San Antonio, TX (PRWEB) October 27, 2010
Responding to the ongoing economic crisis in lower-income Latino communities, NALCAB-National Association for Latino Community Asset Builders assisted seven member organizations to secure $3.7 million in federal funding to create jobs in their local communities. These recent awards come from two programs administered by the US Department of Health and Human Services.
NALCAB supports a national network of community-based economic development organizations that are experts in implementing responsible, market-based strategies for creating jobs, developing neighborhood assets and building family wealth.
“Every day our members are at the frontlines of economic recovery in their communities. As a national organization, we support our members to access the capital and technical expertise necessary to implement successful job creation projects,” said Noel Poyo, Executive Director at NALCAB.
With these funds, the seven local non-profit organizations will be able to implement projects that will create over 230 new permanent full-time jobs over the next two years in both urban and rural low-income communities. Strategies include equity investments in high growth companies that are committed to hiring low-income people, microlending to small businesses and the development of commercial facilities.
“NALCAB’s deep commitment to building assets in communities has resulted in a dynamic partnership with EDCO to identify capital and implement market-based strategies that will create jobs, boost the local community’s economy, and provide a path for self-sustainability,” said Teo Tijerina, Executive Director at EDCO Ventures. A NALCAB Member, EDCO Ventures received a grant to invest in the development of a consumer electronics repair company located in one of the poorest neighborhoods in El Paso, TX.
The following is a list of the community development organizations that received funding:
· EDCO Ventures (Austin, TX)
· Chicanos Por La Causa, Inc. (Phoenix, AZ)
· Willmar Area Multicultural Market (Willmar, MN)
· Latino Economic Development Center (St. Paul, MN)
· Hispanic Economic Development Corporation (Kansas City, MO)
· Mission Economic Development Agency (San Francisco, CA)
· HELP-New Mexico, Inc. (Albuquerque, NM)
ABOUT NALCAB: National Association of Community Asset Builders (NALCAB) is a membership based organization whose members focus on affordable housing, micro-lending and family wealth building. For more information on NALCAB, please visit www.nalcab.org.