NALCAB to Strengthen Financial Inclusion for Latino and Immigrant Communities with Support from Wells Fargo
For Immediate Release: November 7th, 2017
Program Contact: Holly Frindell: 210-399-4532
SAN ANTONIO, TX — NALCAB—National Association for Latino Community Asset Builders has received $375,000 from Wells Fargo to support the NALCAB network’s programmatic efforts in small business lending and family financial capability. Funding will support seven NALCAB member organizations working in low and moderate-income (LMI) Latino and immigrant communities nationwide to advance family financial capability and increase access to small business capital.
This is the third year of programmatic support from Wells Fargo. “We deeply appreciate Wells Fargo’s continued support, which allows NALCAB to continue our Financial Capability program and to work with Latino-serving CDFIs to increase capital in diverse communities,” said NALCAB executive director Noel Poyo.
Under both programs, NALCAB will provide technical assistance, training and grants to the following NALCAB members:
Strengthening Community Development Financial Institutions (CDFIs)
• Brooklyn Cooperative Federal Credit Union; Brooklyn, NY;
• FINANTA; Philadelphia, PA
• Midlands Latino Community Development Corporation; Omaha, NE
• Rural Community Development Resources (RCDR); Yakima, WA
Building Financial Capability
• Latin American Economic Development Corporation; Charlotte, NC
• Northeast Ohio Hispanic Center for Economic Development; Cleveland, OH
• MicroEnterpise Resources, Initiatives & Training (MERIT); Salem, OR;
Through the Strengthening CDFIs program, NALCAB will support small business lenders in increasing access to capital to LMI Latino and immigrant business owners in diverse markets. NALCAB’s work under this project will ensure a stronger pipeline of investment into Latino-owned small businesses through Latino-led non-profit lenders. NALCAB will also engage in CDFI-related policy and network dissemination of best practices and promising innovations.
The purpose of the Financial Capability program is to expand its efforts to advance family financial capability in LMI Latino and immigrant communities by strengthening the integration of financial capability curriculum and coaching into existing asset building programs.
“Economic empowerment is one of Wells Fargo’s corporate social responsibility priorities, so we are proud to support the work that NALCAB is doing to help Latino and immigrant families enhance their financial stability and build assets, and the work they’re doing to help Latino-led small business succeed,” said Shelley Marquez, Senior Vice President and Community Relations Manager.
NALCAB – National Association for Latino Community Asset Builders represents and serves a geographically and ethnically diverse group of more than 100 non-profit community development and asset-building organizations that are anchor institutions in our nation’s Latino communities.
Our mission is to build assets for Latino families, communities and organizations. NALCAB’s work advances economic mobility for low and moderate-income people.
NALCAB pursues its mission by supporting its members with grants and other investments as well as by providing technical assistance in three program areas: equitable neighborhood development, small business investment and family financial capability. In close alignment with its core programmatic activities, NALCAB operates a fellowship to invest in next-generation leadership within its Network, hosts a national conference and implements a training institute focused on providing culturally and linguistically relevant asset building services.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,400 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. The Chronicle of Philanthropy ranked Wells Fargo No. 3 on its most recent list of the top corporate cash philanthropists. In 2016, Wells Fargo donated $281.3 million to 14,900 nonprofits and Wells Fargo team members volunteered 1.73 million hours with 50,000 nonprofits. Wells Fargo’s corporate social responsibility efforts are focused on three priorities: economic empowerment in underserved communities, environmental sustainability, and advancing diversity and social inclusion. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.