Suazo Business Center, a nonprofit organization promoting entrepreneurship among Latinos and other entrepreneurs in Utah, announced that it will get six new board members. The new board members will help broaden the organization’s expertise and geographic representation in Salt Lake City. Suazo is fine-tuning its efforts to strengthen the business acumen of those in underserved communities.
“I think what’s important for us is, are we continuing to meet the needs of the community?” said Silvia Castro, president and CEO of the Salt Lake City-based Suazo Business Center. “Maybe what worked five years ago doesn’t work today.”
The nonprofit, which also has an office in Ogden, typically does not appoint so many new board members at once; however, between the combination of resignations, term expirations, and creating two new board posts, Suazo posted six new board member roles. These six additions to the 17-member board extend to different parts of the state and include a range of various backgrounds meant to improve the expertise already offered at Suazo.
About Suazo Business Center
In 1997, Senator Pete Suazo helped Gladys Gonzalez develop a business plan and obtain the financial means to back her first business venture in the US, the newspaper Mundo Hispano. Suazo’s support ultimately inspired Gonzalez to dedicate the same service to others in the community, sharing her expertise with other small business owners.
After Suazo’s passing in 2001, Gonzalez gathered the support of others in Salt Lake City and the great Utah area to create The Suazo Business Center in his honor. The Suazo Business Center helps entrepreneurs build their startups and assists in the day-to-day operations of existing businesses.
Founded in 2002, Suazo helps entrepreneurs and would-be entrepreneurs understand how to launch, build, and grow their businesses. This organization is dedicated to serving minority-owned businesses in Utah. Geared to “underserved communities,” Suazo has primarily aided Latinos, who account for the largest share of racial or ethnic minorities in the state.
Castro estimates that the organization has helped support over 10,000 businesses over the years, and Suazo’s efforts have been recognized by many in the community.
In 2023, Suazo was awarded the Community Development Financial Institution (CDFI) certification, a designation that helps the organization continue to empower and support low-income communities.
What the Six New Board Members Add
Recently, the Suazo Business Center raised the maximum amount it will loan entrepreneurs, increasing it from $10,000 to $50,000. According to Castro, two of the new board members, Marlon Morales and Leo Gutierrez, who have backgrounds in lending, will support this move.
Extending the organization’s geographic representation, other board members include Marcia White and Eli Madrigal, who are members from Weber County, and Morales from Utah County. Castro said that Madrigal’s entrepreneurial experience as owner of Ranch Markets and another board member, Reyes Florez, who has extensive experience in accounting, will also help the organization significantly.
“Eli (Madrigal) was a product of our organization. She was a client of ours,” Castro said.
Beyond helping extend Suazo’s reach, the range of expertise that the six new board members bring will also help the organization craft a new strategic plan, outlining its overarching goals as it moves forward.
Latino Entrepreneurs are on the Rise
According to the U.S. Department of Treasury, nearly 25% of new entrepreneurs in 2021 were Latino. In addition, Latino employers saw a 25% increase in revenues over the pandemic and recovery. The Suazo Business Center is just one of the many examples of the promotion and growth of Latino entrepreneurs.
