philanthropy and commit an additional $30 billion over the next five years to provide economic opportunity to underserved communities, especially the Black and Latinx communities.

Structural barriers in the U.S. have created profound racial inequalities that have been exacerbated by the COVID-19 pandemic. The existing racial wealth gap puts a strain on families’ economic mobility and restricts the U.S. economy. Building on the firm’s existing investments, this new commitment will drive an inclusive economic recovery, support employees and break down barriers of systemic racism.

“Systemic racism is a tragic part of America’s history,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase & Co. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It’s long past time that society addresses racial inequities in a more tangible, meaningful way.”

Over the next five years, the firm expects these new commitments, which include loans, equity and direct funding, to:

I. Promote and Expand Affordable Housing and Homeownership for Underserved Communities

A. Originate an additional 40,000 home purchase loans for Black and Latinx households. To do this, the firm is committing $8 billion in mortgages. Efforts include:

  • Improving key home lending products and offerings, including substantially increasing the Chase Homebuyer Grant in underserved communities.

B. Help an additional 20,000 Black and Latinx households achieve lower mortgage payments through refinancing loans. To do this, the firm is committing up to $4 billion in refinancing loans.

C. Finance an additional 100,000 affordable rental units. To do this, the firm will provide $14 billion in new loans, equity investments and other efforts to expand affordable housing in underserved communities. Efforts include:

  • Investing additional capital in vital community institutions and increasing funding for the construction and rehabilitation of affordable housing for low and moderate-income households nationwide.

II. Grow Black- and Latinx-owned Businesses

A. Provide an additional 15,000 loans to small businesses in majority-Black and -Latinx communities. To do this, the firm will deliver $2 billion in loans. Efforts include:

  • Launching a new program designed to help entrepreneurs in historically underserved areas access coaching, technical assistance and capital.
  • Accelerating a digital lending product to better support the needs of small Black- and Latinx-owned businesses seeking quick access to capital.

B. Spend an additional $750 million with Black and Latinx suppliers.

III. Improve Financial Health and Access to Banking in Black and Latinx Communities

A. Help one million people open low-cost checking or savings accounts. To do this, the firm commits to hiring 150 new community managers, opening new Community Center branches in underserved communities and materially increasing marketing spend to reach more customers who are currently underserved, unbanked or underbanked. Other efforts include:

  • Continuing to open 100 new branches in low-to-moderate income communities across the country as part of the firm’s market expansion initiative.
  • Building awareness and trust in Chase Secure Banking to meet the needs of Black and Latinx unbanked and underbanked households and expand access to traditional banking.

B. Invest up to $50 million in the form of capital and deposits in Black and Latinx-led Minority Depository Institutions (MDI) and Community Development Financial Institutions (CDFI), and continue to mentor and advise select MDIs and CDFIs to help them achieve future success.

IV. Accelerate Investment in our Employees and Build a More Diverse and Inclusive Workforce

A. Continuing to build a more equitable and representative workforce and hold executives accountable by incorporating priorities and progress into year-end performance evaluations and compensation decisions for members of the Operating Committee and their direct reports.

B. Providing financial coaching services to the firm’s U.S. employees.

The firm will also provide $2 billion in philanthropic capital over the next five years to drive an inclusive economic recovery and support Black, Latinx and other underserved communities. This extends and increases the firm’s current five-year $1.75 billion philanthropic commitment made in 2018. It will also include an emphasis on supporting Black- and Latinx-led organizations.

A fact sheet detailing JPMorgan Chase’s new commitments is available here.

Holding Ourselves Accountable

Measuring impact and ensuring accountability is central to these new commitments. Progress will be tracked regularly and shared with senior leadership across the firm, as well as externally with the Chase Advisory Panel, to assess performance and hold the business accountable. These efforts will further allow for maximum impact and bring an enhanced equity lens to the firm’s business.

Comments on the Importance of Advancing Racial Equity

“We have a responsibility to intentionally drive economic inclusion for people that have been left behind,” said Brian Lamb, Global Head of Diversity and Inclusion, JPMorgan Chase.The COVID-19 crisis has exacerbated long-standing inequities for Black and Latinx people around the world. We are using this catalytic moment to create change and economic opportunities that enhance racial equity for Black and Latinx communities.”

“To ensure the Latino community can thrive, we must work together to break down persistent obstacles to opportunity created by systemic racism,” said Janet Murguía, President and CEO, UnidosUS. “JPMorgan Chase’s new commitments will help ensure that the American dream is accessible to more Latinos today, create a multiplier effect through generations, and lead to a stronger country with greater shared prosperity.”

