Verizon Business has announced the recipients of $10,000 grants to 25 Hispanic small business owners aimed at driving digital acceleration. The company’s announcement comes in tandem with its study of Hispanic small business owners, which revealed a push to digital amid labor shortages.
Conducted by Morning Consult, Verizon’s report polled 500 Hispanic small business owners and highlighted the adoption of technology, the desire for advice and assistance and the economic outlook of these entrepreneurs. The study looked at differences between gender and industry in addition to businesses that conduct their work primarily in English compared to those that use a combination of English and Spanish.
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Key findings in the report show that recession worries are looming with about half of survey respondents reporting they have started to prepare. While only 32 percent say they have applied for a private loan or grant, 78 percent said they want assistance to find and apply for them.
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At the same time, while almost two-thirds of Hispanic small business owners say they have family members working for their business in a paid capacity and 53 percent say they have family members volunteering unpaid time to help with the business, Hispanic SMBs are creating jobs. Half said they have hired new employees in 2022 and 48 percent say they created new job roles or positions in 2022.
Owners also cited an ongoing need for technology adoption, with 74 percent reporting they have leveraged digital tools and technologies to make money over the past three years. More than 40 percent of respondents say they have implemented new technology specifically to solve for worker shortages. Overall, Hispanic small business owners say they are making marketing a top priority in 2023 (41 percent) with those in retail citing customer service as a priority (36 percent).
Verizon’s grants are being awarded to small business owners across the U.S. through Verizon Small Business Ready, the free online resource that focuses on helping small businesses achieve success in today’s digital economy. The grants are also in partnership with Next Street and Local Initiatives Support Corp., or LISC. These grants, said the companies, will allow businesses to invest in upgrading their technology, advancing their marketing, or supporting operational costs such as employee wages, rent and more.
“Hispanic small business owners are continuously reinventing themselves through technology and the data from our study proves this,” said Aparna Khurjekar, chief revenue officer of business markets and SaaS at Verizon Business. “Between the direct partnership with our customer-facing teams of digital experts in their community, the grants for these deserving businesses, and the access to information and mentorship we provide online through our Digital Ready program, we are thrilled to support their continued growth.”
Beyond providing funding through grants to Hispanic-owned small businesses, Verizon will offer another round of grant funding available to small business owners from all backgrounds through Verizon Small Business Ready. Applications are available on the platform through May 12, 2023. By 2023, Verizon aims to support 1 million small businesses with resources to thrive in the digital economy as part of its responsible business plan.