The United States Hispanic Chamber of Commerce (USHCC) and Wells Fargo have launched the Avanzar business accelerator capacity building program to help small Hispanic-owned businesses.

USHCC and Wells Fargo have teamed with the Latin American Chamber of Commerce Charlotte (LACCC) and the Albuquerque Hispanic Chamber of Commerce (AHCC) to conduct the educational programming series for participating businesses for eight consecutive months. The training and curriculum are designed to help Hispanic business owners overcome barriers and scale their businesses.

According to Wells Fargo senior vice president and head of supplier diversity Regina Heyward, Avanzar is about empowering Hispanic business owners to grow sustainable enterprises. She also said that effective mentoring, access to capital and capacity building are important in growing and scaling Hispanic-owned businesses.

USHCC president and CEO Ramino Cavazos added that Hispanic people start their own business three times faster than the average American but often face barrier to scaling. He believes that if they can grow as fast as non-minority businesses, they could add $1.47 trillion to the American economy.