NALCAB’s mission is to build assets for Latino families, communities and organizations- our work advances economic mobility for low and moderate income people. In 2016 we lived up to our mission and surpassed our anticipated impact in low and moderate income communities nationwide.
NALCAB serves more than 100 nonprofit community development and asset-building organizations that are anchor institutions in our nation’s Latino communities in over 40 states and the District of Columbia. In order to build assets in Latino families, communities and organizations, we work with our members to increase the flow of capital into low-and moderate-income communities through responsible, market-based and culturally-relevant business models.
Throughout 2015 and 2016, NALCAB directly invested over $1 million in subgrants to 40 organizations in our expanding Network for programs related to Financial Capability, Equitable Neighborhood Development, and Small Business Development.
We are able to see the impact of our members’ work in stories of economic opportunity, job creation and business development like Alicia Villanueva.
Using her Mazatlán family recipes, Alicia Villanueva sold tamales in front of Berkeley, California churches for almost 10 years before meeting the staff at NALCAB members, Mission Economic Development Agency (MEDA) and La Cocina – a nonprofit kitchen incubator. It was at that moment that Alicia says “my life changed” and her longtime dream of owning her own business became a reality. MEDA provided Alicia with formal financial education, individual coaching, and access to a microloan to help her launch her business, while La Cocina staff provided her access to a low-rent, licensed kitchen facility, and helped her develop a unique menu and a solid business plan, Alicia’s Tamales los Mayas made its official debut at the 2010 San Francisco Street Food Festival. It was an instant hit.
Strengthening The Community
In order to strengthen the expertise of community development and asset building practitioners, NALCAB provides a national training event. In 2016 NALCAB held its second annual national training, Breaking Ground, in Dallas, Texas through which NALCAB brought together over 175 Network attendees to discuss and share best practices in the areas of Small Business Development, Financial Capability, and Equitable Neighborhood Development.
At the event, NALCAB hosted executive leaders from member organizations that are Community Development Financial Institutions (CDFIs) and aspiring CDFIs to hear directly from leading bank funders on CDFI policy and investment programs focused on expanding giving to groups that represent the communities we serve. This convening tied into NALCAB’s overall focus of increasing investment in CDFIs that serve and represent diverse, and predominantly Latino, communities. In September 2016, NALCAB was successful in its application for Community Development Financial Capability Technical Assistance funds, and plans to pursue its CDFI certification as a means to open access to capital to the benefit of the NALCAB Network.
NALCAB made a great deal of progress in 2016 with the NALCAB Catalyst Fund. The NALCAB Catalyst Fund is a social investment fund created to strengthen underserved and distressed communities and generate affordable housing opportunities that provide access to employment, quality education and health care resources for low-income and minority individuals. The Fund launched in 2014 with leading support from the JP Morgan Chase Foundation and the Ford Foundation, with the goal of capitalization at $25 million.
NALCAB acquired its first property in late 2016- a small mixed-use development consisting of 6 residential units and 2,000 square feet of commercial space. As of September 2016, NALCAB closed on a total of over $4 million in total contributions to the Fund, and is prepared to close on a 46-unit subdivision in San Antonio in late 2016. The development of the Catalyst Fund in 2016 represents significant progress made towards achieving NALCAB’s overall goal of strengthening underserved and distressed communities by investing in housing development projects that ensure affordability in areas of opportunity.
In May 2016, NALCAB opened an office in Washington DC, representing a major step toward expanding the size of the policy team and the impact of its work. Notably, NALCAB launched a policy campaign aimed at regulating the Pay Day Lending industry and engaging the NALCAB Network to submit comments directly to the Consumer Financial Protection Bureau. This effort represented the model through which the NALCAB Network can shape domestic economic policy at the local, state, and national levels through the development of a shared voice and policy framework.
In late 2016, NALCAB adopted a new logo and revised mission statement that reflects our widened roles in the policy space, social impact investments, and our ability to go beyond our original scope of work that impacts communities nationwide. Without straying from the foundation in which NALCAB was founded, this re-brand was designed to capture our organization’s values and goals for the NALCAB Network: growth, innovation, and success.
Moving Forward Into A Stronger Future
Looking forward, in 2017, NALCAB plans to continue to expand on its long and growing track record in developing our Network’s organizational capacity through technical assistance and training, direct investment, and policy advocacy. We hope that you will consider joining us in continuing our work in advancing economic mobility for low and moderate income people in the U.S. by sponsoring a Fellow for our Colegio Fellowship program, or investing in training of leaders in the community economic development field. We are truly grateful for your ongoing support, and look forward to doing more together in 2017 and beyond.