PepsiCo Foundation Hispanic Business Program
For decades, Hispanic-owned food and beverage small businesses have been instrumental in shaping the way we shop, connect across communities, and enjoy food and drinks. Yet even though Hispanic-owned businesses are critical to our culture and economy, Hispanic small business owners have long faced systemic barriers to success.
To celebrate the Hispanic community and ensure that the businesses that play a fundamental role in shaping our society continue to thrive and grow, The PepsiCo Foundation is launching a new program to aid Hispanic-owned small food & beverage businesses. The PepsiCo Foundation is working with Community Development Financial Institution (CDFI) partners Allies for Community Business, Accion Opportunity Fund, Ascendus, DreamSpring, and LiftFund to administer the program.
The program also includes free business coaching in English and Spanish for 500 Hispanic-owned food and beverage businesses. The program is designed to help business owners at every level retain employees and construct long-term business plans to support their economic recovery and set them on the path to generational wealth.
Frequently Asked Questions
How do I apply for a grant or free coaching?
Click here to apply for both. You only need to complete a single application to apply for either service, or both.
How many businesses will benefit from this program?
We will provide 150 business owners with grants of $10,000 each. We expect to provide between 10 and 15 grants in each of the 13 target cities.
Which business owners are eligible?
A successful applicant:
- is a Hispanic business owner;
- operates a food and beverage business;
- earned $1 million or less in revenue in 2020;
- is located in one of the 13 target cities including Los Angeles, Dallas, Houston, San Antonio, Chicago, Miami, Denver, New York City, El Paso, Orlando, Phoenix, Albuquerque, and Las Vegas;
- operates three or fewer locations.
When is the application open and what is the deadline to apply?
The application is open on June 2nd and will close on June 25th. The applications will be reviewed via lottery, so there is no benefit to applying on the first day versus the last day. Your application must be complete to be eligible – all incomplete applications as of June 25th will be ineligible.
What documentation is required in the application?
In order to complete your application, you must submit:
- Driver’s License (Drivers License, State ID, Passport or Matricula Consular Card)
- Business Food License, Liquor License, or Health Permit
- Most recent business tax return
- Business bank statement or business cancelled check
When will you announce the winners of the grants and coaching?
We anticipate announcing the winners in the middle of July. We would then disburse the grant funds by the end of July and offer free 30-minute coaching sessions throughout the summer and fall.
Why is PepsiCo investing in Hispanic-owned small food and beverage businesses?
As part of PepsiCo’s Racial Equality Journey, they are committed to ensuring that Black and Hispanic communities continue to thrive and grow. These businesses and the people who run them play a fundamental role in shaping our society and are part of the fabric of our food system, economy, and culture, and we want to help them prosper.
Who is receiving the support?
Through PepsiCo’s investment, they intend to support more than 500 Hispanic small food and beverage business owners over the next five years.
Why did you choose these cities to invest in?
PepsiCo is launching their program first in areas where small businesses were hit particularly hard by the pandemic, like Chicago, Los Angeles, New York City, and Dallas. Since this is a five-year program, we’ll continue to assess where the need is greatest as we map out future cities to support.
How is PepsiCo choosing the recipients?
PepsiCo has partnered with Community Development Financial Institutions (CDFI) across the country in this effort, and they will be the ones to evaluate all applications.
How will the $2M funding be distributed in the first year?
PepsiCo will be distributing this funding directly to the CDFI partners, who will then use it to provide grants and coaching to business owners.
Will immigration status factor into eligibility?
Businesses who operate using a federal Employer Identification Number (EIN), a Social Security number, or an Individual Taxpayer Identification Number (ITIN) are eligible to apply.
Are there restrictions on how recipients can use their funding?
The grants are meant to provide small businesses with the resources they need to cover ongoing operational expenses. Grant proceeds must be used for business costs and cannot be used for personal expenses.
Will recipients receive anything except money, or are your efforts purely financial?
In addition to funding, recipients will receive business coaching in English and Spanish and other resources to help business owners retain employees and construct long-term business plans.
What does the business coaching entail?
The CDFI in your area will offer you an initial 30-minute coaching session to listen carefully to what you are trying to accomplish with your business. Then, the coach will help you create a plan to achieve those goals. For example, if your goal is to access additional capital, the coach will provide specific advice on how to improve your financials so that you can qualify for larger loans or other investments.
Will you offer application materials and coaching in Spanish for Hispanic business owners who are not English dominant speakers?
Yes – applications are available in both English and Spanish and coaching is bilingual for anyone who requests it.
Are closed businesses eligible to apply?
Establishments that are in the process of dissolving with no intention to reopen in the future are ineligible to apply. However, establishments that are temporarily closed because of loss of revenue due to COVID-19 but continue to pay rent and plan to reopen in the future are eligible to apply.
Businesses need money everywhere in the country – do you have plans to expand to other cities to meet this need?
Yes – while PepsiCo’s initial launch is in 13 cities where small businesses have been hit hard by COVID-19, they will be continuing to assess where their support can be most effective and expand to different cities where the need is greatest.