Hispanic Business Initiative Fund of Florida Inc. aka Prospera
Advancing Hispanic Business
Mission
Prospera's mission is to help start, sustain, and grow Hispanic-owned businesses to achieve community prosperity.
Ruling year
1998
President & CEO
Mr. Augusto Sanabria
Main address
3201 E. Colonial Drive Suite A-20
Orlando, FL 32803 USA
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
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
Programs and results
What we aim to solve
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
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.
Business Grants
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
Business Seminars
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.
Access to Capital
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.
Where we work
External reviews
Photos
Videos
Our results
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
Learn more about Sustainable Development Goals.
Goals & Strategy
Learn about the organization's key goals, strategies, capabilities, and progress.
Charting impact
Four powerful questions that require reflection about what really matters - results.
What is the organization aiming to accomplish?
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.
What are the organization's key strategies for making this happen?
* See operational plan for more information
What are the organization's capabilities for doing this?
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.
What have they accomplished so far and what's next?
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
Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.
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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,
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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,
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What significant change resulted from feedback?
Assigning staff to follow up with past clients and ensure we offer assisance
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With whom is the organization sharing feedback?
The people we serve, Our staff, Our board, Our funders,
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Which of the following feedback practices does your organization routinely carry out?
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What challenges does the organization face when collecting feedback?
We don't have any major challenges to collecting feedback,
Financials
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Operations
The people, governance practices, and partners that make the organization tick.
Connect with nonprofit leaders
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- Analyze a variety of pre-calculated financial metrics
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Connect with nonprofit leaders
SubscribeBuild 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 directorsas of 04/08/2020
Mr. Eddie Soler
Advent Health
Term: 2015 - 2021
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
GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.
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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
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