Hispanic Business Initiative Fund of Florida Inc. aka Prospera

Advancing Hispanic Business

aka Prospera   |   Orlando, FL   |  http://www.prosperausa.org

Mission

Prospera's mission is to help start, sustain, and grow Hispanic-owned businesses to achieve community prosperity.

Ruling year info

1998

President & CEO

Mr. Augusto Sanabria

Main address

3201 E. Colonial Drive Suite A-20

Orlando, FL 32803 USA

Show more contact info

Formerly known as

Hispanic Business Initiative Fund of Greater Orlando, Inc.

Hispanic Business Initiative Fund-West Coast, Inc.

Hispanic Business Initiative Fund of South Florida, Inc.

Hispanic Business Initiative Fund of Southwest Florida, Inc.

EIN

59-3341405

NTEE code info

Economic Development (S30)

Educational Services and Schools - Other (B90)

gement & Technical Assistance (Jan)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Blog

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

Small businesses are the engine of the U.S. economy. A significant portion of U.S. startups are owned by Hispanics, some of them economically disadvantaged immigrants in pursuit of the American Dream, who may not adequately assess the risks in starting a new business. Hispanics are starting businesses at more than twice the rate of non-Hispanic businesses, but their failure rate remains high. Aside from typical entrepreneurial challenges, Hispanic business owners may face additional barriers like language, culture, and a lack of familiarity with how business is done in the U.S., including a new financial and credit system. Prospera provides Hispanics entrepreneurial education in their native language and individual, personalized support to increase the likelihood that their businesses will succeed and last, thereby creating and sustaining more jobs and household incomes.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Business Consulting (In-House Technical Assistance)

In-house one-on-one technical assistance is provided free of charge by Prospera Business Development Consultants, who have business consulting experience, training and related education.  The consultant meets with client individually and performs a thorough analysis of the prospective or existing business. Working together with the entrepreneur, an analysis is made to determine his/her strengths, weaknesses, opportunities and challenges, as well as those of the business. This process provides the entrepreneur with a customized service package to address the short and long-term needs of their business. If the Business Development Consultant determines that the client needs additional "professional" assistance, Prospera may award the client with a business grant.

Population(s) Served

Business Grants 
If the client qualifies for more advanced business development services, Prospera may award the client an entrepreneurial grant. The entrepreneurial grants are provided by an experienced network of professional providers that include attorneys, accountants, website developers, and business/marketing consultants. Prospera currently offers ten different, customized grant packages to address short and long-term client needs:
- Accounting Assessment- Quickbooks Dedicated Consulting - Branding Kit- Marketing & Sales Plan - Business Plan (Operations or Access to Capital)- Legal Structure Assessment

Population(s) Served

Prospera offers a number of educational programs throughout the year. Hispanic Business Workshop Series – Offers a series of 40 business workshops in Central Florida, Tampa Bay and South Florida which focus on managing and growing existing small businesses and how to deal with the current state of the economy. The seminars provide in-depth information on traditional disciplines such as marketing, finance, business planning, importing/exporting, current business practices and trends. These seminars/workshops are open to the public, free of charge and are facilitated in Spanish by local industry experts. Prospera Orientation - At its offices and throughout the community, Prospera offers an orientation entitled Estrategias Exitosas para Nuevos Negocios (Successful Strategies for New Businesses). The 1.5 hour orientation is free of cost, in Spanish and open to the public. Topics covered include legal and tax structures, budgeting, planning, permits and licenses, insurance and more.

Population(s) Served

Guidance throughout the process and assistance to obtain loans, including credit improvement tips, business plan creation, preparation of applications presentations, or introductions to potential lenders. This includes both micro-loans and traditional loans.

Population(s) Served

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of community events or trainings held and attendance

This metric is no longer tracked.
Totals By Year
Related Program

Business Seminars

Type of Metric

Output - describing our activities and reach

Direction of Success

Holding steady

Context Notes

Attendees of seminars in Spanish: new business startup orientation and workshops on critical entrepreneurial topics (business planning, marketing, sales, international trade, legal, finances, etc.)

Total dollar amount of loans issued

This metric is no longer tracked.
Totals By Year
Related Program

Access to Capital

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

Loans secured with our assistance for small businesses from traditional, SBA, or micro-lenders.

Total number of counseling sessions performed

This metric is no longer tracked.
Totals By Year
Related Program

Business Consulting (In-House Technical Assistance)

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

Individual counseling/consulting for established and aspiring entrepreneurs, to identify opportunities, offer resources, and overcome business challenges. Staff reductions caused recent decreases.

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

Prospera helps start, sustain, and grow Hispanic-owned businesses to achieve greater community prosperity. Our main services are business seminars, consulting, grants, and access to capital. By empowering them with training, resources and personalized, ongoing support, we help Hispanic-owned businesses increase their chances of succeeding and lasting, employing more people, generating more tax revenues, and creating greater prosperity for the whole community.

* See operational plan for more information

Prospera counts on a strong Board of Directors, devoted and talented volunteers in each region, a great team of professional employees, strong community partnerships and relations, media partners, and generous funders.

In the last five years, Prospera has facilitated over $46 million in loans, trained 22,000 entrepreneurs, provided business consulting to nearly 9,000 entrepreneurs, and helped clients create or retain over 14,800 jobs. In its first 25 years of service, Prospera's economic impact was $1.5 billion. There are still thousands of Hispanic entrepreneurs in Florida and North Carolina who need our support, and millions more across the country. The pursuing for additional funding continues, to serve more individuals and generate even greater economic impact across U.S. communities.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We demonstrated a willingness to learn more by reviewing resources about feedback practice.
done We shared information about our current feedback practices.
  • How is your organization collecting feedback from the people you serve?

    Electronic surveys (by email, tablet, etc.), Paper surveys, Case management notes, Constituent (client or resident, etc.) advisory committees,

  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To identify where we are less inclusive or equitable across demographic groups, To strengthen relationships with the people we serve,

  • What significant change resulted from feedback?

    Assigning staff to follow up with past clients and ensure we offer assisance

  • With whom is the organization sharing feedback?

    The people we serve, Our staff, Our board, Our funders,

  • What challenges does the organization face when collecting feedback?

    We don't have any major challenges to collecting feedback,

Financials

Hispanic Business Initiative Fund of Florida Inc. aka Prospera
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

Subscribe

Build relationships with key people who manage and lead nonprofit organizations with GuideStar Pro. Try a low commitment monthly plan today.

  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.

Hispanic Business Initiative Fund of Florida Inc. aka Prospera

Board of directors
as of 4/8/2020
SOURCE: Self-reported by organization
Board co-chair

Mr. Eddie Soler

Advent Health

Term: 2015 - 2021


Board co-chair

Mr. Boris Ayala

Fifth Third Bank

Term: 2017 - 2023

Freddy Balsera

Balsera Communications Group

Cristina Abreu

Nielsen

Mercedes Angell

Cushman & Wakefield, LLC

Delvis Diaz

Diaz Fritz Group General Contractors

Lori Duarte-Roberts

Truist

Lilly Gonzalez

Lindsey Kimball

Hillsborough County

Armando Rodriguez-Feo

Walt Disney Parks and Resorts, US

Jose Sanchez

Wells Fargo

Augusto Sanabria

Prospera President & CEO

Boris Ayala

Fifth Third Bank

Alexander Sueiro

PAAST

Sherry Ambrose

FPL

Luz Aviles

OUC

Alex Dominguez

AT&T

Amy Mangan

Duke Energy

George Bermudez

Bank of America

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes