"NJ BUSINESS BEAT," FEWER JOBS WERE ADDED IN SEPTEMBER AS THE HOT LABOR MARKET FINALLY FOCOOLG OFF?

PLUS THE BATTLE OVER PRICING.

LAWMAKERS AND GOVERNOR MURPHY IN A SHOW OF SOLIDARITY PUSH BACK AGAINST THE PROPOSED PLAN.

>>> I'VE BEEN ABLE TO REINVENT MYSELF MANY TIMES WHEN I HAD LITTLE OR NO RESOURCES JUST BEING SCRAPPY AND CREATIVE AND MAKING IT HAPPEN.

>>> THIS WEEK, WE PUT NEW JERSEY'S LATIN X BUSINESS COMMUNITY IN FOCUS AND WE'LL TELL YOU HOW LATINO BUSINESSES AN PREENTREPRENEURS ARE BOOSTIN THE STATE'S ECONOMY.

THAT'S AHEAD ON "NJ BUSINESS BEAT."

♪ >>> THIS IS "NJ BUSINESS BEAT WITH RHONDA SCHAFFLER."

>> HELLO.

I'M RHONDA SCHAFFLER.

THANKS FOR BEING WITH US.

IF YOU'RE LOOKING FOR A JOB, YOU MIGHT FIND THERE ARE FEWER OPPORTUNITIES TO CHOOSE FROM.

THE GOVERNMENT'S LATEST MONTHLY JOBS REPORT SHOWS A SLOW DOWN IN THE LABOR MARKET.

SEPTEMBER JOB GROWTH FELL SHORT OF EXPECTATIONS.

263,000 NEW JOBS WERE CREATED, WHICH IS FEWER THAN THE PRIOR MONTH.

THE UNEMPLOYMENT RATE WAS 3.5%.

THE SLOWDOWN IN JOB GROWTH COMES AS HIGHER INTEREST RATES AND HIGH INFLATION WEIGH ON THE ECONOMY.

ECONOMISTS SAY THE JOB MARKET STILL MAY BE TOO HOT FOR THE FEDERAL RESERVE WHICH THEY EXPECT WILL CONTINUE TO RAISE INTEREST RATES THROUGHOUT THE REST OF THIS YEAR.

EVEN WITH A SOFTER JOB MARKET, NEW JERSEY'S SCHOOL DISTRICTS HAVE BEEN STRUGGLING TO FIND QUALIFIED TEACHERS.

EARLIER THIS YEAR A NEW STATE LAW WAS ENACTED THAT ALLOWS DISTRICTS TO HIRE RETIRED TEACHERS TO FILL CRITICAL VACANCIES AND THOSE RETIREES CAN CONTINUE TO COLLECT THEIR PENSIONS IF THEY RETURN TO WORK.

IN NEWARK, NEW JERSEY'S LARGEST PUBLIC SCHOOL DISTRICT, 26 RETIRED TEACHERS ARE BACK IN THE CLASSROOM THIS FALL, WITH MORE TO BE HIRED IN THE NEXT FEW WEEKS.

TO SWEETEN THE POT NEWARK IS PAYING THOSE TEACHERS AN ANNUAL SALARY OF $92,000.

>> IN TRENTON STATE LAWMAKERS RARELY AGREE AND PARTY LINE VOTES ARE COMMON BUT THERE IS ONE TOPIC THAT HAS GENERATED A UNITED FRONT AND THAT'S NEW YORK CITY'S CONGESTION PRICING PLAN.

LAWMAKERS DON'T WANT IT.

IN A UNANIMOUS 72-0 VOTE THIS WEEK, STATE LAWMAKERS APPROVED A RESOLUTION FORMALLY OPPOSING THE PLAN.

THAT PLAN WOULD CHARGE DRIVERS, INCLUDING THOSE FROM NEW JERSEY, AN EXTRA TOLL WHEN THEY ENTER MANHATTAN SOUTH OF 60th STREET.

DRIVERS COULD HAVE TO PAY AS MUCH AS $23 MORE.

THE STATE LEDGE LAY LAY TOUR'S VOTE IS LARGELY SYMBOLIC BUT JOHN WRIGHTMEYER EXPLAINS IT'S A SIGN THAT JERSEY IS PUTTING UP A FIGHT.

>> I THINK THE BIG CONCERN IS THIS BEING VIEWED PERHAPS AS A CASH GRAB ON NEW JERSEY RESIDENTS WHO HAVE REALLY NO SAY IN THE MATTER, ALTHOUGH THEY WILL USE MASS TRANSIT IN NEW YORK AND SOME OF THIS MONEY WILL GO TO IMPROVE THE PUBLIC TRANSPORTATION SYSTEM, BUT THEY REALLY HAVE NO ABILITY TO VOTE ANYONE OUT IF THEY'RE FRUSTRATED AND MAKES NEW JERSEY RESIDENTS AN EASY TARGET IN THE EYES OF LAWMAKERS IN NEW JERSEY AS THIS MOVES FORWARD ACROSS THE RIVER IN NEW YORK.

