On February 13, 2023, Prospera, a non-profit economic development organization, announced receiving its first grant from a non-profit organization, The Rockefeller Foundation, to offer procurement-focused training and technical help to small, Hispanic-owned businesses in the Miami and Atlanta metro areas.
Grant-funded educational programs will focus on a variety of procurement-related matters, including bidding processes and resources, minority certifications, and access to capital for small businesses with procurement-related needs. The objective is to assist more local entrepreneurs in establishing a solid foundation and increasing their readiness for contracts with government corporations and agencies.
While the U.S. government is the largest purchaser of products and services around the globe, Hispanic-owned small companies received only 1.8% of federal agencies' total eligible contracting funds in the fiscal year 2020. Increasing the ability of more marginalized businesses to access federal expenditures through procurement contracts is in line with The Rockefeller Foundation's goals to build assets and economic security for underrepresented working personnel.
Augusto Sanabria, Prospera President and CEO, said, "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." He also added, "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."
In addition to education programs, Prospera's in-house staff will also offer individual business consulting sessions and one-on-one assistance to look at each participant's progress toward being ready for procurement. As soon as a client is prepared for procurement, the company will work with ecosystem partners in Metro Atlanta and South Florida to put them in touch with the right people and give them the exposure they need to pursue procurement opportunities.
About Prospera
Headquartered in Orlando, Florida, Prospera, a non-profit organization for economic development, has focused on helping Hispanic entrepreneurs start, operate, and grow their businesses by giving them bilingual assistance since 1991. In just the last five years, Prospera has helped small business clients get over $70 million in loans, trained 17,300 entrepreneurs, and assisted consulting clients in creating or keeping over 16,000 jobs. Prospera currently works in Florida, North Carolina, and Georgia.