WASHINGTON, D.C. (June 11, 2014) — The National Coalition for Asian Pacific American Community Development (National CAPACD) announced earlier this week that they will be receiving a $1 million grant over two years from JP Morgan Chase & Co. to implement innovative financial capability programs for low- and moderate-income Asian Americans and Pacific Islanders (AAPIs).
With this investment, National CAPACD will support its membership of AAPI-serving organizations as they establish and grow programs that promote greater financial inclusion and economic security amongst youth and residents of affordable housing.
“This multi-year investment from JP Morgan Chase exemplifies their steadfast commitment to promoting economic health and opportunity for Asian American and Pacific Islander communities,” said Lisa Hasegawa, Executive Director for National CAPACD. “With the poverty population growing faster for AAPIs than any other racial/ethnic group, partnerships such as these are crucial to launching new ideas and bringing to scale best practice models that will truly meet the needs of many low-income, limited English proficient individuals whom are currently excluded from the financial mainstream.”
For the average person, knowing who to turn to for safe and reliable financial advice, services and products is a challenge; but it is particularly challenging for low-income, limited-English proficient individuals. “Banking in Color”, a recently published study by National CAPACD, National Council of La Raza and National Urban League, revealed that 55% of AAPI respondents either didn’t know where to turn for financial advice or turned to unreliable sources such as the internet. Only 31% of AAPIs surveyed reported knowing their credit score. Statistics such as these highlight the urgency to develop and scale culturally-competent financial capability programs for underserved, immigrant communities –providing participants with not just financial education, but also opportunities to translate their for Low-Income Asian Americans and Pacific Islanders knowledge into action through access to safe and affordable products.
“JP Morgan Chase is pleased to partner with National CAPACD and its members to support financially vulnerable households to establish lifelong habits to improve money management skills and build a financial safety net,” said Phyllis Campbell, Vice Chairman, JPMorgan Chase & Co. “These trusted partners play a critical role in providing an on-ramp into the mainstream banking systems for the country’s most economically vulnerable consumers.”
Building community wealth and creating pathways for financial security is a critical part of National CAPACD’s mission to improve the quality of life for low-income Asian American and Pacific Islanders. With the $1 Million investment from JP Morgan Chase, National CAPACD will be working with its member organizations to identify appropriate project sites, with a particular emphasis on regions with growing rates of AAPI poverty populations. The selected sites will implement financial capability programs that incorporate in-language financial education, one-on-one financial coaching, and lending circles, sometimes referred to as rotating credit and saving associations, as a way to help immigrants save while also building their credit. A portion of the grant award will also be allocated toward developing asset-building programs with AAPI youth, with a particular focus on populations historically isolated from culturally relevant services and mainstream financial products and services. Grant activities are planned to launch in late 2014 and early 2015.
National Coalition for Asian Pacific American Community Development is the first national advocacy organization dedicated to addressing the housing, community and economic development needs of diverse and growing Asian American and Pacific Islander (AAPI) communities.
JP Morgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. This Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. Information about JP Morgan Chase & CO. is available at www.jpmorganchase.com.