>>> GOVERNOR MURPHY'S TRYING TO PUT THE BRAKES ON CONGESTION PRICING.

HE'S ASKING THE BIDEN ADMINISTRATION TO REQUIRE NEW YORK TO CONDUCT A FULL ENVIRONMENTAL IMPACT STUDY OF THE PLAN, WHICH WOULD DELAY IT FOR MOVING FORWARD.

>>> GAS PRICES BEGAN INCHING UP AGAIN THIS WEEK AND COULD POSSIBLY GO HIGHER FOLLOWING A DECISION THIS WEEK BY OPEC TO CUT OIL PRODUCTION.

THE CARTEL DECIDED TO REDUCE OIL PRODUCTION BY 2 MILLION BARRELS A DAY.

PRESIDENT BIDEN CALLED THE MOVE A DISAPPOINTMENT, BUT SAID THE WHITE HOUSE IS EXPLORING ALTERNATIVES.

OIL AND GAS PRICES ARE DOWN SHARPLY FROM THEIR PEAKS THIS PAST SUMMER, ON FEARS THAT AN ECONOMIC SLOWDOWN WILL WEAKEN DEMAND.

HEADING INTO THE WEEKEND THE AVERAGE PRICE FOR A GALLON OF GAS IN NEW JERSEY IS $3.53, UP ABOUT 9 CENTS FROM THE PRIOR WEEK.

>>> IF YOU COMMUTE THROUGH HOBOKEN OR LIVE NEAR HOBOKEN TERMINAL, GET READY TO SEE A BIG TRANSFORMATION.

GOVERNOR MURPHY AND CITY OFFICIALS THIS WEEK CELEBRATED AT A GROUNDBREAKING FOR WHAT'S BEING CALLED HOBOKEN CONNECT, WHICH INCLUDES RENOVATIONS OF THE TRAIN TERMINAL, CONSTRUCTION OF A NEW BUS TERMINAL, AND REFURBISHMENT OF A HISTORIC FERRY TERMINAL.

THE STATE IS COMMITTING $176 MILLION TO THE PROJECT AND THIS IS NOT JUST A TRANSIT MAKEOVER.

THERE ARE ALSO PLANS TO BUILD NEW RETAIL AND OFFICE SPACE AS WELL AS APARTMENTS.

HOBOKEN OFFICIALS EXPECT THE PROJECT WILL GENERATE $234 MILLION IN ANNUAL TAX REVENUE AND IT'S GOING TO BRING PLENTY OF JOBS AS WELL.

GOVERNOR MURPHY SAYS OVER THE NEXT SEVERAL YEARS, HOBOKEN CONNECT WILL SUPPORT 10,000 CONSTRUCTION JOBS AND WHEN BUILT, 15,000 PERMANENT JOBS.

>> THIS IS A BIG DAY.

IT'S A BIG DAY FOR HOBOKEN AND IT'S A BIG DAY FOR NEW JERSEY.

THIS IS A PROJECT THAT WE CHRISTENED TODAY THAT'S BEEN AROUND FOR 17 YEARS.

IT'S FINALLY OFF TO THE RACES.

IT WILL TRANSFORM THE TERMINAL, THE STATION, THE INFRASTRUCTURE, IT WILL LEAD TO MORE HOUSING AND DEVELOPMENT, AFFORDABLE HOUSING, SMART, BY THE WAY, AT ALL LEVELS, RESPONSIBLE, WEAVING THE OLD AND THE NEW TOGETHER.

IT'S A BIG DAY.

I'M HONORED THE STATE CAN SUPPORT THIS AND FINALLY GET IT OFF THE GROUND.

>> NEW JERSEY'S MANUFACTURING INDUSTRY HAD ITS MOMENT IN THE SPOTLIGHT THIS WEEK, AS THE ANNUAL MADE IN NEW JERSEY MANUFACTURING DAY WAS HELD ON FRIDAY.

THIS YEAR THE NEW JERSEY MANUFACTURING EXTENSION PROGRAM'S EVENT HIGHLIGHTED WOMEN IN MANUFACTURING.

ATTENDEES HEARD ABOUT WAYS TO MITIGATE SUPPLY CHAIN DISRUPTIONS, PROTECT AGAINST CYBER THREATS AND ALSO HOW TO REACH OUT TO MORE CUSTOMERS IN NEW MARKETS.

ONE TOUGH ISSUE FOR NEW JERSEY'S MANUFACTURERS CONTINUES TO BE FINDING WORKERS.

