ALBUQUERQUE, N.M. (KRQE) – Some local Hispanic-owned businesses are getting a much-needed boost following COVID-19. A 2020 Stanford University report found while a majority of Latino-owned businesses suffered because of COVID, they were less likely to receive government help like PPP loans.
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Now, the PepsiCo Foundation is stepping in, investing $50 million. “These are places where mothers and fathers earn their living but also raise their children and so those legacies are lost when we do lose Hispanic-owned businesses,” said the Vice President of PepsiCo foundation C.D. Glin.
Fifteen Albuqureque businesses have been named recipients including Five Star Burgers and Santa Fe Bite. To be eligible, Hispanic-owned businesses must be less than three years old and bring in less than $1 million in revenue.