Opportunity/Business

Jeffrey Vera Named Wayland Alumni Director

W

ayland Baptist University announced the addition of Jeffrey Vera as Director of Alumni Relations, effective October 1st. Vera earned a Bachelor of Christian Ministry degree from Wayland in 2017 after coming back to his hometown of Plainview, enrolling as a nontraditional student while working full-time overnights at Covenant Hospital Plainview. He served as a President’s Ambassador and was heavily involved in student mission trips both foreign and domestic.

Since graduation, Vera has worked at Texas Tech Health Sciences Center in the School of Medicine Admissions office, most recently as Assistant Director of Recruitment and Advising. He’s also a bi-vocational pastor, currently serving as interim at Primera Iglesia Bautista in Lubbock. Vera has served on the WBU Alumni Board since August 2020 and was set to be president this year. He is the son of alumnus Yolanda Vera, a 1983 graduate and retired Plainview educator who also served on the Alumni Board for many years. That heritage and life-changing experience he had at Wayland are part of his excitement at joining the advancement family. The Office of Alumni Relations is part of the Institutional Advancement team at Wayland. Congratulations from Latino Lubbock Magazine! Open Enrollment Dates for 2022

Mark your calendar on the date, November 1, 2022. Give yourself plenty of time to compare your options and select the best plan to meet your coverage needs and pocketbook before Open Enrollment ends on December 15th. If you don’t act by December 15, you can’t get 2023 coverage unless you qualify for a Special Enrollment Period. Plans sold during Open Enrollment start January 15, 2023.

Si no actúa antes del 15 de diciembre, no podrá obtener la cobertura de 2023 a menos que califique para un Período de inscripción especial. Los planes vendidos durante la inscripción abierta comienzan el 15 de enero de 2023.

Fechas de inscripción abierta 2022

Marque su calendario en la fecha, 1 de noviembre de 2022. Tómese el tiempo suficiente para comparar sus opciones y seleccionar el mejor plan para satisfacer sus necesidades de cobertura y su bolsillo antes de que finalice la Inscripción Abierta el 15 de diciembre.

OUR OBJECTIVE “Strengthening Families, Building Community” Join our efforts and become a member today. Lifting the Next Generation of Latinos in Finance

BY CARMEN REINICKE

Even though Latinos are the second-largest ethnic group in the U.S., they’re underrepresented across many industries, including finance, which can have long-term effects on the ability to grow wealth. A group of Latino-led and focused venture capital firms is looking to change that. There are more than 62 million Hispanic or Latino people in the U.S., according to the 2020 Census. That’s nearly 19% of the total population, second only to non-Hispanic whites. They also represent one of the largest and fastest-growing sectors: In 2019, the total economic output of the group was $2.7 trillion, up from $1.7 trillion in 2010, according to a report from the Latino Donor Collaborative. But in 2021, Latinos made up only 4% of large U.S. companies’ most senior executives, per a survey from the Hispanic Association on Corporate Responsibility. And a separate study in 2019 by the CFA Institute found that only 8% of workers in investment management firms were Latino compared to 9% Asian, 5% Black and 84% white. Similarly, only 2% of venture capital professionals and partner-level professionals at institutional firms are Latino, a study from LatinxVC discovered. “We’re trying to increase [Latino] venture capitalists within established venture organizations,” said Mariela Salas, the executive director of LatinxVC. “We’re also trying to retain those Latinos that are in institutional and smaller firms.” The investing gap - Latinos also are less likely to have access to investing. Latino household wealth lags that of white counterparts, and only 26% of Hispanic households have access to an employer-sponsored 401(k) plan, compared to 37% of Black households and half of white ones, the Economic Policy Institute found. Lack of access to capital markets makes it harder for Latinos to build meaningful wealth. It also means they’re underrepresented as shareholders of companies if they aren’t holding stocks and that they’re not lending a proportional voice to investing decisions. “We should be mindful of the connection of finance and the capital markets to the broader economy,” said Rodrigo Garcia, global chief financial officer of Talipot Holdings, an investment management group. “It’s always been a critical piece that we have representation in asset management, in the people who are making decisions on the purchases of stocks, bonds, venture capital private equity and more.

