HOUSTON, Sept. 20, 2018 /PRNewswire/ -- BBVA Compass this week launched its Center for Financial Education Community Workshops Initiative, with the goal of giving 20,000 low- to moderate-income individuals, families and small business owners the knowledge they need to take better control of their financial lives.
The BBVA Compass Foundation, the bank's charitable-giving arm, has selected 28 nonprofits in 19 markets across its footprint to participate in this financial education pilot program designed to build a comprehensive network of financial education offerings. Selected organizations received grants to host financial education workshops during the five-month pilot period. The workshops are designed to be a gateway for participants to increase their financial stability and ultimately access the mainstream financial system.
During a day-long financial education summit held in August, the selected nonprofits received training on the Center's platform, guidance in the use of technology-backed training materials, and an introduction to the bank experts who will serve as financial capability coaches for the workshops.
"We want to build a network of opportunity, a place where people can come to get financial education so they can experience a fuller measure of financial capability and security," said Reymundo Ocañas, BBVA Compass Director of Corporate Responsibility and Reputation. "We envision a partnership with organizations that are already out there every day building up their communities. We'll give them the tools and funding they need to help move even more people onto firmer financial footing."
The BBVA Compass Center for Financial Education Community Workshops Initiative, which officially launches today, will provide workshops covering topics in personal finance, home ownership, and small business matters.
The grant recipients have a demonstrated ability to deliver financial education to low- and moderate-income families, to unbanked or underbanked populations, or to small businesses in underserved areas. BBVA Compass will provide the workshop curricula, which it developed using its own subject-matter experts in partnership with leading education technology firm EverFi.
Each financial education module gives organizations the flexibility to deliver workshops using a range of technology options including no-tech, low-tech and high-tech instructional methods, and in both English and Spanish. The workshops will be taught by trained financial capability coaches from BBVA Compass.
Additionally, BBVA Compass will support the selected non-profits with co-branded marketing and technology support, as well as access to the BBVA Compass Center for Financial Education, the bank's hub for online and in-person adult financial education courses. The BBVA Compass Center for Financial Education Community Workshops Initiative is part of BBVA Compass' pledge, made in late 2014, to put $11 billion in lending, investments and services toward supporting low- and moderate-income individuals and neighborhoods.
The bank has already pursued a series of partnerships with high-profile, high-impact nonprofits to promote financial education.
- Earlier this year, Goodwill Central Texas in Austin officially recognized the BBVA Compass Foundation's $250,000 donation, which is helping open a new hub for financial education as part of the future Goodwill Career and Technology Academy. Goodwill anticipates serving an additional 1,100 people annually in financial education.
- In the bank's headquarters city of Birmingham, Ala., the BBVA Compass Foundation's $250,000 gift to The Salvation Army helped the nonprofit establish a new Education and Workforce Development Center, where it will deliver financial education.
To learn more about BBVA Compass, visit www.bbvacompass.com.
About BBVA Group
BBVA (NYSE: BBVA) is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States; and it is also the leading shareholder in Garanti, Turkey's biggest bank for market capitalization. Its diversified business is focused on high-growth markets and it relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. More information about BBVA Group can be found at bbva.com.
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 645 branches, including 332 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 6th nationally in the total number of SBA loans originated in fiscal year 2017. Additional information about BBVA Compass can be found at www.bbvacompass.com. For more BBVA Compass news, follow @BBVACompassNews on Twitter, visit newsroom.bbvacompass.com, or visit bbva.com.
SOURCE BBVA Compass