Jennifer López Opens Doors for Latina Entrepreneurs With Promise of $14 Billion in Loans

Jennifer López is giving Latina entrepreneurs a hand up with her latest philanthropic venture.

The 53-year-old singer has teamed up with Grameen America, a nonprofit micro-finance organization, to provide 600,000 Latina entrepreneurs with $14 billion in loans.

In an interview with Entrepreneur magazine, the artist shared her determination for helping women grow in their businesses and thrive, providing them with the opportunities she wishes she had early on in her career.

Photo by Stefanie Keenan/Getty Images for Limitless Labs x Grameen

"Latino-owned businesses are the fastest-growing segment of all small businesses," she told the publication. "In the past 10 years, Latino businesses grew 44%, compared to 4% in other [demographics], and yet, we remain, like, 60% less likely to receive loans from national banks. Women overall only receive 4% of loans from mainstream banks. We get, like, $1 out of every $23. And obviously, for women of color, it's even lower."

López also expressed her frustration with the muted support Latinos have received despite their significant population growth in the United States.

"I think, honestly, we just haven't had the opportunities that other people have had in this country," she said.

She continued, "But also, I believe there's a little bit of the thinking I was talking about earlier—how I felt when I was coming up. It was like, I was just lucky to have whatever I had. I think there's a little bit of 'be grateful' in our culture. Be grateful for what you have instead of striving for more."

Photo by Stefanie Keenan/Getty Images for Limitless Labs x Grameen

According to the Grameen America website, to apply for the new initiative, business owners can apply for their first-time loan round at $2,000 for "good-standing" members with an opportunity for more money after six months.

To qualify, requirements include living within 15 miles of Grameen's 21 branch locations, forming a group alongside four other women entrepreneurs in your community and taking part in a week-long training program.

If you secured the loan through the initiative you will also have to attend weekly 30-minute meetings and repay the loan weekly for six months.

Last year, López went back to her block to launch Limitless Labs. In partnership with Goldman Sachs' 10,000 Small Businesses program, the initiative has been designed to support and empower Latina entrepreneurs.

The partnership, with a focus on those businesses based in the Bronx, provides greater access to the 10,000 Small Businesses curriculum and brand and marketing support.