Silicon Valley Business Journal, Stan Olszewski, Jan 29, 2021

Mark Madrid, the CEO of the Latino Business Action Network (LBAN), will leave his job next month for a position in President Joe Biden’s administration. 

NovoaGlobal is a Minority Business Enterprise (MBE). NovoaGlobal’s President and CEO Carlos Lofstedt participated in the Latino Business Action  Network (LBAN) Cohort – The Stanford Latino Entrepreneurship Initiative, a research and education collaboration between Stanford University and LBAN.   LBAN empowers Latino entrepreneurs to grow their businesses through research, education and national ecosystem development. The Stanford Latino Entrepreneurship Initiative (SLEI) Education – Scaling program is an investment in Latino business owners who generate $1M+ in revenue or have raised $500K of external funding. 

Madrid will become associate administrator for the Office of Entrepreneurial Development at the Small Business Administration, LBAN Chairman Victor Arias Jr. announced Friday at the end of the sixth annual State of Latino Entrepreneurship Forum, which is hosted by LBAN and the Stanford Latino Entrepreneurship Initiative (SLEI). Arias praised Madrid for his work.

“The success we have enjoyed, especially since 2017, has been tied directly to a very unique individual and leader that brings energy, passion, resourcefulness and uncompromised dedication to the LBAN and SLEI mission,” Arias said at the event. “Mark, we will miss you and we let you go with sadness but tremendous pride and gratitude. We know that you will be supporting our entrepreneurs from a much broader platform.”

At its entrpereneurship forums, LBAN offers the most comprehensive report on Latinx business creation and scaling in the country. (To read about this year’s findings, click here.)

Madrid will depart LBAN, a San Jose-based non-profit, on Feb. 11 and then start with the Biden administration. He will report directly to Isabel Guzman, the president’s choice to be SBA administrator who is currently the director of California’s Office of the Small Business Advocate. Madrid declined to comment on his move.

He’s been repeatedly recognized for his work. He was one of the Silicon Valley Business Journal’s C-Suite Award honorees in 2019 and was honored by the San Francisco Business Times in 2018 for the publication’s Outstanding Voices program as part of Business of Pride.

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