Portland food brand Brazi Bites is launching an accelerator program aimed at helping Latino business owners launch and grow their consumer package goods businesses.
The Latino Entrepreneur Accelerator Program will award one winner a $10,000 business grant and 12-weeks of mentorship with Brazi Bites co-founder and chief marketing officer Junea Rocha and the rest of the Brazi Bites team.
Applications are open from Sept. 15 through Oct. 28. Three other finalists will also receive a marketing boost from Brazi Bites, with profiles on the company’s website and press exposure.
“As a Latina founder, I know firsthand the challenges this community faces when it comes to getting a business off the ground. Our Accelerator Program is a step to support to support the incredible contributions that Latino business owners make in the U.S.,” said Rocha in a written statement. “This minority community is critical to the fabric of our culture and economy, and this program is intended to give entrepreneurs tailored support at the most critical time.”
Applicants must be based in the U.S. and have less than $1 million in revenue. They must be owned or founded by a Latino person, defined as a person of Latin American origin or descent. Companies must also manufacture or sell CPG products.
Access to capital for founders who are not white men is challenging and a topic the Business Journal has covered extensively. In launching this accelerator, Rocha cites a number of incongruous data points:
- The number of Hispanic business owners is growing at 34% over the last 10 years and one of the fastest-growing small business segments in the U.S.
- Only 20% of Latino-owned companies seeking national bank loans over $100,000 were approved in 2020
- That figure compares to 50% for white-owned businesses
Rocha, who's from Brazil, founded Brazi Bites in her kitchen in 2010 after spending years trying to perfect a recipe from home using ingredients found in the U.S. Brazi Bites are based on Pão de Queijo, a traditional Brazilian cheese bread.
The company has since expanded its product line with an aim to bring Latin-inspired foods to more consumers through the frozen food section. The recipes are naturally gluten free thanks to their tapioca flour.
Rocha’s products are now found in 16,000 stores nationwide. However, it has been a difficult journey. And she has tapped many resources along the way. In 2018, she sold a majority stake to investor San Francisco Equity Partners.
