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Tracking the Top Latino Businesses in America – Eduardo Tobon

Eduardo Tobon, Latino Segment Head, Economic Equity Advisory Group (EEAG), BMO Commercial Bank

As a Latino Segment Head within the EEAG at BMO, Eduardo is leading efforts to grow and expand Commercial Banking in the United States with Hispanic/Latino-led-and-owned companies by partnering with a large network of influencers and decision-makers externally and relationship managers internally.

Prior to joining BMO, Eduardo was CEO and founder of Riverwoods.io (a fintech start-up), a shareholder and principal at Spencer Stuart, President at Diners Club International, and Executive Vice President and CEO of Payments at Santander in the U.S., among other senior roles. He earned a B.S. in Production/Industrial Engineering from EAFIT University and an M.B.A. from the Tepper School of Business at Carnegie Mellon University.

WSN: Eduardo, thank you for being with us today on Hispanic Wealth Project's Wealth Stream News. Can you start by introducing yourself by sharing your background and wealth journey?

Tobon: Of course, happy to be here. I've been in the financial services sector for a long time. I immigrated to the US 26 years ago, initially for education at Carnegie Mellon University. I saw in America then what I see now - a land of opportunity. I ended up staying due to opportunities. My wealth journey has had its ups and downs, like most people's but perseverance has been part of my ethos.

WSN: How has your approach to money and wealth evolved, especially as you transitioned from a student to a professional?

Tobon: As a student I learned the importance of budgeting and not overspending. I recall when my wife and I set a $5 lunch budget. If it cost $6, something had to go back or no lunch. Over time, I realized the significance of creating multiple income streams beyond relying on a salary. This shift towards financial independence has been a key part of my wealth journey.

WSN: You work closely with Latino businesses seeking capital. What are some unique challenges you see these businesses facing, especially in terms of growth and access to funding?

Tobon: Latino entrepreneurs are hardworking, often juggling multiple jobs. Despite their work ethic, challenges like limited access to capital, educational gaps in business management, and succession planning within family businesses are common hurdles they face in growing their enterprises. I have made it my mission to help individuals and businesses overcome these hurdles.

WSN: Could you elaborate on the BMO program supporting black and brown communities? How does the program assist Latino businesses in overcoming their growth challenges?

Tobon: Our BMO EMpower program aims to support black and brown communities through significant financial investments. We've successfully deployed billions of dollars and plan to continue this initiative. Our first program, BMO EMpower, was a 5-year, $5 billion program that started in 2020. The commitment centered on multiple pillars and targeted black and brown communities, both individuals as well as small to large companies. In two years, we invested $6 billion. We are now in a 2.0 version of this program to deploy more than $40 billion by 2027.

WSN: Tell us more about the Latino 500 Index initiative. How does it contribute to recognizing and highlighting Latino-owned businesses?

Tobon: The Latino Index 500, created in collaboration with Latino Leaders Magazine, ranks the largest Latino-owned companies in the US. It started as 200 companies in 2023, which grew to 500 in 2024, celebrating their achievements and contributions to the business landscape. It's a platform that showcases a diverse range of businesses, enterprises ranging from $20 million in annual revenue to larger corporations, the largest being a $12 billion publicly traded company, all majority Latino owned. We have events across the country to highlight and celebrate their success. I wouldn't be surprised if eventually that minimum amount of $20 million becomes $30, $40, $50 million or more.

WSN: As someone who has worked towards financial independence, what does wealth mean to you personally, and how do you perceive the concept of freedom about accumulating wealth?

Tobon: Wealth, to me, signifies degrees of freedom. It's about reaching a point where you have the financial freedom to make choices and shape your future without constraints. It's an ongoing journey of accumulating resources that allows for greater independence and flexibility in decision-making. The key word is freedom – having a sense of freedom to be able to do more and do it meaningfully.

WSN: Considering your wealth journey and values, what is the legacy you hope to leave for future generations?

Tobon: I aspire to create a philanthropic legacy that supports causes important to me and my family. I involve my children in this process, emphasizing the importance of giving back and making a positive impact on the community. It's about passing down not just wealth but also values that promote social good.

Disclosure: Please note that the information provided in this article is for educational and informational purposes only and should not be construed as financial advice.
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