LEAP launches business program for Hispanic, Latino entrepreneurs

LANSING, Mich. (WILX) – The Lansing Area Economic Partnership (LEAP) has launched its Ascend Program, designed to help Hispanic and Latino business owners achieve their goals.

LEAP has been running what it calls “equity-focused” business programs since 2010. Each one gives entrepreneurs from all different walks of life a chance to grow their businesses, whether that’s through additional staff, new equipment or marketing assistance.

Ascend is the next step in that effort, this time focusing on a group that’s still facing obstacles to business ownership. According to the Stanford Latino Entrepreneurship Initiative, Latino business owners are 60% less likely to be approved for a $100,000 loan than non-Hispanic business owners.

“We did research with the Hispanic Wealth Project that found out Hispanic and Latino entrepreneurs have a tremendous growth rate, but the real problems when it comes to accessing funding and internal, operational systems,” said LEAP Chief Equity Development Officer Tony Willis.

The first Ascend session began April 10, taking on a cohort of six Mid-Michigan businesses owned by members of the Hispanic and Latino communities and giving them financial and educational assistance across a six-month period. One of those businesses is the Peruvian restaurant, Tantay.

“When everyone comes in for the first time trying our food, it’s a great opportunity for myself or my team to explain a little bit about Peruvian cuisine and heritage,” said Owner Jose Aste.

Aste currently runs his business out of a shared community kitchen at the Allen Neighborhood Center. After starting the process of opening a brick-and-mortar store, he turned to the Ascend program to make it happen.

“I was very eager and did not even think twice about it,” Aste said. “I applied immediately.”

While LEAP is able to provide grant sponsorship of its own, Willis said they’re often able to connect business owners with their financial partners like Lake Trust and MSUFCU for additional access to funding.

Elena Herrera is in the business of helping other entrepreneurs keep their finances in order at Ledger Ally. After spending years helping her own family members manage the books at their small businesses, she decided it was time to branch out and offer her expertise to the Greater Lansing area.

For Herrera, joining the Ascend program means hiring more staff and setting an example for the next Hispanic generation.

“It speaks volumes to the community that we’re raising, the community that’s watching us, our kids,” she said. “Which is why it was really important to me to put myself out there and be involved.”

The current Ascend session will finish up in October of this year, but LEAP is expecting to see the program continue into 2025.

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