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New fund offers opportunity for Hispanic entrepreneurs

LiftFund, Bank of America want to give $100,000 to Latino small businesses -- for starters.

SAN ANTONIO – The San Antonio Latino Dream Makers Fund is helping entrepreneurs who have an idea and passion launch small businesses by helping them gain access to capital.

LiftFund and Bank of America launched the revolving loan fund to help Hispanic entrepreneurs turn their dreams into dollars.

“It can be from restaurants, day care providers, painters, lawn care providers, to people in marketing and people who work in technology,” said Janie Barrera, president and CEO of Liftfund.

Hispanics already account for 66% of LiftFund’s San Antonio clients.

Marcela Freeman is among them. Not only does she have a newborn at home, she’s nurturing another baby — her business.

“I always knew that working for someone had a cap as far as how far I could go,” she said.

Freeman launched Burn It In 30, where she and her team motivate women to get healthier through nutrition, fitness coaching and lots of burpees.

“To me, it’s not just about making money,” Freeman said. “I care about making an impact.”

Four years ago, she quit her job in marketing to pursue her side hustle — personal fitness training. Her “a-ha” moment came when a client began to cry.

“She told me, ‘I hate what I see. I’m disgusted with myself.’ That really broke my heart,” Freeman said. “I knew that I had something that could help her and all the other women that feel like that.”

Freeman had the know-how, but what she didn’t have was money.

LiftFund provided a $35,000 loan that allowed her to open her brick-and-mortar space at 15814 University Oak. It’s a place where women gather for workouts and gain a sense of community.

“Part of our underwriting is you’ve got to let us know how you’re going to pay it back," Barrera said.

Through the San Antonio Latino Dream Makers Fund, LiftFund hopes to help more people like Freeman. Bank of America seeded the fund, which has a fundraising goal of $1 million.

“Latino entrepreneurs are among the fastest-growing segments in the country, and that’s especially true here in San Antonio,” Jessica Miller, Bank of America’s local market president, said in a statement. “We look forward to seeing what participants accomplish for many years.”

LiftFund loans money to businesses that can’t get loans from banks. Loans are typically around $20,000, and there is an education component.

“So that $100,000 (from Bank of America) is going to help four to five small businesses,” Barrera said. “As that principal payment comes back into the fund, we’ll have enough to lend out to a sixth borrower, a seventh, an eighth, so in perpetuity, that $100,000 is going to be revolving in our community."

Entrepreneurs interested in applying for a loan or donating can contact LiftFund by clicking here.

Opening her own business has been a game-changer for Freeman and her clients.

Although it was scary to leap into entrepreneurship, Freeman says it’s worth it.

“Some mornings, I get up at 3 to be at a 5 a.m. class, but I don’t ever feel like, ‘Oh, I have to go to work,’” she said.


About the Authors
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Luis Cienfuegos is a photographer at KSAT 12.

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