ACCORDING TO JOHN KENNEDY, THE CEO OF NJMEP.

>> THE BIGGEST HILL TO CLIMB STILL REMAINS THE PIPELINE FOR TALENT.

YOU KNOW, WE'VE DONE A GREAT JOB, I THINK, IN NEW JERSEY, YOU KNOW, SHOUTING OUT SOME OF OUR PARTNERS, WHETHER THAT'S THE COUNTY COLLEGE CONNOISSEUR SHAH OR CAIN ROWHAN.

THEY'VE BEEN GREAT PARTNERS HELPING TO DEVELOP PATHWAYS, THE DOL WITH THEIR APPRENTICESHIP GRANTS.

ALL ARE GOOD THINGS, BUT WE STILL HAVE TO CONVINCE THE INDUSTRY THAT PERSON THEY WANT DOESN'T EXIST.

BUT WE CAN MAKE THEM AND WE CAN DEVELOP THEM.

NOT ONLY WILL WE DEVELOP THEM WELL, THEY WILL BE MORE TALENTED AND SKILLED THAN IN THE PAST.

>> IF YOU ARE A SMALL BUSINESS OWNER IN NEW JERSEY YOU MAY BE ABLE TO APPLY FOR A SMALL BUSINESS IMPROVEMENT GRANT FROM THE STATE.

NEW JERSEY HAS AWARDED CLOSE TO $13 MILLION TO OVER 500 SMALL BUSINESSES SINCE THE PROGRAM LAUNCHED ABOUT SEVEN MONTHS AGO.

NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY CEO TIM SULLIVAN SAYS THERE ARE MORE GRANTS AVAILABLE.

>> WE'RE CONTINUING TO TAKE APPLICATIONS AND APPLY ON OUR WEBSITE FOR GRANTS UP TO $50,000 IF YOU QUALIFY SUBJECT TO QUALIFICATION TYPE QUESTIONS THAT WE'LL DO OUR HOMEWORK AND CHECK YOU'RE ELIGIBLE.

GENERALLY SPEAKING AVAILABLE TO ALL MAIN STREET TYPE BUSINESSES, ANYONE THAT CLASSIFIES AS A SMALL BUSINESS FOR SUPPORT ON THEIR CAPITAL NEEDS, THEY CAN DO -- BUY NEW EQUIPMENT, SUPPORT THEIR WORKING CAPITAL, ANYTHING THEY NEED TO GET ON THEIR FRONT FOOT OR TAKE THE NEXT STEP IN THE EVOLUTION OF THEIR BUSINESS AND REALLY IMPORTANT TO GOVERNOR MURPHY TO HAVE THE BACK OF THE SMALL BUSINESS COMMUNITY AS WE, AGAIN, TURN FROM THE WORST OF THE PANDEMIC INTO THE FUTURE HERE.

>> THIS WEEK ON "NJ BUSINESS BEAT," WE'RE PUTTING NATIONAL HISPANIC HERITAGE MONTH IN FOCUS.

YOU MAY NOT KNOW IT, BUT THE LATINO BUSINESS COMMUNITY IN NEW JERSEY IS AN ECONOMIC POWERHOUSE.

THE NUMBER OF HISPANIC OWNED BUSINESSES IN THE STATE IS GROWING AND DRIVING OUR ECONOMY.

I SAT DOWN WITH CARLOS MEDINA WHO LEADS THE CHAMBER OF COMMERCE OF NEW JERSEY TO FIND OUT ABOUT THE LATINO IMPACT ON NEW JERSEY'S ECONOMY.

CARLOS SHARED SOME IMPRESSIVE NUMBERS AS WELL AS SOME SHORTCOMINGS.

HISPANIC OWNED SMALL BUSINESSES ARE SEEING SUCCESS, LATINOS REMAIN UNDER REPRESENTED ON CORPORATE BOARDS.

CARLOS, GREET SEE BACK ON "NJ BUSINESS BEAT."

>> IT'S MY PLEASURE TO BE HERE.

>> I THINK A LOT OF NEW JERSEY RESIDENTS MIGHT NOT BE AWARE WHAT AN ECONOMIC POWERHOUSE HISPANIC BUSINESSES ARE FOR NEW JERSEY.

WHAT ARE SOME OF THE NUMBERS IN TERMS OF HISPANIC BUSINESS GROWTH IN OUR STATE AND WHERE DO YOU SEE THAT GROWTH GOING IN THE YEARS AHEAD?

>> IT'S REALLY INCREDIBLE.

WE'RE AT LEAST 120,000 HISPANIC OWNED BUSINESSES AND THERE'S A GROUP CALLED THE LATINO DONOR COLLABORATIVE THAT HAS BEEN DOING RESEARCH THE PAST FOUR OR FIVE YEARS AND FOR ONE OF THE FIRST TIMES EVER DECIDED TO CONCENTRATE ON NEW JERSEY.

