Hard work, access to capital and relationships key to growth

When Pilar Esparza, co-founder and CEO of Taco Empire, remembers her parents’ restaurant in Mexico, one detail stands out.

“There were no holidays, no Mother’s Day, no Father’s Day, no Christmas,” she told attendees. “We never had a day off.”

Her reflection echoed what many Hispanic entrepreneurs in the room had grown up seeing: businesses built on sacrifice, nonstop labor and doing everything yourself. For Esparza and others, the contrast between what they learned and what they’re building surfaced throughout the inaugural Empower OKC Hispanic Business Growth Summit.

Nearly 150 Hispanic business owners, along with bankers and community partners, gathered Nov. 12 at Embassy Suites Northwest in Oklahoma City for the summit, which was hosted by Bank of Oklahoma in collaboration with Mastercard.

The program was kicked off by a keynote from Jonathan Fantini-Porter, senior vice president for social impact in the Americas at Mastercard, who spoke about small businesses as a powerful engine of economic growth.

What followed was a summit focused not only on celebrating hard work but more on what must be in place for that work to translate into access to capital and a clear growth path.

The ‘why’ behind Empower OKC

Across the United States, more than 4.4 million Hispanic- and Latino-owned businesses generate more than $800 billion in economic output each year. In Oklahoma, nearly 32,000 Hispanic-owned businesses operate across the state. Together, they reflect a broader demographic shift as Hispanic and Latino communities continue to grow nationwide.

BOK Financial® has seen and aided that growth firsthand, due to its long-standing presence in many of the same communities.

“Our footprint extends across many of the same regions where Hispanic and Latino communities are growing and thriving,” said Linda Cooper, director of consumer delivery for BOK Financial. “These are communities we have been part of for decades. The question is how we continue to show up in ways that are useful to you.”

Her remarks pointed to the companywide Hispanic consumer strategy that BOK Financial launched in 2019. The initiative brings together financial education, investment and culturally informed banking for Hispanic individuals, families and small-business owners. Empower OKC is one expression of that work.

Turning hard work into capital readiness

Throughout the afternoon, panels and presentations ranged from discussions on wealth, artificial intelligence (AI) and cash-flow strategy, all led by local Oklahoma business owners and advisers. In one fireside chat, Jhoanna Astudillo, Hispanic segment leader at BOK Financial, spoke about growing up without exposure to the systems that support business growth beyond day-to-day operations.

“Growing up, that was not something we were exposed to,” Astudillo said. “What we heard was, ‘Work hard, put your head down and somebody is going to notice your hard work,’” alluding to the cultural norm of valuing humility over self-promotion. “But that is not enough. You have to be able to walk into those rooms and tell your story.”

Her remarks reflected a broader theme discussed across sessions: businesses are more likely to secure funding when owners have people who understand their goals.

Building an ecosystem around the business

Gonzo Garzon, relationship manager at Bank of Oklahoma, agreed that access to capital is more likely when you have the right team around the business.

“Look at your attorney. Look at your CPA. Look at your banker,” Garzon told the audience, urging business owners to treat their advisers as a coordinated team rather than independent contacts.

When those relationships operate in isolation, strategies can conflict and growth opportunities stall. When they are aligned, he suggested, business owners are in a stronger position to grow.

The idea of the ecosystem also emerged in discussions about the role of community and environment. Kristin Garcia, executive director at The Verge OKC, pointed to access as something shaped by proximity to people with experience, resources and networks.

“A lot of it is we don’t know what we don’t know,” Garcia said, noting that being surrounded by the right people helps entrepreneurs uncover opportunities they may not even realize exist.

In business, trust matters

Much of the afternoon focused on capital and planning, but speakers also turned to another theme: trust.

For panelist Erika Kiely, founder and CEO of ProTechtive Strategies, trust and relationship-building with financial institutions go both ways. During one panel, she recalled opening her first account at Bank of Oklahoma more than two decades ago, long before she was an established entrepreneur. She remembers feeling welcomed. This year, she returned with her 21-year-old daughter to open another account.

“I was treated with kindness, I was treated with respect, and that, for me, is not just transactional, it’s transformational.”

Many Hispanic entrepreneurs are starting out without established relationships with banks or financial advisers. How they are treated in those early encounters, panelists agreed, can shape whether they choose to grow their businesses with those institutions.

Small businesses, big impact

The program closed with remarks from David Reynolds, director of consumer banking for BOK Financial, who also spoke to the role small businesses play in shaping communities.

“You can travel across the country and see Walmart, Dollar General and other national brands in every city,” Reynolds said. “But it’s the small businesses that create something unique. They grow the culture of neighborhoods and cities.”

The summit concluded with the announcement of the Empower OKC Hispanic Business Growth Grant Contest, which will award five local businesses $10,000. Within the context of the day, the grant underscored the summit’s central message: hard work alone is not a growth model. Access to capital and the relationships around you that can help you access it are often what allow a business to move into its next stage.