Associate Director of Marketing and Communications
Mission Economic Development Agency (MEDA)
(415) 282-3334 ext. 152
FOR IMMEDIATE RELEASE
Sept. 11, 2020
MEDA Awarded AHEAD Grant from Federal Home Loan Bank of San Francisco
Funding to help Mission District Latinx and immigrant entrepreneurs weather the COVID-19 pandemic
San Francisco — The Federal Home Loan Bank of San Francisco (FHLBank, San Francisco) has announced that the Mission Economic Development Agency (MEDA) is a recipient of an AHEAD grant for $37,500. AHEAD grants provide funding for targeted economic development projects and programs that benefit lower-income communities. Grants are awarded annually to members partnering with local nonprofits or agencies to meet diverse local needs: MEDA is proud to have partnered with First Republic Bank, a member of the FHLBank, San Francisco, to bring this much-needed project to light.
This funding will help support the Latinx and immigrant entrepreneurs of San Francisco’s Mission District — a small-business community that has been disproportionately affected by the COVID-19 crisis. AHEAD funds will launch a bilingual pilot project that will reach over 1,000 low- to moderate-income Latinx and immigrant small-business owners, primarily in the Mission District, with a virtual technical-assistance model focused on shifting their business models online during the COVID-19 crisis and the recovery phase.
“San Francisco’s Mission District has been disproportionately affected by the COVID-19 pandemic, especially its small-business owners,” stated MEDA CEO Luis Granados. “We thank FHLBank for this AHEAD grant, which will allow MEDA to provide targeted, virtual-technical assistance to these ventures weather the pandemic.”
In response to the economic shocks caused by the COVID-19 crisis, FHLBank increased its planned 2020 funding allocation by $2 million, for a total of $3.5 million in AHEAD grants. FHLBank of San Francisco awarded $3.5 million to 97 member-sponsored projects:
- $1.6 million awarded to 45 economic development projects.
- $1.9 million awarded to 52 pandemic relief projects.
FHLBank received 362 applications requesting a total of $16.4 million in 2020 AHEAD Program funding. They awarded $1.6 million in grants to 45 projects that will boost economic development activity and promote financial stability in communities throughout California, plus Arizona and Nevada. The additional $1.9 million in funding will be used for 52 targeted pandemic relief projects providing food, clothing, rental assistance, homeless services, health services and other support to the communities served.
“We are pleased to partner with our member First Republic Bank to support MEDA’s innovative work with the Latinx and immigrant entrepreneurs who have been hard hit by the pandemic,” said Marietta Núñez, Senior Vice President and Community Investment Officer at FHLBank, San Francisco. “By helping their clients move online, this project will be instrumental in preserving many vital local small businesses in our city.”
About Mission Economic Development Agency (MEDA)
Rooted in the Mission and focused on San Francisco, MEDA’s mission is to strengthen low- and moderate-income Latino families by promoting economic equity and social justice through asset building and community development.
About Federal Home Loan Bank, San Francisco (FHLBank, San Francisco)
FHLBank, San Francisco is a member-driven cooperative helping local lenders in Arizona, California and Nevada create opportunity and change lives for the better. The tools we provide foster homeownership, expand access to quality housing, seed or sustain small businesses and revitalize whole neighborhoods.