NALCAB Mobilizes Over $6 Million in Emergency Funding to Respond to the COVID-19 Economic Crisis

2020-05-13 13:29:40 - SAN ANTONIO, TEXAS - (PR Distribution™)

Broad national effort to support Latinos and immigrants made possible by  
JPMorgan Chase, Wells Fargo Foundation,  
US HUD, Prudential Foundation, Citi and Oportun 


(SAN ANTONIO, TX) – In response to the economic crisis that has resulted from the coronavirus pandemic, NALCAB – The National Association for Latino Community Asset Builders – announces more than $6.4 million in grants and low-interest loans to 104 nonprofit NALCAB Network member organizations in 23 states, the District of Columbia and Puerto Rico. The NALCAB Network advances economic mobility for hundreds of thousands of low- and moderate-income people by building affordable housing, addressing gentrification, supporting small business growth, and providing financial counseling on issues such as credit building and homeownership.  The vast majority of people served by the NALCAB Network are immigrants or the children of immigrants. 

In total $1.9 million in grants and $4.5 million in low cost debt has been mobilized for community-based nonprofits that serve urban, suburban and rural communities across the US with the largest number of funding recipients located in Texas, California, Florida, Oregon, Pennsylvania, Arizona and Massachusetts.  Further, NALCAB has been a channel for critical information during this crisis and actively engaged in nonpartisan advocacy related to federal economic stimulus policy.  

“Latino and immigrant communities were hit hard in the last US recession and are being devastated in this crisis,” said Noel Poyo, Executive Director, “This emergency funding marks the largest, most targeted investment to date in Latino-serving nonprofits that are responding to the current economic crisis.”

NALCAB’s national response to the COVID-19 crisis on behalf of Latino and immigrant communities is made possible with support from JPMorgan Chase and the Wells Fargo Foundation, with additional support from the US Department of Housing and Urban Development, the Prudential Foundation, Citi and Oportun.  “We are privileged to be entrusted by our partners with these funds that will immediately and directly aid the communities we serve,” said Poyo.  

In order to rapidly and responsibly distribute these financial resources, NALCAB selected recipient organizations from among those that NALCAB had previously selected for a grant, loan, or technical assistance investment in the past three years. 

For philanthropies seeking to support economic resilience and recovery in Latino communities, please contact Ana Esparza at [email protected]cab.org.  

A detailed breakdown of funding can be found HERE on NALCAB’s website.

 

About NALCAB   
NALCAB - National Association for Latino Community Asset Builders - is the hub of a national network of more than 120 mission-driven organizations in 40 states, DC and Puerto Rico that that serve ethnically diverse Latino communities across the US. Members of the NALCAB Network invest in their communities by building affordable housing, addressing gentrification, supporting small business growth, and providing financial counseling on issues such as credit building and home ownership. Our mission is to strengthen the economy by advancing economic mobility in Latino communities. The NALCAB Network serves hundreds of thousands of low and moderate-income people, the vast majority of whom are immigrants or the children of immigrants.

Media Contacts:


Full Name
Sharon Garcia
Company
NALCAB
Phone Number
210.446.4282
Website
Email
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