WHAT THEY LOOKED AT IS WHAT THEY CALLED A HISPANIC GDP, GROSS DOMESTIC PRODUCT AND THEY FOUND THERE WAS THE FIFTH LARGEST IN THE COUNTRY AND THEY GUESS THAT THE GDP FOR HISPANICS IN THE STATE IS $100 BILLION ANNUALLY.

SO THE SPEND IS TREMENDOUS.

NATIONALLY, WE WOULD BE THE FIFTH LARGEST COUNTRY IN THE WORLD, HISPANICS THAT ENCOMPASS THE UNITED STATES WERE THEIR OWN ECONOMY, SO IT'S REALLY INCREDIBLE.

NUMBER ONE AS FAR AS GROWTH.

SO YOU MENTIONED THE FUTURE, ON PACE FOR GROWTH GREATER THAN INDIA'S GDP, CANADA'S GDP, THE NUMBERS ARE REALLY OFF THE CHART.

SO I THINK IT'S SMART BUSINESS TO LOOK TO HISPANIC CONSUMERS IN NEW JERSEY WHEN YOU'RE LOOKING TO GROW YOUR BUSINESS.

>> SOME REALLY IMPRESSIVE NUMBERS THERE, AND I WANT TO IT ON OUT, YOU TALKED ABOUT 120,000 BUSINESSES.

THAT'S A WHOLE LOT OF JOBS CREATED FROM THOSE BUSINESSES AS WELL.

>> THAT SAME STUDY LOOKED AT THE WORKFORCE ALSO AND INTERESTINGLY ENOUGH, HIS PANICS ARE THE NUMBR ONE GROUP AS FAR AS WORKING, STAYING WORKING EVEN DURING COVID.

>> YOU TALKED ABOUT THE NEED FOR BUSINESSES TO REALLY FOCUS ON HISPANIC CUSTOMERS.

IS THAT BEING DONE ENOUGH DO YOU THINK OR ARE THERE GAPS THERE?

>> STILL BAFFLES MY MIND, FOR EXAMPLE, THERE'S MANY COMPANIES THAT DON'T HAVE A HISPANIC ON THEIR BOARD OF DIRECTORS WITH THE STATE BEING ABOUT 21% HISPANIC.

I WOULD EXPECT IT WOULD BE A SIMILAR PERCENTAGE ON THE BOARD OF DIRECTORS, ON YOUR C-SUITE AND ON YOUR VENDOR SPEND SOME COMPANIES ARE DOING A GREAT JOB LIKE HORIZON BUT SOME NEED TO GIVE US A CALL AND WE CAN HELP THEM WITH RESUMES AND PEOPLE THAT WOULD ADD VALUE TO THEIR ORGANIZATION.

>> WHY DO YOU THINK IT IS THAT WE AREN'T SEEING THAT REPRESENTATION THAT MIRRORS THE POPULATION?

>> IF YOU'RE COMPANY THAT'S BEEN IN BUSINESS FOR HUNDREDS OF YEARS, THE PEOPLE YOU SPEND TIME WITH ARE NOT VERY DIVERSE SO IT'S ABOUT EXPANDING YOUR UNIVERSE FOR TALENT AND, YOU KNOW, IT'S THE SMART THING TO DO.

STUDIES HAVE SHOWN THAT DIVERSE BOARD OF DIRECTORS HAVE MORE PRAFTS THAN THOSE THAT DON'T.

>> YOU HAVE HAD TREMENDOUS EFFORT HERE IN NEW JERSEY TO TRY TO ADVANCE THE CAUSE OF HISPANIC BUSINESS, SO WE OWE YOU A ROUND OF THANKS FOR THAT AND THANK YOU FOR SPEAKING WITH ME ON "NJ BUSINESS BEAT."

GOOD TO CATCH UP, CARLOS.

>> ALWAYS GREAT TO SPEAK WITH YOU, RHONDA.

>>> THE GROWTH OF HISPANIC OWNED BUSINESSES IS MORE IMPRESSIVE WHEN YOU CONSIDER MANY BUSINESS OWNERS ARE SELF-FUNDED USING THEIR CREDIT CARDS OR MONEY FROM FAMILY.

ACCORDING TO RESEARCH FROM THE STANFORD LATINO ENTREPRENEURSHIP INITIATIVE, ONLY 20% OF LATINO OWNED BUSINESSES RECEIVED LOANS OF OVER $100,000.

COMPARED TO 50% OF WHITE OWNED BUSINESSES.

WHEN LOOKING AT LOANS OF ANY SIZE JUST OVER HALF OF LATINO OWNED BUSINESSES RECEIVED CREDIT COMPARED TO 77% OF BUSINESSES OWNED BY WHITES.

