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PepsiCo investing $50 million in Hispanic-owned businesses

PepsiCo Foundation investing $50 million in Hispanic-owned businesses
Posted at 8:04 AM, Oct 05, 2021
and last updated 2021-10-05 09:34:41-04

Hundreds of Hispanic-owned businesses will be getting a boost.

A Stanford University report found 86 percent of Latino-owned businesses experienced immediate, negative effects of the pandemic and were disproportionately less likely to receive government help, like Paycheck Protection Program loans.

The PepsiCo foundation is investing $50 million into Hispanic-owned restaurants, bodegas and butcher shops through its program "Juntos Crecemos," which means together we grow.

"These are places where mothers and fathers earn their living but also raise their children and those legacies are lost when we do lose Hispanic-owned businesses," said C.D. Glin, vice president of the PepsiCo Foundation.

Some of the money will also go toward business development, like building websites and delivery apps.