Investing in Latina entrepreneurs, a topic at UM’s Concordia Summit| Opinion

Miami Herald· Peter Griffith/Getty Images
Carmen Correa
3 min read
0

Every day, Latin American migrant women, often with children in tow, take significant risks to come to the United States seeking a better live.

Nearly half of the migrants originating from Central America and Mexico in recent years have been women.

In their home countries, these women frequently face gender-based violence and intimidation — along with a crushing lack of economic opportunity. Most of them migrate because they simply have no other choice.

These brave and resilient women experience intensive risks and challenges both during the migration journey and when they reach their new homes. Yet virtually all of them also possess the entrepreneurial talent to act as agents of change. for their families and broader communities.

Supporting their economic empowerment isn’t just a moral imperative; it’s a critical way to promote a better future for all. At Tuesday’s Concordia Americas Summit at the University of Miami, leaders, experts and activists from across the Western Hemisphere will come together to discuss how to drive sustainable and inclusive growth and strengthen democracy across the region. There should be no doubt that women must play a central role in achieving these goals.

To achieve their potential, Latin American women must receive resources, training and investment. That’s why the social enterprise organization I lead, Pro Mujer, has stepped up to provide solutions and support for women across the Americas and now for Latina migrant entrepreneurs in the U.S.

In 2021, with the help of partners such as Visa, Microsoft, and Google, among others, we launched a free digital training platform, “Emprende Pro Mujer,” tailored specifically to Spanish-speaking women entrepreneurs’ needs.

In less than three years, it has benefited over 66,000 women in 23 countries across the region, becoming an essential network in the entrepreneurial ecosystem. In the fall of 2023, we expanded Emprende to focus on providing support to migrant women in the U.S.

We’ve seen just how much of an intense desire and need there is for this kind of support. While Latinos represent 19% of the U.S. population and wield considerable economic, political and cultural influence, roughly four in 10 Hispanic immigrants report struggling to afford basic necessities. Latin American women experience more substantial opportunity gaps than any other ethnic group in the United States.

In spite of these systemic issues, 80% of Latina women have plans to improve their quality of life, and Latina entrepreneurs create businesses at a rate six times faster than other groups in the U.S.. A recent analysis found that Latin American immigrants are starting businesses at more than twice the rate of the U.S. population as a whole.

Fourteen percent of women-owned businesses in the U.S. are owned by Latinas, yet their businesses tend to be smaller in size and can struggle to grow. Some of the challenges include a lack of access to investment capital and fewer established networks to help them connect with mentorship, resources and training.

That’s where the Emprende platform can come in, filling these gaps. The program’s tailored approach, including a specific module for migrant women, focuses on developing leadership, management, finance, technology and sales skills while boosting self-esteem.

The results speak volumes: 85% of the women who have used the platform report improvements in their soft skills, 86% in their leadership abilities, and 87% believe their sales will improve thanks to the program.

By empowering Latin American migrant women through entrepreneurship, we can foster economic independence and create a ripple effect of positive change within communities. As women are the cornerstone of economic growth and social development, investing in their empowerment is necessary for building more prosperous and sustainable societies.

In the U.S. and across the Americas, it’s long past time to fully recognize the resilience, strength and potential of Latin American women and to provide them with the support they need to thrive as entrepreneurs and leaders.

Carmen Correa is CEO of Pro Mujer, a social enterprise works to advance gender equity in Latin America.

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