A 40-year-old Austin nonprofit launched a new fund Wednesday geared toward supporting the growing Hispanic population in Central Texas.

Austin Community Foundation's new Hispanic Impact Fund has already raised $500,000 in donations, notably with a $250,000 grant from Google, $50,000 from Rackspace and $25,000 from JP Morgan Chase.

“We think this is an opportunity to create a model throughout the U.S.,” said Gerardo Interiano, co-chairman of the fund and Google’s head of external affairs for the Southwest U.S. “There’s nothing like this in the U.S.”

The organization will spend the rest of 2017 analyzing data for the best options in which to invest donations and raising additional funding, Interiano said. By spring 2018 the Hispanic Impact Fund will put together a process to work with nonprofits in Central Texas that would receive the funds.

“There’s massive opportunities here,” he said. “The Hispanic community is growing, the number of small businesses owned by Hispanics is continuing to grow [and Austin ISD] has such as a large group of students that are Hispanic. We believe that if Hispanics rise in Austin, Austin will rise.”

Currently, Hispanics represent 33 percent of the Central Texas population and are the largest minority group. Almost 20 percent of Central Texas businesses are owned by Hispanics. By 2040, Hispanics are expected to make up the majority of the population in Texas, according to data from the nonprofit.

“We’re really focused on closing the opportunity gap here in Central Texas, and the Hispanic Impact Fund is just one way we’re going to be doing that,” Austin Community Foundation CEO Mike Nellis said.

The foundation launched in 1977 and to date has awarded more than $300 million in Central Texas to promote philanthropy, Director of Communications Robin Bradford said. The nonprofit focuses on gathering data about the area’s needs, encouraging organizations and individuals to pool resources, and investing through grants, she said.