The Rockefeller Foundation grant will benefit entrepreneurs in Miami and Atlanta metro areas
Economic development nonprofit organization Prospera announced it has received its first grant from The Rockefeller Foundation to provide procurement-focused training and technical assistance to small, Hispanic-owned businesses in the Miami, Fl. and Atlanta, Ga. metro areas. Educational programs funded by the grant will focus on a range of topics related to procurement, including minority certifications, bidding processes and resources, and access to capital for small business procurement-related needs. The goal is to help more local entrepreneurs lay a well-built foundation and increase their readiness for contracts with government agencies and corporations.
“We are thankful for the opportunity this grant from The Rockefeller Foundation provides for Prospera to help move the needle in helping Hispanic-owned businesses secure contracting opportunities in both the public and private sectors,” said Prospera President and CEO Augusto Sanabria. “Our organization’s focus has always been on helping entrepreneurs lay a strong foundation and improve their administrative and operational efficiencies, to increase their chances of succeeding and lasting in business. This time, we will focus on helping small business owners establish a strong foundation and infrastructure to pursue, win, and maximize procurement opportunities.”
While the U.S. government is the largest purchaser of goods and services in the world, only 1.8 percent of federal agencies’ total eligible contracting dollars in fiscal year 2020 went to Hispanic-owned small businesses. Increasing the ability of more underserved businesses to access federal spending via procurement contracts aligns with The Rockefeller Foundation’s efforts to build assets and economic stability for under-represented, working people.
“Miami and Atlanta are among the fastest growing communities for Hispanic entrepreneurial activities in the U.S. The lack of access to procurement-focused resources and financial tools is a huge barrier for these growing businesses to receive opportunities with government and anchor institutions,” said Gregory Johnson, Managing Director of the Equity & Economic Opportunity Initiative at The Rockefeller Foundation. “Prospera is helping entrepreneurs overcome the barriers routinely experienced by minority businesses and The Rockefeller Foundation is proud to support this vital work.”
As a complement to education programs, Prospera’s in-house staff will also provide individual business consulting sessions and one-on-one support to review individual participant development towards procurement readiness. As clients become ready for procurement, Prospera will work with ecosystem partners in South Florida and Metro Atlanta to provide them with matchmaking opportunities for the necessary exposure to pursue procurement opportunities.
Prospera is an economic development, nonprofit organization that has specialized since 1991 in providing bilingual assistance to Hispanic entrepreneurs who want to start, sustain, and grow their business. In the last five years alone, Prospera facilitated over $70 million in loans for small business clients, trained 17,300 entrepreneurs, and helped consulting clients create or retain more than 16,000 jobs. Prospera currently serves Florida, North Carolina, and Georgia. For more information, visit prosperausa.org.
About The Rockefeller Foundation
The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation that enable individuals, families, and communities to flourish. We work to promote the well-being of humanity and make opportunity universal and sustainable. Our focus is on scaling renewable energy for all, stimulating economic mobility, and ensuring equitable access to health care and nutritious food. For more information, sign up for our newsletter at rockefellerfoundation.org and follow us on Twitter @RockefellerFdn.