Lorena Riffo Jenson
Director, Salt Lake City Department of Economic Development | Salt Lake City Corporation
In the economic development initiatives you’ve overseen, what is essential to support small and diverse businesses in Salt Lake City effectively?
Flexibility and adaptability are key. We create initiatives that address current issues while also projecting into the future. For example, the ARPA (American Rescue Plan Act) grant program was a swift and targeted response to the COVID-19 pandemic. It was developed with urgency to ensure that small businesses could access essential funding to sustain their operations during challenging times. This initiative was highly effective in infusing much-needed capital into the local economy and helping businesses weather the economic downturn.
How has your experience as a business owner informed your approach to creating more equitable economic opportunities?
Early in my career, I learned that the most valuable asset a company has is its team members. Throughout my entrepreneurial journey, I made decisions that directly impacted both the lives of my employees and the financial health of the business.
For instance, during the 2008 recession, my business partner and I faced difficult choices, one of which was whether to lay off staff or take a pay cut ourselves. We chose to reduce our own compensation because we understood that keeping our team members employed was essential. Additionally, we paid 100 percent of our employees’ health insurance, recognizing that access to healthcare was crucial for their well-being and productivity. These personal experiences have shaped my understanding of the importance of valuing every individual’s perspective and needs.
What specific barriers do companies that work with the Suazo Business Center face, and what innovative approaches have you implemented to address these challenges?
As the Board Chair of the Suazo Business Center, I am committed to highlighting the vital assets that diverse and minority-owned businesses bring to Utah’s economy. Over 25,000 Latino-owned businesses in Utah contribute approximately $9.6 billion to the local economy; however, these entrepreneurs often experience limited access to capital, language barriers and a lack of tailored technical and business development resources. To address these challenges, the center provides critical skills and technical knowledge that many entrepreneurs might not otherwise access, such as financial literacy, marketing, and business planning. An innovative approach the center has taken is offering many classes in Spanish to ensure accessibility for non-English speakers.
How do you see the relationships you’ve made throughout your career coming together to create more comprehensive solutions for economic growth?
I believe economic development touches every aspect of a community’s success — from education, apprenticeship training and healthcare to environmental health, quality of life and placemaking. I’ve been fortunate to serve on organizations that actively contribute to making our communities stronger and more vibrant. I cherish the diversity of thought and perspective that comes from collaborating with others. Each experience reaffirms my belief that building a stronger Salt Lake City and Utah requires collective effort and inclusive leadership.