SO WHY ARE WE SEEING THIS DISPARITY?

I GOT SOME ANSWERS FROM RUTGERS UNIVERSITY ASSOCIATE PROFESSOR ARTURO SORIO.

THANK YOU SO MUCH FOR JOINING ME TODAY TO FOCUS IN ON HOW LATINOS ARE FAIRING BUSINESS WISE.

YOU'VE DONE A LOT OF RESEARCH ABOUT ENTREPRENEURSHIP AND ONE INTERESTING STAT IS THAT THERE ARE LATINOS WHO APPLY FOR LOANS AND GET DENIED LOANS.

ONE, WHY DOES THAT HAPPEN?

AND WHY DO THEY HAVE SUCH TROUBLE ACCESSING CAPITAL COMPARED TO WHITE OWNED BUSINESSES?

>> ON AVERAGE, HISPANIC LATINO BUSINESSES ARE YOUNGER THAN THE WHITE COUNTERPARTS.

ON AVERAGE HISPANIC LATINO BUSINESS IS TEN YEARS OLD AND WHITE BUSINESS 14 YEARS OLD.

THIS MEANS THAT WHEN THEY APPLY FOR A LOAN, BANKS LOOK AT THE TRAJECTORY OF THE BUSINESS, THE PROFITABILITY IN THE PAST VERSUS THE FUTURE AND BEING A LATINO OWNED BUSINESS YOU ARE LESS LIKELY TO HAVE A LONGER HISTORY.

YOUR ELEMENT OF IT IS THAT THERE IS IMPLICIT BIAS WHERE WHEN LOANS ARE GIVEN, THERE IS A CERTAIN EXPECTANCY OF RETURN ON INVESTMENT THAT WILL HAPPEN.

WHERE WE HAVE RULES FOR RED LINING WHEN WE DO MORTGAGES WE DON'T HAVE EQUIVALENT RULES FOR LOANS AT THE BANK LEVEL.

THAT IS WHAT ACCOUNTS FOR THE GAP ON THE BUSINESS ACQUISITION AND THE BUSINESS ACCESS FOR HISPANIC BUSINESSES VERSUS WHITE BUSINESSES.

>> HOW IN YOUR VIEW CAN THAT BE RECTIFIED?

ARE THERE ENOUGH STATE AND NATIONAL PROGRAMS TO HELP LATINO BUSINESS OWNERS IN TERMS OF GETTING THEIR BUSINESSES OFF THE GROUND OR DO WE NEED TO SEE A LITTLE BIT MORE ACTIVITY ON THE POLICY SIDE?

>> WHEN WE HAVE THIS GOVERNMENT PROGRAMS TARGETING MINORITY OWNED BUSINESSES, THE WAY THAT THESE BUSINESSES PROVE TO BE A MINORITY THEY HAVE TO GO TO A PROCESS WHERE THEY NEED TO BE CERTIFIED AS LATINO HISPANIC VETERAN OR WOMEN OWNED BUSINESS.

THIS CERTIFICATION PROCESS IS NOT TRANSPARENT OR EASILY UNDERSTOOD SO WHILE RESOURCES EXIST THERE IS A BARRIER TO BECOME CERTIFIED TO ACCESS THESE RESOURCES.

PROGRAMS THAT HELPED BUSINESSES TO CERTIFY ARE NEEDED AND ABOUT THE USE OF FINANCIAL RESOURCES ARE NEEDED.

>> ONE THING INTERESTING DESPITE SOME OF THESE CHALLENGES YOU'VE TALKED ABOUT YOU'VE WRITTEN LATINOS ARE LIKELY TO START BUSINESSES THAN THE REST OF THE POPULATION.

SO WHAT DO YOU ATTRIBUTE THAT TO?

>> IT'S FOUR TO ONE, YES.

HISPANIC LATINO, THEY TEND TO SEE MORE SOCIAL BARRIERS TO ADVANCEMENT AND BECAUSE OF THE CONDITIONS THAT THEY LIVE IN EVERYDAY LIFE THEY ARE MORE RISK TAKERS.

SO TO OPEN A BUSINESS YOU NEED TO BE ABLE TO SEE OPPORTUNITY, SIZE OPPORTUNITY AND UNDERTAKE PERSONAL RISK TO OVERCOME THE BARRIERS TO CAPTURE OPPORTUNITY.

HISPANIC LATINO BECAUSE OF THE SOCIAL SPACE THEY HAVE IT, THEY ARE MORE USED TO OVERCOME RISK, TO BE INDEPENDENT, AND TO DO MORE WITH LESS.

BECAUSE OF THIS, THEY ARE MORE LIKELY TO START BUSINESS.

