Christopher Gil, Senior Content Marketing Specialist
(415) 282-3334 ext. 152
FOR IMMEDIATE RELEASE
November 10, 2014
NALCAB Fosters Growth of Latino Businesses Nationwide
Sub-Grant to MEDA’s New Mission Community Loan Fund in San Francisco
San Francisco, CA –The Mission Economic Development Agency (MEDA) has announced its receipt of a sub-grant of $32,500 from the National Association for Latino Community Asset Builders (NALCAB) to support the infrastructure of the former’s new Mission Community Loan Fund, slated to launch in January 2015. This grant is vital to the Mission Community Loan Fund becoming a lender, thereby broadening the community’s access to capital.
NALCAB had received a $1.1million Sam’s Club Award, allocating that grant to 24 small-business projects, of which the Mission Community Loan Find was one such recipient.
Explaining the need of the grant, Noel A. Poyo, NALCAB Executive Director, says, “Latinos are the fastest-growing small-business segment in the country. Latino entrepreneurial activity has increased over the course of a deep recession and demonstrates the determination and resilience of Latino business owners and entrepreneurs. The NALCAB Network is investing in this dynamic, small-business segment and our nation will benefit from the return on investment.”
With this grant, the Mission Community Loan Fund will build its capacity for offering access to capital and loan opportunities to businesses in San Francisco’s predominantly Latino and immigrant southeastern neighborhoods. The loan fund will provide a seamless assessment of capital needs and access to appropriate products for past and current Business Development program clients with existing enterprises. It will also provide a flexible, revolving loan fund that is specifically tailored to meet the needs of low-income Latino business clients. MEDA will assist existing ventures through workshops complemented by one-on-one coaching related to business development and access to capital.
Nathanial Owen, who is spearheading the Mission Community Loan Fund, assessed the import of this sub-grant as follows: “With this sub-grant, in partnership with NALCAB and Sam’s Club, MEDA will be able to much more quickly launch its loan fund for Latino small-business owners in San Francisco. Our community’s entrepreneurs face many challenges in accessing the capital. NALCAB and Sam’s Club are helping us address these barriers with tangible solutions.”
MEDA is a community-based, local economic development agency located in the Mission District of San Francisco. For over 40 years, MEDA has worked to improve economic and social conditions in the neighborhood by stimulating investment, enhancing the business environment and creating jobs for area residents. MEDA is committed to maintaining the cultural identity and resources of the Mission District. The new Mission Community Loan Fund will provide much-needed access to capital to the community, beginning in January 2015.
The National Association for Latino Community Asset Builders (NALCAB) is a San Antonio-based organization that represents and serves over 100 members that are a geographically and ethnically diverse group of nonprofit community and economic development organizations that are anchor institutions in our nation’s Latino communities.