NALCAB and Partners to Create Inversiones: A $70 Million CGI America Commitment to Action For Latino Small Businesses
SAN ANTONIO, Jan. 29, 2013 /PRNewswire-USNewswire/ -- A new Clinton Global Initiative America Commitment to Action has been announced, which will catalyze $70 million in investment in small businesses and community-based small business districts from NALCAB - National Association for Latino Community Asset Builders, Valley Economic Development Center, Accion Texas, Inc., Chicanos Por La Causa, Inc. and a national network of nonprofits that provide small business lending and development services in predominately Latino communities. Collectively, this consortium will create 4,000 jobs by supporting the start-up or expansion of 1,500 small businesses in predominately Latino communities by undertaking the following activities:
- Provide culturally and linguistically relevant small business development services to 5,000 small business owners and entrepreneurs;
- Complete $50 million in small business lending (loans above $50,000);
- Leverage $15 million in financing for economic development projects in neighborhood-based small business districts;
- Provide training and technical support to 200 non-profit practitioners to advance the readiness of specific entrepreneurship-related programs and projects.
"Latino entrepreneurs are an important pillar in the U.S. economy and a key to ongoing economic recovery. Our Commitment to Action to CGI America will generate small business growth, create jobs and galvanize the momentum that NALCAB's Latino Entrepreneurship Program started in 2011" stated Noel Poyo, Executive Director of NALCAB.
Para leer este comunicado de prensa en espanol, visit nalcab.org/press.
About NALCAB: NALCAB- The National Association for Latino Community Asset Builders is a San Antonio based membership organization that represents and serves over 90 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. NALCAB's mission is to build financial and human assets as well as real estate and technology resources for Latino families, communities, and organizations. For additional information, visit NALCAB's press room or go to www.nalcab.org.
About NALCAB's Latino Entrepreneurship Program: NALCAB's National Latino Entrepreneurship program was created to invest in the expansion and coordination of small business assistance programs in predominantly Latino communities across the country. The grants awarded may also support housing development and/or building family assets. Read more. Learn more.
About CGI America
President Clinton established the Clinton Global Initiative America (CGI America) to address economic recovery in the United States. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting in June 2011, CGI America participants have made more than 160 commitments valued at $12.8 billion when fully funded and implemented. To learn more, visit cgiamerica.org.
About VEDC: VEDC is the largest nonprofit small business lender headquartered in metro Los Angeles and offers direct micro and small business loans as well as SBA 7(a) and SBA 504 loans. VEDC has a $23 million loan portfolio and over $50 million under management and originates loans totaling more than $40 million annually to businesses locally and statewide. With seven locations throughout the Los Angeles area and San Francisco, VEDC has supported the small business owner for 36 years with the goal of creating and sustaining jobs and businesses by providing high-quality economic development services. For more information visit www.vedc.org
About Accion Texas Inc. : Established in 1994 in San Antonio, Accion Texas Inc.'s financial and business-support services help entrepreneurs strengthen their businesses, stabilize and increase their incomes, create employment and contribute to the economic revitalization of their communities. Accion Texas Inc. has the nation's largest microlender portfolio and is committed to providing capital to entrepreneurs who do not have access to loans from commercial sources. Since its inception, Accion has made 13,000 loans totaling $130 million. Accion operates in eight states – Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Missouri, Tennessee and Texas. To learn more about Accion Texas, go to www.acciontexas.org .
About CPLC: Chicanos Por La Causa, Inc. (CPLC) is a community development corporation (CDC) that provides services in Arizona, Nevada, and New Mexico. Since 1969, CPLC has been changing lives by developing self-sufficiency and instilling empowerment in those we serve. Our focus areas are economic development, education, housing, and social services. CPLC provides a better life through offering business and employment opportunities; ensuring everyone has the solid foundation of an education; providing hope through a pathway of recovery and restoration; and ensuring that a safe, secure, affordable home is available to every individual we serve. Today, we have 34 programs & services, 800 employees, and 60 offices, making CPLC the fourth largest Hispanic CDC in the nation and the leading Cultural and Educational CDC and nonprofit in Arizona. www.CPLC.org
CONTACT: Hilda Bustos