J Lo on Helping Latino Entrepreneurs With $14 Billion in Loans: "We Just Didn't Have the Opportunities"

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Jennifer Lopez is giving back to the Latinx community. In June, the 53-year-old star pledged to help disburse $14 billion in loans and six million hours of financial training to 600,000 Latino entrepreneurs by 2030, as part of his new partnership with the nonprofit microfinance organization Grameen America, per an interview with Entrepreneur magazine published on October 4. As she is a Latina entrepreneur herself, it's a cause close to Lopez's heart, having previously joined forces with Goldman Sachs in 2021 for an initiative called Limitless Labs aimed at uplifting Latinas in business and providing them with the resources they need to succeed.

"In front of Goldman Sachs, I said, 'I know you did this for African American female entrepreneurs. Now what about Latinas?'" Lopez told Entrepreneur. She continued: "Over the past 10 years, Latin American businesses have grown 44%, compared to 4% in other [demographics], and yet we remain, like, 60% less likely to receive loans. national banks. Women as a whole only get 4% of loans from traditional banks. We get about $1 out of $23. And obviously for women of color it's even lower." Not to mention the average pay gap, in which Latinas earn only 57% of what their white counterparts earn, according to the American Association of University Women.

"I think, honestly, we just haven't had the opportunities other people have had in this country," Lopez said, explaining why she's so passionate about the project. "But also...I think there's a bit of the thought that I was talking about earlier - how I felt when I was going up. It felt like I was just lucky to have everything I had. I think there's a bit of 'being grateful' in our culture. Be grateful for what you have instead of striving for more," Lopez continued.

Now she's on a personal mission to compensate for these huge disparities and...