Funds will provide financial literacy training to Latinx youth in South County
San Diego, January, 2022 – Mission Fed Credit Union, the largest member-owned, not-for-profit, full-service financial institution exclusively serving San Diego County, received $25,000 in grant funding from the Federal Home Loan Bank of San Francisco’s 2021 AHEAD Program. Locally, the grant was awarded to the Metropolitan Area Advisory Committee (MAAC) to provide financial literacy training to low-income, Latinx youth ages 18-24 in high-poverty areas of South County. The AHEAD Program enables FHLBank San Francisco members, like Mission Fed, to give a critical boost to local programs and projects that target pressing community needs.
MAAC has a legacy of developing and implementing highlight impactful programs to bridge income and wealth gaps that are disproportionately harming communities of color, sending families and individuals on a path to self-sufficiency. The $25,000 will support the Caminos – Financial Education for Upward Mobility project,enabling 150 young adults become more economically stable and build generational wealth.
“Even before the pandemic, many low-income individuals have struggled to earn enough income to cover basic needs like food and housing. When vulnerable communities are faced with these challenges, predatory lenders inundate them with credit opportunities with high interest rates, to temporarily alleviate their financial stress. This practice puts borrowers at risk and in a never-ending cycle of debt,” said Arnulfo Manriquez, MAAC’s President and CEO. “This grant will help us offer financial counseling and asset-building services to support the economic empowerment of youth in South County. It will prepare them the tools and resources to take control of their finances and plan for the future, without incurring in excessive debt. Ultimately, our goal is to advance upward mobility in our communities.”
Doug Wright, CFO at Mission Fed, underscored the importance of MAAC’s work in the community. “Mission Fed is honored to support MAAC and help build resiliency in our communities. Financial literacy is an important topic close to our hearts, and there are currently not enough ways in which our underserved populations receive this knowledge. Understanding how to manage money can help families tremendously and build healthy, economically vibrant communities.”
FHLBank San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better.
“Knowledge and information are among the most powerful tools for combating intergenerational poverty,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHLBank San Francisco. “We are pleased to support the partnership of Mission Fed and MAAC and the vital work of promoting financial literacy among young, low-income Latinx in San Diego.”
This last year, FHLBank San Francisco awarded $1.5 million in grants to 60 projects that will boost economic development activity and promote financial stability in communities throughout Arizona, California and Nevada.
About Metropolitan Area Advisory Committee (MAAC):
The Metropolitan Area Advisory Committee on Anti-Poverty of San Diego County, Inc. (MAAC) is the leading provider of comprehensive social services in San Diego County and provides life-changing services to over 75,000 individuals every year. We create healthier and stronger communities by providing a space where individuals and families in need can find means to self-sufficiency through advocacy and access to high-quality programs in five key areas of focus: Economic Development, Education, Health & Well-being, Housing, and Advocacy & Leadership Development. For more information, visit www.MAACproject.org.
About Mission Fed Credit Union
Mission Federal Credit Union (Mission Fed) is the largest member-owned, not-for-profit, full-service financial institution exclusively serving San Diego County. Mission Fed enhances the lives of its members through financial education and services, providing stability and strength to help San Diegans with financial wellness and success. Banking at Mission Fed means doing good for San Diego. Mission Fed gives money back to our local communities, has helped hundreds of nonprofits and important causes, and builds deep relationships with community partners.
Mission Fed has served the financial needs of San Diegans for 60 years through checking, savings, loans, credit cards and insurance offerings. Mission Fed has $5 billion in assets, more than 270,000 members, 33 convenient local branches, 30,000 fee-free CO-OP ATMs nationwide and free mobile and online banking services. Mission Fed was recognized as a 2020 Top Workplace by The San Diego Union-Tribune and named a Top Workplaces USA winner in 2021. Federally insured by NCUA and Equal Housing Lender. To learn more, visit www.MissionFed.com.
About FHLBank San Francisco
FHLBank San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada strengthen communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions promote homeownership, expand access to quality housing, and boost economic development. AHEAD grants are awarded annually and delivered through the Bank’s member financial institutions to local community organizations for projects and programs that benefit lower-income and underserved communities.