NALCAB Awarded $1M From Wells Fargo To Support Financial Wellness and Asset Building in Latino and Immigrant Communities

Rhea-AI Summary

NALCAB receives $1 million grant funding from Wells Fargo Foundation to support financial well-being of Latino and immigrant communities

Positive

• NALCAB has been awarded $1 million in grant funding from the Wells Fargo Foundation
• The funding will go towards advancing the financial well-being and security of Latino and immigrant communities
• NALCAB is providing capacity-building grants of $35,000 along with customized training and support to 12 organizations
• The grants aim to strengthen the capacity of NALCAB network members to expand access to culturally relevant financial coaching and products

Negative

• None.

Funding will support nonprofits that provide financial services and counseling to LMI individuals

SAN ANTONIO, TX / ACCESSWIRE / October 19, 2023 / The National Association for Latino Community Asset Builders (NALCAB) has been awarded $1 million in grant funding from the Wells Fargo Foundation that will go towards advancing the financial well-being and security of Latino and immigrant communities across the country.

With Wells Fargo's support, NALCAB is providing capacity-building grants of $35,000 along with customized training and support to 12 organizations to employ financial health curricula that will help individuals and families access financial products, strengthen their credit, increase their savings and income, and reduce debt.

The primary purpose of this award is to provide support to a nationwide network of nonprofits that serve low- and moderate- income (LMI) Latino and immigrant populations with culturally-tailored strategies that help clients achieve their financial goals and build wealth.

"At Wells Fargo we're committed to investing in solutions that can help people achieve financial stability and greater financial security over time," said Bonnie Wallace, head of Financial Health Philanthropy. "These grants aim to strengthen the capacity of NALCAB network members so they can expand access to culturally relevant financial coaching, and products that empower Latino and immigrant communities with asset and wealth building opportunities."

The following organizations were selected by NALCAB for awards through a competitive grant process:

• Branches, Inc. (Miami)
• Common Wealth Charlotte/Buenas Finanzas Carolinas (Charlotte)
• Conexion Americas (Nashville)
• Eastmont Community Center (Los Angeles)
• Enterprising Latinas Inc. (Wimauma, FL)
• Fifth Avenue Committee, Inc. (Brooklyn)
• Groundswell Capital (Tucson, AZ)
• Housing Connect Fund (Salt Lake City, UT)
• Jamaica Plain Neighborhood Development Corp. (Boston)
• Rural Development Initiative (Coburg, OR)
• The Latin American Association (Atlanta)
• Ventures (Santa Cruz, CA)

About NALCAB The National Association for Latino Community Asset Builders (NALCAB) is the hub of a national network of 200+ member organizations that are anchor institutions in geographically and ethnically diverse Latino communities in 46 states, Washington DC, and Puerto Rico. NALCAB supports its member institutions through funding, training, research, and advocacy, enabling them to invest in their communities by building affordable housing, ensuring equitable neighborhood development, supporting small business growth, and providing financial counseling on issues including credit building and homeownership. As a grant maker and US Treasury certified CDFI lender with offices in San Antonio and Washington DC, the NALCAB Network serves hundreds of thousands of low- to moderate-income people, advancing economic equity and inclusivity in the communities we serve.

View additional multimedia and more ESG storytelling from Wells Fargo on 3blmedia.com.

Contact Info:
Spokesperson: Wells Fargo
Website: https://www.3blmedia.com/profiles/wells-fargo
Email: info@3blmedia.com

SOURCE: Wells Fargo

View source version on accesswire.com:
https://www.accesswire.com/794653/nalcab-awarded-1m-from-wells-fargo-to-support-financial-wellness-and-asset-building-in-latino-and-immigrant-communities

FAQ

What is the purpose of the grant funding?

The grant funding aims to advance the financial well-being and security of Latino and immigrant communities.

How much funding did NALCAB receive?

NALCAB received $1 million in grant funding from the Wells Fargo Foundation.

What will NALCAB do with the funding?

NALCAB will provide capacity-building grants of $35,000 along with training and support to 12 organizations to help individuals and families access financial products, strengthen their credit, increase their savings and income, and reduce debt.

Which organizations were selected for the grants?

The selected organizations include Branches, Inc., Common Wealth Charlotte/Buenas Finanzas Carolinas, Conexion Americas, Eastmont Community Center, Enterprising Latinas Inc., Fifth Avenue Committee, Inc., Groundswell Capital, Housing Connect Fund, Jamaica Plain Neighborhood Development Corp., Rural Development Initiative, The Latin American Association, and Ventures.