Growing Beyond Main Street: Economic Development Agency Focuses on Latine Entrepreneurs in Northwest Iowa

By Christina Fernández-Morrow, Hola Iowa

Sioux City, IA- Seeing Latine-owned businesses line Main Street encourages Karina Pedroza, but she knows there’s more she can do to elevate her community. As the first Entrepreneurial Community Navigator for Iowa's West Coast Initiative, Pedroza is working to transform Latine entrepreneurs into drivers of northwest Iowa’s economy. The nonprofit aims to build a strong entrepreneurial environment by providing tools to help businesses thrive across Monona, Plymouth and Woodbury counties and surrounding areas. Pedroza’s goal is to make sure Latine business owners are at the forefront.

“People see the businesses lining the streets and say, ‘Oh your community has made it,’ but that is just scratching the surface,” says Pedroza. Her vision is to see the community go from storefronts to leaders in city councils, school boards and chambers. She knows that’s how they’ll have the greatest impact shaping the city’s future while building generational wealth for their families.

Born into an entrepreneurial family, Pedroza knows first-hand how small businesses can help families escape the disparities that plague marginalized communities. Her goal is to create programs that make it easier for them. “I have conversations with [business owners] about resources available and they say, ‘oh, I’ll figure it out, I’ll use my savings and work hard.’ That’s our strength, and that’s great but there are so many resources to tap into.” That’s what drives her work with Iowa’s West Coast Initiative.

Their programs help entrepreneurs expand to multiple locations or grow from an at-home business to a brick-and-mortar. They do this through networking events, business idea competitions where entrepreneurs can win startup capital, specialized educational programs, and technical assistance. According to their website, when “entrepreneurs have access to the resources they need, they have the opportunity to advance their business at a faster pace than they would without these resources.” This is particularly critical for Latine businesses, one of the fastest-growing sectors that often lacks advancement assistance like funding and expert consultants.

Pedroza is so committed to seeing Latine families achieve the American Dream that two years ago she became licensed as a Financial Services Professional. After teaching college students about financial literacy for ten years at a local community college, she saw the need to teach her community about saving, investing and how to plan for retirement. Her financial background, coupled with her love of entrepreneurial-spirited people fuels her to serve in English and Spanish. “Latino business owners are so intelligent and resilient, but sometimes they need someone to give them that exposure,” she says of her role as a bridge. One example is inviting Latine-owned companies to present at First Friday Coffee where they can meet potential investors, partners, and customers, and get publicity. As a woman in the male-dominated financial services industry, Pedroza knows what it’s like to have to “prove myself as soon as I walk in the door,” which is often the same for overlooked small businesses. She hopes getting them to participate in her agency’s programs will eliminate some of those barriers.

Growing up in Sioux City, Pedroza saw small businesses come and go. That’s why she is especially excited about the agency’s commitment to struggling businesses. She shares the success story of a grocery store on the brink of closure. “They didn’t know if they were going to make it past this year. We created a team to help. There were investors, a board member with retail experience who consulted on how to restock and display products and looked at pricing. Now they don’t have to close.”

The agency has big plans to help entrepreneurs, like an innovation center with three floors of services dedicated to business owners. It will include a food hall, broadcasting studio for audio and visual content creation, IT services, co-working spaces and offices for rent, and dedicated meeting spaces. It is the result of collaborations with corporations, economic development offices, educational institutions, and local media. It represents the next step in building a thriving entrepreneurial ecosystem in northwest Iowa, and Pedroza is making sure Latine business leaders are at the center of it.

For more information on Iowa’s West Costa Initiative’s resources and programs, visit

https://iawestcoast.com/

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