By Christina Fernández-Morrow
José Venales knows what it takes to run a small business and wants Iowa’s entrepreneurs to know they don’t have to do it alone.
As director of credit and lending for the Iowa Center for Economic Success, Venales draws on his own entrepreneurial journey. His parents owned businesses in Venezuela, and he later launched ventures in the United States, including a batting cage facility. Now, he’s using that firsthand experience to help more Latino-owned businesses connect with the center’s free coaching, lending services and training programs.
He encourages entrepreneurs to try the center’s unique triage approach to identify goals and barriers so clients get customized help based on where they are and where they want to go. “We also have several classes we’re always offering on our website,” said Venales. He advises business owners to start with the ongoing Always Ready series, which covers what they need to go from idea to operating. Topics include financials, credit, lending, marketing, taxes, and business plans in small group sessions or online.
“We just launched Elevate for business owners who have been in business for more than two years,” he said. The courses do not have to be taken in any order; clients access the courses and coaching that meets their goals. “You can always come back to us when you have a need,” said Venales. “For businesses that are exiting, we can help with succession plans.”
While the Iowa Center for Economic Success is based in Des Moines, their reach is statewide. They especially want to see more rural business owners access its services. A study by Iowa State University showed that rural Iowans often want to start businesses in their communities, but don’t always know where to start. “I’m here to be a resource,” said Venales. “Our clients know how to sell their products and services, but we help them with the back of the house like marketing, legal, taxes, you name it.” He cites the virtual courses and coaches willing to travel to reach every corner of the state.
Beyond his day job, Venales channels his passion through a Spanish podcast, Los Números no Mienten (The Numbers Don’t Lie) that features local lenders, real estate professionals and other bilingual service providers that focus on small businesses. This labor of love helps him expand his network and connect clients with each other to build a stronger entrepreneurial community.
Since becoming a certified development financial institutions (CDFI) in 2021, one of only nine in Iowa, the center’s lending portfolio has grown under Venales’s leadership from less than $200,000 to more than $2.2 million available for small-business loans. The impact shows in the success stories: Black and Bold, Iowa’s first Black-owned coffee roaster that has expanded nationwide; Lola’s hot sauce that started selling the sauce from its restaurant and now distributes across Iowa; and Latino-owned Mountain High coffee out of Perry that sells beans from Guatemala.
For Venales, the mission is personal.
“Entrepreneurship is a way to grow your money,” he said. As a banker, he saw too many immigrants struggling without access to resources. “There are many immigrants here and I’ve seen them struggle because they didn’t have the resources they needed,” he said. He left that role to help the center expand access to capital and is dedicated to helping more Latinos take advantage of the opportunities they offer. “My goal is to have $10 million in the portfolio by the end of the decade,” he said. “My vision for the state is to have more immigrant professionals because different cultures and visions make a place stand out.” That means creating pathways for businesses to meet their goals – whether they want to start a business, expand one, or pass one along as their legacy.
For anyone thinking about launching a business, struggling to keep one open, or thinking about growing their business, his message is simple: Don’t be afraid to ask for help. “That’s the biggest mistake we make; assuming there isn’t anything out there,” said Venales. “There are people who want to help you and programs that are going to help make your dream come true.”
Entrepreneurs can learn more about the Center for Economic Success at www.theiowacenter.org.
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