Dora Westerlund, CEO of Fresno Area Hispanic Foundation, cuts the ribbon on the Downtown Business Hub in Fresno in this 2011 file photo.

The Latino Community Foundation (LCF) has announced the distribution of $1 million in grants to 17 Latino-led organizations throughout California.

As the state with the largest number of Latino small business owners, California’s Latino-owned businesses generate nearly $120 billion in revenue annually. The LCF hopes its efforts will support Latino entrepreneurs as well as influence policies to stimulate job opportunities for Latinos in high-salary, in-demand sectors.

The Central Valley Immigrant Integration Collaborative (CVIIC) and Fresno Area Hispanic Foundation were both selected by the LCF for grant funding.

Of the allotted $1 million, CVIIC receives $100,000 and the Fresno Area Hispanic Foundation receives $150,000.

“It is essential that we increase opportunities for economic mobility for Latinos as we rebuild a new normal post-COVID 19,” said LCF’s CEO Jacqueline Martinez Garcel. “The economic power of Latinos can lead not just a recovery, but an economic renaissance.”

The investment is a part of the LCF’s Latino Entrepreneurship Fund, which focuses on building economic power among Latino-led businesses. Investments will go to support a variety of organizations, increasing access to funding for small businesses and support incubators, as well as helping Latino business leaders accumulate generational wealth to support their communities, according to a news release.

“From investing in anchor community organizations to Latino-led Community Development Financial Institutions, these organizations are supporting our food and street vendors with critical relief funds and advocacy, creating innovative business models, and strengthening the lending continuum for Latino entrepreneurs,” said LCF Entrepreneurship Fund Director Veronica Vences. “Together they will reach over 150 Latino entrepreneurs from the North Bay Area to San Bernardino and build a more fruitful ecosystem in which these entrepreneurs can thrive.”

Since 2016, the LCF has invested $25 million to support its mission of unleashing civic and economic power to Latinos in California.

The LCF’s Latino Entrepreneurship Fund continues to support the organization’s efforts largely due to the contributions of The James Irvine Foundation, Google.org, Wells Fargo and TikTok.

Currently, their organization is emphasizing a focus on serving the Central Coast, Central Valley and Inland Empire.