Family Financial Capability
Financial capability —a core service that is key to the success of clients in so many areas of our work, offers the building blocks needed to help clients reach their goals. The building blocks of banking, credit, debt and savings, among others, are needed in some combination to help our members help their clients reach their goals. An entrepreneur may find themselves limited in obtaining capital to start or expand a business due to poor credit. A first-time homebuyer may need to learn savings skills in order to build up a down payment. A newly employed client of a workforce development program may not know how to best make her new earned income work for her household. Financial capability work becomes the key to success in all of these scenarios.
What We Do
NALCAB recognizes that culturally and linguistically relevant financial capability programming is crucial for unlocking the economic potential in diverse communities of color, particularly for individuals who are new to the US financial system, and those who have limited English proficiency. NALCAB and its community-based partners understand the pressing need to create awareness and a pathway to resources that allow consumers to understand:
- Credit and credit scores,
- Accessing financial services and product,
- Identifying and avoiding predatory and discriminatory practices,
- Understanding consumer rights in the financial services marketplace.
Over the past five years, NALCAB has implemented regionally-focused programs, including grant making, technical assistance and training. These programs have supported local organizations to provide culturally-relevant financial education, free income tax assistance and homebuyer preparation to more than 5,000 families. With a strong focus on immigrant communities, the NALCAB Network represents a national infrastructure for immigrant economic integration. These efforts were supported with multi-year investments from the Northwest Area Foundation, the Mary Reynolds Babcock Foundation, the Meadows Foundation and the Open Society Foundation.