THEY ARE LESS LIKELY TO HAVE SOCIAL MOBILITY WITHIN THE BUSINESS SPACE OF EMPLOYEES, SO TO GET THAT EXTRA INCOME FOR THE FAMILY THEY ARE MORE LIKELY TO START THE BUSINESS.

WHEN THEY ARE LOOKING INTO CAREER PATHS WITHIN THE INDUSTRY THEY ARE LESS LIKELY TO HAVE PAST MOBILITY CAREERS SO THEY WILL START THEIR OWN CAREERS.

>> VERY INTERESTING.

GOOD TO HEAR ABOUT YOUR RESEARCH.

PROFESSOR THANK YOU FOR YOUR TIME.

>> THANK YOU FOR THE OPPORTUNITY, RHONDA.

>>> THE STRUGGLE FOR MINORITIES SEEKING MONEY TO GROW OR START A BUSINESS IS SOMETHING THAT RUTGERS RECOGNIZES AND IS DOING SOMETHING ABOUT.

I SPOKE WITH LANEAR RICHARDSON, ASSISTANT PROFESSOR AT THE UNIVERSITY WHO LEADS THE CENTER FOR URBAN ENTREPRENEURSHIP AND ECONOMIC DEVELOPMENT.

THE CENTER RUNS THE BLACK AND LATINO TECH INITIATIVE WHICH PROVIDES ENTREPRENEURS WITH COACHING, MENTORING AND YES, MONEY.

HE TOLD ME OVER THE YEARS THE CENTER HAS GIVEN HUNDREDS OF NEW JERSEY ENTREPRENEURS A HEAD START.

THANKS FOR JOINING ME ON "NJ BUSINESS BEAT" THIS WEEK.

IT'S GOOD TO TALK TO YOU.

>> THANK YOU FOR HAVING ME.

>> SO WE WANT TO ZERO IN ON THE BLACK AND LATINO TECH INITIATIVE.

HOW DID THIS COME ABOUT AND WHY IS IT SOMETHING THERE IS A NEED FOR?

>> YEAH.

THERE'S A HOST OF DATA THAT SHOWS THAT BLACK AND LATIN X FOUNDERS RECEIVE, YOU KNOW, LESS THAN 2% OF VENTURE CAPITAL FOR BUSINESS GROWTH AND EXPANSION.

IN FACT, IT WAS A RUTGERS PROFESSOR WHO DID RESEARCH THAT SHOWED THAT DIVERSE ENTREPRENEURS WERE GETTING LESS FEDERAL GRANTS TO SUPPORT INNOVATIONS AND SO WE STARTED THESE INITIATIVES TO REALLY NOT ONLY PROVIDE TRAINING AND CAPACITY BUILDING, BUT A REAL FOCUS ON HELPING ENTREPRENEURS OF COLOR ACCESS CAPITAL TO GET MONEY TO HELP THEM GROW THEIR BUSINESSES.

>> I'M JUST STILL AMAZED THIS IS SUCH A BIG ISSUE IN THE MINORITY COMMUNITY.

THIS IS SOMETHING WE'VE BEEN REPORTING ON FOR SOME TIME.

HOW DOES THE INITIATIVE BREAK THROUGH THAT LOGJAM OF TRYING TO GET CAPITAL THAT WITHOUT IT YOU CANNOT GROW A BUSINESS?

>> YEAH.

WE DO REALLY THREE THINGS.

ONE IS, YOU KNOW, WE MAKE SURE THAT THE ENTREPRENEURS ARE PREPARED TO HAVE THE CAPITAL DISCUSSIONS.

IN SOME INSTANCES THAT MEANS EVERYTHING FROM HELPING THEM TIGHTEN UP THE PITCH, AN INVESTOR TERM SHEET, YOU KNOW, IF THEIR TEAM MEMBERS OR SPECIFIC EXPERTISE THEY NEED ON THE TEAM TO HELP THEM IDENTIFY THAT, AND THEN WE FORMED OUR ANGEL INVESTMENT FUND TO GIVE ENTREPRENEURS, A WARM FIRST LANDING PLACE, WE CALL IT INSTITUTIONALIZING THE FRIENDS AND FAMILY ROUND.

OUR FUND CAN MAKE THE FIRST 25 OR 50,000 UP TO $150,000 OF EQUITY INVESTMENT IN AN ENTREPRENEUR AND THE GOAL IS THAT CAPITAL BECOMES CATALYTIC, YOU KNOW, TO THE REST OF THE GROWTH?

WHAT DO YOU LOOK FOR IN ENTREPRENEURS WHEN YOU'RE CONSIDERING THEM FOR SEED MONEY?

