Business
Thoughts on Financial Literacy Explained through the Experiences of a New, Immigrant Small Business Owner
By Josaline Cuesta, California Program Director, Small Business Majority & IEBJ Content Contributor
Women entrepreneurs have driven new business growth and job creation for the past two decades. And despite having to navigate a shecession in 2020, women persisted. However, despite their persistence, this community continues to face unique challenges in accessing capital and connecting with the right financial networks. As such, Small Business Majority has partnered with the Women’s Economic Ventures and FOUND/LA on a Back to Basics Cohort Series developed by women and geared towards better supporting women business owners to grow and thrive in the face of financial challenges.
During Financial Literacy Month, we implore women entrepreneurs to check out this interactive cohort series that will give small employers the tools they need to take charge and understand their finances.
Alma Beaty is a real-life example of an entrepreneur working to take charge of her financial future, overcome barriers and pursue her American dream. Alma is based in the southern California area and owns “Relat-Able” – an online boutique with merchandise geared toward supporting: life stages, living with disability/disabilities, hanging out with family/friends, overcoming adversity, dating, you know, Relat-Able life stuff. Alma is not a seasoned business owner with staff. She started her business two years ago, but found the courage to go public in December 2022. She is a self-employed immigrant who is also deaf. But, like many innovative entrepreneurs, she had an idea(s) and strived to see it to fruition, working through the nuances of accessing and managing capital with limited resources. Through five short questions, Alma shares advice on what she has done to strengthen her financial wellness.
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Why is financial literacy important for small business owners? “It teaches us to not only make wise decisions on what we spend/invest in (regardless of the industry we are in), but it also helps us to calculate our wins and losses. Thereby helping us see whether or not a business is profitable.”
What have you done recently to strengthen your long-term financial plan? “I have been allowing myself to get into the habit of making spreadsheets. It felt weird at first, like in a mature-responsible kind of way. But in a fun and positive way as well.”
Which do you find easiest to obtain and manage? Business credit cards or small business loans from a traditional bank? “If we can be responsible with it, and we should, business credit cards will quickly increase our business credit and make it much easier for banks and lenders if we ever need to apply for a business loan. But ask me again six months from now. My answer may change depending on how much I have in the bank.”
What was the most significant financial mistake you made when just starting? “Spending so much money on things to get Relat-Able started only to realize I didn’t need all the stuff I bought later. And hiring graphic designers, only to realize these are things I could do myself. But despite realizing later that I could do graphic designing on my own, I didn’t regret hiring these designers. If anything, it taught me the importance of patience. And if I were ever to hire a graphic designer(s) again (and I will), it would be done with intention.”
Have you found the “Back to Basics” series helpful? Can you share another “go-to” financial literacy resource? “I find the Back to Basics series to be extremely helpful! I can’t say this enough. Being able to sit at a table (virtually) and have access to a sign language interpreter with other women to learn about financial literacy taught by women is the kind of empowHERment we (women and young girls) will always need. In honor of Women’s History Month, I would love to give a shout-out to my other go-to financial literacy resources. Such as: Melody Hobson, Dash Kennedy, and Tori Dunlap.
Business
Strengthening Community Connections: Our Exciting New Partnership with Toyota Arena, Ontario Convention Center, and GOCAL
Contributed Content | By Chris Venhoff, Senior Vice President and Inland Empire Market Leader for Consumer and Business Banking at U.S. Bank
As the Inland Empire market leader for U.S. Bank, I’m thrilled to share some exciting news: we are proud to be the Official Bank Partner of Toyota Arena and Ontario Convention Center. This partnership represents a reflection of our deep commitment to the Inland Empire and our dedication to fostering a vibrant, thriving community.
At U.S. Bank, we believe that strong partnerships drive meaningful progress. Toyota Arena and Ontario Convention Center are at the heart of the region’s culture and economy, bringing people together for world-class entertainment, business conventions, and community events. By joining forces, we’re not only expanding our presence but also creating opportunities to engage with residents, businesses, and organizations in ways that make a lasting impact.
Through our sponsorship, we’ll support concerts, sporting events, and conventions that showcase the diversity and energy of the Inland Empire. But this is only the beginning. As our partnership evolves, we’ll work closely with Toyota Arena, Ontario Convention Center, and GOCAL to introduce community-focused programs, including financial literacy workshops and charitable giving initiatives.
This partnership is designed to bring added value to the people we serve. For our customers, we’re introducing the U.S. Bank Fast Pass Lanes, providing priority access at Toyota Arena events. Special offers, exclusive event experiences, and tailored financial solutions for businesses operating in the region are just a few of the many perks we’re excited to roll out.
Our employees are at the core of our success, and this partnership allows us to recognize their dedication. Through exclusive access to events, corporate hospitality opportunities, and community volunteer programs, our team will have new ways to engage with and celebrate the community they serve.
The Inland Empire is a dynamic, fast-growing region, and we’re committed to supporting its continued success. By investing in Toyota Arena and Ontario Convention Center, we’re helping to create and sustain jobs while driving local business growth. These venues bring in visitors, revenue, and visibility, strengthening the region’s economy.
