PLATINUM2023

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.

Sign in or create an account to view Form(s) 990 for 2022, 2021 and 2020.
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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 Small Business Consultants, who have business consulting experience, training and related education.  The consultant meets with each client individually and performs a thorough analysis of the prospective or existing business. Working together with the entrepreneur, an analysis is made to determine their 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 Consultant determines that the client needs additional "professional" assistance, Prospera may award the client with a business advancement service.

Population(s) Served
People of Latin American descent

Business Advancement Services
If the client qualifies for more advanced consulting services, Prospera may award the client a business advancement services. These are completed by a vetted network of professional providers that include attorneys, accountants, website developers, and business/marketing consultants. Prospera currently offers seven different, customized services 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 Assessment

Population(s) Served
People of Latin American descent

Prospera offers a number of educational programs throughout the year. Workshops in Spanish 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. All seminars are open to the public, free of charge and are facilitated in Spanish by local experts. The startiup orientation seminar is intended for pre-incorporation or early stage businesses and covers topics such as legal and tax structures, budgeting, planning, permits and licenses, insurance and more.

Population(s) Served
People of Latin American descent

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
Self-employed people
People of Latin American descent

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
Population(s) Served

People of Latin American descent, Self-employed people

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
Population(s) Served

People of Latin American descent, Self-employed people

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
Population(s) Served

People of Latin American descent, Self-employed people

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.

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 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

  • Which of the following feedback practices does your organization routinely carry out?

  • 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 05/23/2023
SOURCE: Self-reported by organization
Board chair

Ms. Luz Aviles

OUC

Term: 2022 - 2024

Mercedes Angell

Cushman & Wakefield, LLC

Delvis Diaz

Diaz Fritz Group General Contractors

Lori Duarte-Roberts

Truist

Augusto Sanabria

Prospera President & CEO

Boris Ayala

Fifth Third Bank

Alexander Sueiro

PAAST

Sherry Ambrose

FPL

Alex Dominguez

AT&T

George Bermudez

Bank of America

Sharon Arroyo

Duke Energy

Carlos Escobar

AdventHealth

Carolina Blanco

Hill Ward Henderson

Carlos Brackley

Walt Disney Parks & Resorts

Elisha Gonzalez

Fairwinds

Michael Hernandez

LSN Communications

Luis Lobo

retired

Ruben Perez

Perez of Florida

Luis Rosero

NBCUniversal Telemundo Enterprises

Kate Wilson

Wells Fargo

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

Organizational demographics

SOURCE: Self-reported; last updated 3/23/2023

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Race & ethnicity
Hispanic/Latino/Latina/Latinx
Gender identity
Male, Not transgender
Sexual orientation
Heterosexual or Straight

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

No data

Disability

No data