Latino-focused venture capi-

tal - There are several Latino-focused venture capital firms that are working on at least one piece of the puzzle: investing in their communities. One of those firms is the Boston Impact Initiative, which just launched a $20 million fund focused on investing in entrepreneurs of color. “We take the earliest risk, we’re funding the teeny-tiny startups that hopefully one day will grow into those companies that become publicly traded and become available in the retail finance sector,” said Betty Francisco, CEO of the Boston Impact Initiative. Those businesses include Synergy Contracting, a women-owned construction company, and Roundhead Brewing, the first Latino-owned craft brewery in Massachusetts. Another group, Mendoza Ventures, was started in 2016 to address the lack of both women and Latinos writing checks to fund new companies. The Boston-based firm run by Adrian Mendoza has raised $10 million across two funds. “We give the opportunity to firsttime accredited investors, people of color and women to get access to venture capital,” Mendoza said. Accredited investors are individuals or entities that meet specific earned income, net worth or asset thresholds in order to invest in sophisticated or complex securities. “The majority of wealth in America comes from [mergers and acquisitions] and that comes through venture capital and private equity, so why not be able to diversify on the other end?” Mendoza added. What investors can do - To be sure, there has been some progress in the financial industry. In 2021, the number of Latino certified financial planners rose by 15% from the prior year. Still, of the overall class of professionals who passed the exam that year, only 2.7% identified as Latino. Those in the industry see that there’s a benefit to having more people with diverse experiences in all areas of finance. “You cannot replicate anyone’s lived experience,” said Marcela Pinilla, director of sustainable investing at Zevin Asset Management. She added that as a Latina in finance, she wants to bring more people of color into the industry. From the perspective of the retail investors themselves, one of the most powerful things they can do is look at what they’re investing in and ask how many of those dollars are going to Latino fund managers, Latino-led funds or even companies with Hispanic leadership. “I think just the simple question of ‘who is managing my money?’” is important, said Mendoza.

Professional Development

FREE GED TEST PREPARATION

CLASSES. Need to study to pass the GED? Literacy Lubbock offers free, flexible, and casual prep classes at various times to fit in with your busy schedule. Call us at 806-7753636 for more information or register for Free classes at www.literacylubbock.org.

FREE GED AND ESL CLASSES

for Lubbock and the surrounding area offered by Adult Education Center. We accept new students on a bimonthly basis. You must be at least 17 years old and not enrolled in public school to be eligible for the classes. For more info call 806-2815750. Open Mon. thru Fri. from 8 A.M. to 5 P.M. BASIC ENGLISH CLASS – Clase de Inglés – aprender Inglés básico, 3211 58th Street, (east of Indiana) Lubbock. Horas: Cada Miércoles a las 7:30-8:30 de la noche. 806-239-5352 GRATIS!!

CHILD CARE AVAILABLE FOR INCOME-ELIGIBLE FAMILIES

Families who are income eligible may receive fee assistance to attend one of the Early Learning Center’s five centers for child care. Parents or caretakers must be employed or in school. The program is open from 6:30 a.m. to 6 p.m. Monday through Friday. Call (806) 765-9981 for more information.

CLASES DE INGLÉS COMO SE-

GUNDA IDIOMA La Literacia de Lubbock (Literacy Lubbock) ofrecen clases gratis de inglés como segundo idioma (English as Second Language) para la comunidad. Todos los adultos están bienvenido en estas clases. Para más información, llame a (806) 775-3636.

FREE CRIMINAL DEFENSE

ATTORNEY: The Caprock Regional Public Defender Office offers free legal representation to 13 surrounding West Texas Counties. The office handles Felony, Misdemeanor and Juvenile cases for citizens that cannot afford to hire a criminal defense lawyer. Call (806) 742-4312 to see if your county qualifies for this service. IMMIGRATION SERVICES If you need help with immigration issues call 806-741-0409.

SERVICIOS DE INMIGRACIÓN

Si necesitan ayuda con asuntos de inmigración llame a este numero (806) 7410409.

REFERRAL FOR QUALITY

CHILD CARE in Lubbock by the South Plains Day Home Association helps parents with free referrals to licensed or registered day care facilities that are routinely monitored by the Texas Department and Protective Services. Call 796-0606 or 792-1847 for more information.

Business & Opportunity Updates

WEBINAR - MAKE YOUR WEBSITE WORK FOR YOU DATE.

Learners will discover how to create a search-friendly website that drives user action and supports their goals. November 16, 2022, 2-3 p.m. FREE Registration Deadline: 11/15 at nwtsbdc.ecenterdirect.com/ events/15944 TAX FORMS AT LIBRARIES they have forms 1040 and 1040-SR in English and Spanish available at all locations. You can also access all available forms and instructions from home at www.irs. gov. BUSINESS COUNSELING Small business owners and aspiring entrepreneurs can discuss their business ventures and get expert advice from the SBDC staff. All information will be held in strict confidence. For a counseling sessions call (806) 745-1637.

