ISED Ventures teaches Latinos business basics
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For more than a decade, ISED Ventures has taught Iowans how to escape poverty by starting their own businesses, but until recently, the non-profit community development organization struggled with how to reach out to Latino immigrants.
Earlier this month, ISED Ventures began offering its small business development curriculum to Latino entrepreneurs with the assistance of a local consulting firm, Diverse Innovative Solutions. DIS is operated by Max Cardenas and Warren Morrow, who are both fluent in Spanish and “well-respected in the Latino business community,” according to Marybeth Foster, ISED Ventures’ director of development.
“ISED has been dong small business assistance and technical training in Des Moines since 1990,” Foster said. “This as a way for us to extend our services to the Latino community, which as been more difficult for us to reach because we lacked the staff to do this. Now we can reach out to a segment of the community that might not have been aware of our services.”
Foster said ISED Ventures felt it was a good time to launch a training initiative for Latino immigrants because of the progress being made in the Latino business district on East Grand Avenue. Also, the non-profit had money remaining from a sizable federal grant it received last year to help low-income people find employment, so it could afford to hire DIS to direct the project.
Cardenas and Morrow helped recruit participants for this pilot program, and found 10 Latino entrepreneurs who were interested in receiving training and technical assistance. Cardenas said the participants come from diverse backgrounds, and are interested in operating businesses ranging from beauty shops to construction companies.
“These people have been doing this work for some years and want to branch off on their own,” Cardenas said. “They have the talent, so now they just need the know-how for how to get their business started.”
The bilingual business development classes started Oct. 15, and will continue on Saturdays through Nov. 12. The sessions cover such topics as developing a business idea and a business plan, marketing and securing financing.
Foster said ISED Ventures regularly uses this basic curriculum to train low-income women, refugees and minorities, or “people who otherwise might not be able as quickly to start a business.” Cardenas said DIS expanded the curriculum to tailor it to Latinos, incorporating additional examples and sources that they would better relate to.
Participants who want to move forth with starting their own business may apply for funding through ISED Ventures’ Iowa Community Capital subsidiary. This financing arm is designed to serve individuals who would have difficulty getting loans through a traditional lender, possibly because they don’t own sufficient collateral or they have had credit problems in the past.
In addition to group workshops, participants will also have one-on-one consultations with Cardenas and Morrow to discuss questions or concerns about moving ahead with their business plans.
“For entrepreneurs to go through these workshops, it’s very helpful,” Cardenas said. “After realizing what it would involve to run a business, maybe they would identify that it’s not the right time, and either get additional training or postpone their idea. Or if it is the right time, they have business plan and marketing strategy prepared that will hopefully ensure their success.”