“America’s racial wealth gap has been a persistent injustice, and it can no longer be tolerated as business as usual,” said Marc Morial, President and CEO, National Urban League. “I am heartened to see JPMorgan’s specific, measurable commitments that we believe will address decades of systemic racism toward Black communities – and will bolster the wellbeing of families across the country, as well as our collective economy. We are proud to work alongside JPMorgan Chase to make these changes and help craft conditions for lasting racial equity.”

“All Americans deserve equitable access to affordable housing and the physical, emotional and financial security it represents,” said Lisa Rice, CEO, National Fair Housing Alliance. “JPMorgan Chase’s new commitments will help make owning or renting a reality for more Black and Latinx families, whose housing access has been impeded by decades of systemic racism and are now disproportionately affected by the impact of COVID-19. Addressing the affordability crisis, now overlaid with the pandemic, will require many players on many fronts, and these commitments are concrete, meaningful steps in the right direction.”

“This moment requires leaders and their institutions to shake off the husks of complacency and to stand in transformative solidarity with the more than 100 million in America who face the burdens of a democracy and economy that does not yet allow them to participate, prosper, and reach their full potential,” said Dr. Michael McAfee, President and CEO, PolicyLink. “JPMorgan Chase is beginning the journey to answer this call. It’s targeted investments in black and brown communities, and its leadership advancing public policy that ensures all people in America participate in a just society, live in a healthy community of opportunity, and prosper in an equitable economy is the type of creative spark that will usher in America’s renewal.



About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

In ‘Siempre, Luis’ a look at Lin-Manuel Miranda’s biggest inspiration — his father
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Luis and Lin-Manuel Miranda together at a premiere

When Luis Miranda arrived in New York City from Puerto Rico in the 1970s, he looked like many young students of his time, with his jeans and shaggy hair. In the Big Apple, though, he realized that not everyone wanted people like him. Instead of culture shock, he experienced discrimination. “It didn’t matter if you were a janitor or a PhD student,” Miranda recalled, “what they saw was Puerto Rican, some brown person, some brown kid. Not a real American.”

Miranda went on to become an activist, a government official, a political consultant, and a loving father to three children—including his son, Lin-Manuel Miranda, creator of the Broadway smash, “Hamilton.” Now the older Miranda, who has long been a behind-the-scenes player in Democratic politics, is in the spotlight in a new documentary, “Siempre, Luis,” debuting October 6 on HBO and HBO Max.

A camera crew spent a year following Miranda around, capturing his family life, political work, heath issues and humanitarian efforts. Watching the film, Miranda told NBC News, was an emotional experience for him.

“What comes to mind is how many great people I have met and known throughout my life; people who either convinced me that I had to join their fight, or I convinced that they had to join me, and together we have moved forward,” he said. “It was a reminder of how many people have helped me, (and) that I didn’t have time to thank them all.”

Luis A. Miranda Jr., 66, was born in the town of Vega Alta in Puerto Rico. A sharp student, he headed for New York City in the 1970s to continue his graduate work, inspired by—of all things—the character played by Debbie Reynolds in the 1964 movie musical, “The Unsinkable Molly Brown.”

In Nueva York, Miranda became an advocate for the city’s Latino residents, who were then predominantly Puerto Rican. By the 1980s, Miranda was a special advisor to Mayor Ed Koch, eventually becoming the Director of the Mayor’s Office for Hispanic Affairs.

In 1990, Miranda founded the non-profit Hispanic Federation, and has also been a key Democratic political consultant, working on U.S. Senate campaigns including Hillary Clinton’s as well as Rep. Adriano Espaillat’s, D-NY, who became the first Dominican American in the U.S. Congress.

Miranda has been a champion of his son’s ambitions as well. When a young, struggling Lin-Manuel received an offer for a full-time teaching job, his father advised him to follow his dreams instead. He helped promote his son’s off-Broadway musical “In The Heights” until it became successful and transferred to Broadway.

In fact, the younger Miranda credits his Dad as being part of his inspiration for “Hamilton”—Founding Father Alexander Hamilton also arrived in New York from the Caribbean—he was from the island of Nevis. “When I was playing him, I was just playing my father,” said Lin-Manuel.

“Siempre, Luis” highlights the devastating impact that Hurricane Maria had on Puerto Rico in 2017, and in the documentary, Miranda cries as he recalled the destruction. “For me, Puerto Rico is this untouchable, perfect place,” he says in the film, “that all of a sudden, doesn’t exist anymore.” A central focus of the film is the lengthy process, that was not without controversy, by which Miranda and Lin-Manuel bring a production of “Hamilton” to the island as a way of raising funds for Puerto Rico’s recovery.

Continue on to NBC News to read the complete article. 

Photo by Michael Kovac/Getty Images for Acura

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