>> WE'RE LOOKING FOR ENTREPRENEURS WHO HAVE, AGAIN, GREAT TEAM, AN IDEA WE BELIEVE COULD BE A GROWTH COMPANY, AND EITHER TECH SPECIFICALLY OR TECH ENABLED OR, YOU KNOW, ADJACENT TO TEXT THE REAL THOUGHT IS TO HELP MORE ENTREPRENEURS OF COLOR ACCESS CAPITAL TO INNOVATE AND TO CREATE COMPANIES THAT, YOU KNOW, WILL BE PROFITABLE IN THE NEXT ECONOMY.

>> AND TECH IS, OBVIOUSLY, VERY KEY FOR THAT.

I WOULD THINK THERE'S LOTS OF POTENTIAL OPPORTUNITIES IN THAT FIELD?

>> YEAH.

WE'RE SEEING EVERYTHING FROM FIN TECH FOUNDERS TO APP DEVELOPERS TO A LOT OF HEALTH ORIENTED TECH TO GREEN ENERGY RELATED TECH.

WE HAVE A COMPANY WE'VE INVESTED IN TO HELP THE FIRST BLIND MAN RUN THE NEW YORK MARATHON WITHOUT, YOU KNOW, SEEING ASSISTANT.

>> HOW MANY ENTREPRENEURS HAVE YOU HELPED THROUGH THE INITIATIVE?

>> SO OUR CENTER IS 15 YEARS OLD.

WE'VE HELPED OVER 600 ENTREPRENEURS, 70% OF ENTREPRENEURS OF COLOR, AND, YOU KNOW, OVER 60% ARE WOMEN.

REALLY EXCITED ABOUT THAT.

IN OUR TECH SPECIFIC WORK, I WOULD SAY IT'S ABOUT 100 OF THOSE ENTREPRENEURS, MAYBE 120, THAT WE REALLY HAVE FOCUSED ON HELPING BUILD TECH COMPANIES AND HELPING ACCESS CAPITAL FROM ANGEL INVESTORS, GOVERNMENT PROGRAMS, AND OTHER CAPITAL PROVIDERS.

>> IT'S GREAT YOU'VE MADE SUCH A DIFFERENCE FOR SO MANY AND THANK YOU FOR SHARING THAT WITH US THIS WEEK.

I APPRECIATE IT.

>> I APPRECIATE THE OPPORTUNITY.

>> WHEN IT COMES TO THE TECH INDUSTRY OR S.T.E.M.

PROFESSIONS IT IS A MALE DOMINATED WORLD.

CHECK THIS OUT.

WOMEN ARE A MINORITY IN THE S.T.E.M.

WORKFORCE AND LATINOS MAKE UP 2% OF THAT WORK FORCE COMPARED TO 3% FOR AFRICAN AMERICAN WOMEN AND 26% FOR THEIR WHITE PEERS.

LEAVE IT TO A JERSEY GIRL TO TRY TO SINGLE HANDEDLY MOVE THE NEEDLE.

ELIZABETH NATIVE JESSICA GONZALEZ HAS ALREADY LAUNCHED THREE TECHNOLOGY COMPANIES AS A FEMALE AND A MINORITY.

SHE HAD TO MAKE SURE SHE GOT A SEAT AT THE TABLE.

AND SHE DID THAT BY USING WHAT SHE CALLS HER SUPER POWER.

HERE'S HER STORY.

>> JESSICA, YOU'VE BEEN AN INNOVATOR ON THE TECH SCENE FOR MORE THAN A DECADE NOW AND SAY YOU'RE NOT THE TYPICAL BUSINESS LEADER.

WHAT DO YOU MEAN BY THAT?

>> I'M NOT THE TYPICAL BUSINESS LEADER BECAUSE I FEEL LIKE I JUST KIND OF UNAPOLOGETICALLY MAKE MY WAY INTO THE TABLE WITHOUT EVEN BEING INVITED SOMETIMES.

WHERE I NORMALLY WOULD HAVE THE HURDLES OR THESE GLASS CEILINGS IN FRONT OF ME I KIND OF LOOK PAST THEM AND JUST KEEP MOVING AND GOING.

ALSO, ANOTHER REASON WHY I FEEL LIKE I KIND OF GO OUTSIDE OF THAT SPECTRUM BECAUSE I'VE BEEN ABLE TO REINVENT MYSELF MANY TIMES WHEN I'VE HAD LITTLE OR NO RESOURCES BEING SCRAPPY AND CREATIVE AND MAKING IT HAPPEN INSTEAD OF JUST KIND OF, YOU KNOW, LETTING SOMETHING FAIL.

>> AND BEING SCRAPPY HAS HELPED YOU BUILD SEVERAL COMPANIES.

HOW HARD WAS IT TO DO THAT AS A MINORITY?

