Exclusive: Nely Galan On New $28.6 Billion Restaurant Revitalization Fund And Helping Latino Businesses
Nely Galan talked to People CHICA about the new $28.6 Billion Restaurant Revitalization Fund and how Latino businesses can benefit from it. All the details!
Nely Galan talked to People CHICA about the new $28.6 Billion Restaurant Revitalization Fund, which could greatly benefit Latino businesses. The U.S Small Business Administration (SBA) announced that the fund prioritizes direct relief to women, veterans, and socially and economically disadvantaged individuals. The relief package includes $9.5 billion in funds for smaller businesses.
Applications open Monday, May 3, and will remain open until funds are exhausted. Galan is hosting a webinar session this Friday to share all the details. "Businesses who are in the food and beverage industries will learn about the SBA's Restaurant Revitalization Fund, which is a program dedicated to helping these industries survive the pandemic. Participants will learn who is eligible for the program, where to go to apply and the documents that are needed", she says. "We will also answer any questions they may have during a live Q&A session."
The renowned Cuban media executive and entrepreneur says it's vital for struggling minority business owners to take advantage of this opportunity. "This program will give up to 10 million dollars per business, and no more than 5 million per physical location to help restaurants and companies in the food and beverage industries stay afloat during the pandemic," she adds. "SBA speculates the funds will go very quickly. Minority owned businesses will have the first 21 days to apply to the program. Their applications will be processed first to ensure they receive the funds they need. This is why we need to inform Latinos. This webinar will show them what they need to do to prepare for the application."
Galan —who is the founder of The Adelante Movement and author of the best-selling book Self Made— joined forces with the Small Business Administration to help Latino entrepreneurs overcome this financial crisis. "The Adelante Movement is committed to bringing Latinas and their families all the information they need to become successfully self made," she says. "A relationship with the SBA is crucial to the success of small business owners. We will continue to work with the SBA to make sure that no Latinx business gets left behind."
She shared some words of advise for Latino business owners. "First, take advantage of all the opportunities, grants and loans the SBA has to offer, and then remember that in every crisis there is a silver lining," she emphasizes. "It is a moment to sometimes pivot, sometimes instead of being afraid, double down and keep going forward because great opportunities show up after disasters."
Galan is inspired by the relentless spirit of Latino entrepreneurs. "Latino entrepreneurs have been very resilient throughout the pandemic. Many have pivoted and provided different services to accommodate our community's new ways of working due to the pandemic. Other entrepreneurs have found opportunities to reinvent themselves and the services provided," she says. "All in all Latinos have always been very resilient and we continue to see this throughout this pandemic."
SBA Administrator Isabella Casillas Guzman and SBA Spokesperson Victoria Guerrero will join Galan in the webinar session. Space is limited.