People On The Move

By Josaline Cuesta, California Program Director, Small Business Majority & IEBJ Content Contributor

Based in Southern California, Xiomara Peña is currently the Vice President of Programs & Engagement at Small Business Majority, where she leads a team of 13 to drive the organization’s external engagement efforts and build visibility. Xiomara has grown into an executive position at Small Business Majority, so I sat down with her to learn more about that evolution and her thoughts on the future of the small business community. 

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For nearly a decade, Xiomara Peña (Xio) has worked in various roles at Small Business Majority to ensure that entrepreneurs feel supported and empowered. To align with Small Business Majority’s mission, she has focused on lifting the voices of diverse small business owners to create an inclusive and equitable table that benefits smaller firms in underserved communities. 

She has been named one of the “Top 50 Women Leaders of Los Angeles for 2023;” showcased among changemakers such as America Ferrera, Kali Uchis, and Emeraude Toubia on a list of 100 influential Latinas shaping our world; and she currently serves on the Advisory Council for Support Latino Business, just to name a few of her accomplishments.

As the daughter of immigrant parents born in Honduras and Mexico, Xio knows firsthand the uphill battle many immigrants endure to gain the American dream. “My parents worked hard and were fortunate to be able to apply their entrepreneurial skills towards making a living,” said Xio. She grew up in low-income areas and became a single parent at a young age. But she also became a first-generation college student who hustled through school, being pushed by the example of her immigrant parents, who heavily touted the importance of working hard. “I take from these experiences and lean on them in my everyday work,” said Xio. She continues, “While some may describe them as barriers, they created opportunity and promise to me.” 

Indeed, many small businesses–especially those owned by people of color, women, and immigrants–encounter multiple obstacles to small business ownership due to entrenched discriminatory policies and practices exacerbated by the COVID-19 pandemic. Despite the daunting consequences of the pandemic, Xio has always searched for the positives. She has been excited to witness the recent surge in new business formation among the Latino community and the pursuit of independent enterprises due to entrepreneurs seeking new opportunities to combat layoffs and cutbacks. “Entrepreneurship is a proven pathway for Americans from all walks of life to build an income, independence, and financial security for themselves, their families, and their employees. This path to finding independence has become even more essential for people in under-served communities who have been shunned by traditional access to capital opportunities.” 

Alongside the organization’s small business engagement team and other leadership, Xio works collaboratively to strengthen relationships with policymakers, small business owners, and organizations nationwide to amplify an equity lens in the small business ecosystem. She understands the power of community-based organizations and the strength of knowledge. Although she has worked with various small business owners and small business organizations across the country, her deep-seated work in California has given her a unique perspective on the true needs of Latino and Black small business owners who have faced systemic barriers to ownership. She has described these challenges as a “broken infrastructure that promotes chronic job loss, income instability, and a continuous cycle of poverty.”  

Ahead of National Hispanic Heritage Month, Xio is once again helping to lead innovative thinking and working to expand access to capital for under-resourced communities. Presented by Small Business Majority and powered by Support Latino Business, Xio will helm the 2023 #SupportSmallBiz Grant that opens on September 14 and will award four grant prizes totaling $2,500 each to eligible small businesses. This grant is a fantastic opportunity for Hispanic-owned small businesses to access the capital they need to grow and expand their businesses. 

Additionally, starting in September, Xio will take on more opportunities to fix the broken small business lending infrastructure by supporting a new partnership with Small Business Majority’s Venturize.org and Community Reinvestment Fund, USA (CRF) to expand a network of responsible small business lending partners and assistance providers to support entrepreneurs nationwide. “Inequalities in the small business ecosystem have always existed, even before the COVID-19 pandemic. The pandemic only exacerbated the barriers that have always been present and created even greater vulnerabilities for entrepreneurs, especially in the lending industry. Small business owners of color are huge contributors to our economy, and we want to be certain they have the tools, resources, and capital they need to thrive. I’m excited to help build transparency in this space and create sustainable generational wealth through entrepreneurship,” said Xio. 

Join our mailing list to learn more about Small Business Majority and Xio’s work to support small businesses. Find free, unbiased education and resources, including how to apply for the #SupportSmallBiz Grant, by visiting: Venturize.org