LOW INCOME TAXPAYER

CLINIC The TTU School of Law operates a “FREE” Low Income Taxpayer Clinic year around to provide assistance relating to issues involving controversies with the Internal Revenue Service (IRS). For more info call (806) 834-7972 or toll free (800) 4208037.

DO YOU HAVE

NEWS? Submit your business news online at www.latinolubbock.net/have-a-story or call (806)792-1212

Lubbock’s Unemployment Dipped to 3.1%

Job statistics released Friday by the Texas Workforce Commission showed the local unemployment rate in Lubbock dropped during the month of September 2022. The Hub City’s unemployment rate was reported at 3.1 percent, down from the reported 3.5 percent in September. An estimated 162,600 residents in the Lubbock metropolitan statistical area (MSA) were employed during the month. The civilian labor force was estimated at 167,800. Lubbock’s unemployment rate one year ago (September 2021) was measured at 4.0 percent. The state will release job statistics for the month of October on Friday, November 18, 2022 at 9:00 a.m. (CDT).

Latinos Important on Small Business Saturday

Help make a lasting impact in the place you call home on Small Business Saturday®. Founded by American Express in 2010, it's a day to celebrate the local businesses that make your neighborhood great — and anyone can join in, from business owners to shoppers to government officials. This year, the big day is November 26, 2022. Small businesses play a vital role in sustaining the U.S. economy, and Lubbock’s economy as well. And please don't forget your Hispanic-owned businesses. Although much deserved attention is paid to the dramatic growth of U.S. Hispanic consumers, Hispanic businesses also have become a strategic growth opportunity within the U.S. economy. It is everyone’s business to support the prosperity of Hispanic businesses because the multiplier effect of their growth will need to fuel more American jobs and income in the years to come. In the face of difficult circumstances gaining employment in corporations, Hispanics create their own path to wealth through entrepreneurship – this is an American value that Hispanics embrace wholeheartedly. Hispanic businesses are growing at more than twice the rate of all U.S. firms. You will also see that Hispanic businesses contribute nearly $500 billion in revenue to the national economy – that number will continue to increase. And of course, Latino Lubbock Magazine proudly supports Hispanic small business owners and showcases their vibrant growth to the equally growing consumers - especially our 100,000 monthly readers. Latino Lubbock Magazine is a Hispanic and woman-owned business. In 2009, Christy MartinezGarcia, Publisher/Owner of Latino Lubbock, was recognized by the U. S. Small Business Administration as Women Small Business Champion of the Year 2009. Call us for advertising at (806)7921212.

FAU Poll: Hispanics Losing Confidence in U.S. Economy

Hispanics are increasingly concerned about their personal finances, leading to a decline in optimism in the U.S. economy during the third quarter, according to a new poll from the Florida Atlantic University Business and Economics Polling Initiative (FAU BEPI). The Hispanic Consumer Sentiment Index dropped to 74.3 from 78.3 in the second quarter and 92 for the first quarter, the survey found. Only 44 percent of the 454 respondents said they are better off financially than a year ago, down from 56 percent in the second quarter and 65 percent in the first quarter. In addition, a smaller percentage of respondents are more optimistic about their financial futures. Hispanics also remain troubled over the cost of living, with 81 percent saying costs are going up, compared with 80 percent who said that in the second quarter. In three other questions used to create the index, respondents were slightly more upbeat compared to the second quarter but not nearly as optimistic as the first quarter. When asked about business conditions over the next year, 44 percent of respondents said they expect conditions to be good, up from 43 percent in the prior quarter but down from 55 percent in the first quarter. Compared to the second quarter, a higher percentage of respondents (53 percent) expect good times for the country over the next five years, but that still was down from 61 percent in the first three months of 2022. Finally, while 40 percent said now is a good time to buy a big-ticket item, 50 percent felt that way in the first quarter. Only 26 percent said it's a good time to buy a house, but 49 percent felt that way in the first quarter. In all the questions, Escaleras noted that younger Hispanics generally appeared more optimistic than their older counterparts. The poll is based on a sampling of Hispanic adults from July 1 to Sept. 30. The margin of error is +/- 4.59 percentage points. (En español, p. 19)

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