SOUNDS LIKE YOU PUSHED THROUGH A LITTLE BIT BUT I WOULD LOVE FOR YOU TO SHARE SOME OF THE HURDLES?

>> HE YES.

BEING A WOMAN, A LATINA, ALWAYS COMES WITH MORE DIFFICULTY IN GETTING THE THINGS THAT YOU WOULD NEED TO RUN A BUSINESS.

THINGS LIKE NETWORKING OPPORTUNITIES, ACCESS TO CAPITAL.

I THINK VERY EARLY ON IN MY BUSINESS CAREER, I WAS REALLY IN MY OWN WAY BEING SCARED AND INTIMIDATED AND NERVOUS TO REALLY BE IN A ROOM WITH, YOU KNOW, OTHER BUSINESS OWNERS AND FINALLY I GOT OUT OF MY OWN WAY AND STOPPED THINKING ABOUT THAT AS BEING A HURDLE AND STARTED THINKING OF IT AS BEING LIKE A SUPER POWER.

SO I USED IT TO MY ADVANTAGE AND, YOU KNOW, I STUCK OUT MORE, AND IT KIND OF HELPED.

IT HELPED ME STAY A LITTLE BIT MORE MEMORABLE AND, YOU KNOW, WHEN I GOT TO THE TABLE INSTEAD OF BEING INTIMIDATED, I JUST MADE SURE LIKE I BELONG HERE.

THAT'S HELPED ME.

>> WHAT DO YOU THINK LATINAS ARE SO UNDER REPRESENTED IN THE TECH COMMUNITY IN PARTICULAR?

>> IT STARTS FROM YEARS BACK, RIGHT.

IT TAKES A WHILE TO GET INTO A SCENE AND START INNOVATING AND DEVELOPING AND CREATING PRODUCTS AND WHAT NOT, SO IT ALL STARTS, YOU KNOW, TEN YEARS AGO, AND IT TOOK ME A LONG JOURNEY TO GET HERE.

WE'RE GETTING BETTER.

THERE'S MORE OPPORTUNITIES FOR LATINAS AND WOMEN IN GENERAL BUT WE'RE STILL BEHIND AND WE STILL HAVE THAT BACKLOG, SO IT'S REALLY SOMETHING WE'VE BEEN SLOW TO CHANGE AND NOW IT'S STARTING TO PROPEL, BUT WE WITNESS TO KEEP UP THAT PROGRESS BECAUSE WE WANT TO ALLOW FOR THE NEXT GENERATION OF INNOVATORS AND, YOU KNOW, TECH ENTREPRENEURS TO HAVE A PATH THAT THEY CAN WALK THROUGH AND NOT GO THROUGH ALL THE HURDLES THAT WE HAVE TO GO THROUGH.

>> OF COURSE YOU'VE HAD QUITE AN IMPACT.

EARLIER THIS YEAR YOU SOLD TWO OF YOUR COMPANIES.

YOU ARE STILL CHIEF INNOVATION OFFICER BUT NO LONGER IN CHARGE.

HARDER TO BUILD A COMPANY OR WALK AWAY FROM ONE IN YOUR VIEW?

>> IT'S NOT THAT ONE IS HARDER THAN THE OTHER.

THEY'RE JUST DIFFERENT.

SO BUILDING SOMETHING, THERE IS THIS PASSION AND DRAW AND LIKE DESIRE AND, YOU KNOW, YOU HAVE A FINISHED PRODUCT AT THE END YOU CAN TOUCH AND FEEL PROUD OF, SO THERE'S A LOT OF HURDLES WITH THAT.

THEN WALKING AWAY FROM IT IS JUST ANOTHER CHAPTER.

I FEEL -- THE CLOSEST I COULD RESEMBLE IT TO IS LIKE SENDING MY CHILD TO KINDERGARTEN FOR THE FIRST TIME AND ME HAVING TO LIKE BREAK FROM LIKE OH, MY GOODNESS NOW HE'S AT SCHOOL AND LIKE IT'S EMOTIONAL.

SO THEY'RE BOTH VERY DIFFICULT AND BOTH VERY DIFFERENT.

BUT I ALSO AM A BIG BELIEVER IN YOU HAVE TO CHANGE, YOU KNOW, THE NARRATIVE OF LIKE WHAT YOU'RE CONSTANTLY DOING IN ORDER TO BE ABLE TO GROW FROM IT.

>> I'M HAPPY I SPOKE WITH YOU.

GOOD TO CATCH UP.

THANK YOU FOR YOUR TIME.

>> THANK YOU SO MUCH.

>>> AND THAT DOES IT FOR US THIS WEEK.

REMEMBER TO SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

I'M RHONDA SCHAFFLER.

THANKS FOR WATCHING AND ENJOY THE REST OF YOUR WEEKEND.

♪ ♪