This collaboration is about more than just sponsorship—it’s about making a difference. By working together, we can elevate not just these venues but the entire Inland Empire. At U.S. Bank, we’re committed to being a partner in progress, supporting our customers, businesses, and communities every step of the way.
Honoring Visionary Leaders Driving Innovation and Community Impact
The Spirit of the Entrepreneur Awards Gala, held at the Riverside Convention Center, celebrated the brightest entrepreneurial talent across the Inland Empire. Among the evening’s finalists was Edward Ornelas, Jr., President & CEO of the Inland Empire Regional Chamber of Commerce, who was honored in the Social Entrepreneur category for his outstanding leadership and commitment to the region.
Although Ornelas did not win, the Social Entrepreneur award went to Cesar Navarrete, President & CEO of Children’s Fund, a proud Chamber member. “Being a finalist alongside such remarkable leaders is an incredible honor,” said Ornelas. “I am especially thrilled to see Cesar, a Chamber member, recognized for the transformative work he’s doing to improve the lives of children in our community. It’s a proud moment for us all.”
Another highlight of the evening was the recognition of Hilda Kennedy, President & Founder of AMPAC Business Capital, another Chamber member, who was awarded the Top Female Entrepreneur category. Hilda’s leadership at AMPAC, a mission-driven business lender, has been instrumental in empowering small businesses and fostering economic growth across the region.
“It’s amazing to see leaders like Hilda and Cesar being celebrated for their contributions,” added Ornelas. “Their achievements underscore the talent and dedication of entrepreneurs in our Chamber and across the Inland Empire. They are setting the standard for excellence and impact in their fields.”
The evening also featured the prestigious “Best of the Best” Award, sponsored by Best Best & Krieger LLP, which was awarded to Mauro Gomez, Chief Growth Officer of Anita’s Mexican Foods Corp.. Based in San Bernardino, Anita’s Mexican Foods has grown from modest beginnings into a leader in the food production industry under Gomez’s strategic direction.
The Spirit of the Entrepreneur Awards Gala continues to shine a spotlight on the transformative work of Inland Empire entrepreneurs, celebrating their innovation, resilience, and commitment to the community.
For more information about the Spirit of the Entrepreneur Awards, visit https://www.spiritawardsie.com.
For more details about the Inland Empire Regional Chamber of Commerce and its members, visit www.iechamber.org.
Business
Inland Empire Chamber President Edward Ornelas, Jr. Named Finalist for Spirit of the Entrepreneur Awards
Celebrating Leadership and Innovation: Ornelas Recognized for Advancing Business Growth and Social Impact in the Inland Empire.
Edward Ornelas Jr., President of the Inland Empire Regional Chamber of Commerce and owner of the Inland Empire Business Journal, has been named a finalist in the famed 2024 Spirit of the Entrepreneur Awards. Ornelas is honored in the Social Entrepreneur category for his remarkable leadership and vision in fostering business growth and development across the Inland Empire. The award ceremony will take place on November 21, 2024, at the Riverside Convention Center, celebrating the best of entrepreneurship throughout the region.
The Spirit of the Entrepreneur Awards, often regarded as the “Oscars of Business” in the Inland Empire, recognizes the innovation, leadership, and impact of outstanding entrepreneurs across various sectors. Ornelas joins a select group of 34 finalists, each representing the entrepreneurial spirit and resilience that define the I.E. business community. The Social Entrepreneur category highlights individuals like Ornelas, whose work goes beyond profit to positively impact society.
In his role as President of the Inland Empire Regional Chamber of Commerce, Ornelas has been a powerful advocate for the business community, connecting small businesses with essential resources and creating opportunities for growth. As the owner of the IE Business Journal, the only publication in the region dedicated solely to business news, Ornelas has provided a platform for local businesses to thrive by sharing their stories and promoting their success. His innovative, forward-thinking approach to marketing has earned him a reputation as a “visionary” and a “get-things-done” leader across both public and private sectors.
“I’m deeply honored to be recognized as a finalist for the 2024 Spirit of the Entrepreneur Awards. This nomination is a reflection of the incredible businesses and community leaders across the Inland Empire who inspire me every day. At the Inland Empire Regional Chamber of Commerce, our mission is to empower businesses and foster economic growth, and this recognition highlights the collective efforts of our entire community. I’m excited for what the future holds as we continue to work together to make a lasting impact,” said Ornelas.
Other notable finalists for the 2024 Spirit of the Entrepreneur Awards include leaders in healthcare innovation, green technology, and digital transformation. Each finalist, selected by a distinguished panel of judges, represents the best in their respective industries and contributes to the Inland Empire’s continued growth as a hub of innovation and entrepreneurship.
The Spirit of the Entrepreneur Awards is an annual event that brings together business leaders, community advocates, and entrepreneurs to celebrate the entrepreneurial excellence that drives the region’s economy. This year’s event promises to be a night of inspiration and recognition, showcasing the achievements of finalists like Ornelas, who continue to elevate the Inland Empire’s business landscape.
For more information about the Spirit of the Entrepreneur Awards and to see the full list of finalists, visit www.spiritawardsie.com.
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