In an effort to advance economic mobility among the Hispanic-Latino community in Philadelphia, Bank of America provided $75,000 in grants to Ceiba, a Philadelphia nonprofit promoting the economic development and financial inclusion of the Latino community, and its Latino Equitable Development Collective, comprising 15 nonprofits in Philadelphia. During a virtual meeting this morning, Ceiba shared how the funds, which were received at the start of the coronavirus pandemic, allowed the collective to support individuals and families. During this time of uncertainty, the grant put them on a path toward success while increasing access to affordable housing and supporting economic development and environmental sustainability among the Hispanic-Latino community in Philadelphia.
Ceiba and its Latino Equitable Development Collective were met with new challenges once the coronavirus pandemic began to impact the Greater Philadelphia area. The nonprofits shifted the funding to address new and existing barriers in the Hispanic-Latino community, such as language access, housing insecurity and homelessness, stimulus payment access, tax preparation, Paycheck Protection Program briefings, voter registration, and Census participation, among others. Additionally, the funding allowed Ceiba to distribute a total of 180 grants to the immigrant community in Philadelphia through partnerships with the National Domestic Workers Alliance and Pennsylvania Immigrant and Citizenship Coalition.
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“Strengthening Philadelphia through philanthropic funding that advances economic mobility is one example of how we invest in our community, and particularly those who are traditionally underserved, as part of our approach to responsible growth,” said Jim Dever, Philadelphia market president for Bank of America. “We’re honored to partner with nonprofit organizations like Ceiba in Philadelphia in order to address critical needs in our community and give individuals and families the power to build better lives, especially during this time of uncertainty and hardship.”
The largest population of Latinos in Philadelphia are in Eastern North Philadelphia and according to the U.S. Census Bureau, 23% are foreign born, 52% didn’t graduate from high school and 51% of the households speak Spanish. While Hispanics make up 18% of the total U.S. population, they account for 27% of the population in poverty[1]. Latinos have the highest rate of poverty of any group in Philadelphia at 44%. Due to the poverty levels and a median household income of $20,227, 47% of the households do not own their own home. Further exacerbating the housing situation are patterns of growth and displacement in Philadelphia. Today, rapid gentrification spreading west from Northern Liberties and Kensington threatens to displace low-income Latino residents, leaving behind the massive capital investments that the nonprofits have made to serve them in securing housing.
Funding supports the overall health of Philadelphia through access to safe, decent housing, community development, arts and culture, and environmental sustainability. Individuals and families who have access to affordable housing are better positioned to achieve their long-term goals, including better outcomes at work and education results for their children, all of which contribute to economic growth. This support builds on the $1 million in economic mobility grants directed to workforce development initiatives in the past year.
“The funding came at a time where information and resources were limited, yet the work we were doing was more critical than ever,” said Will Gonzalez, executive director, CEIBA. “Through our partnership with Bank of America, Ceiba and the collective were in a position to help members of our community that were adversely impacted by COVID-19 while still working to transform the social and physical landscape for some 124,000 households.”
The Philadelphia-area nonprofit organizations that are part of Ceiba’s Latino Equitable Development Collective include: Asociación Puertorriqueños en Marcha; ASPIRA Inc. of Pennsylvania; Ceiba; Concillio; Congreso; FINANTA; Galaei; Greater Philadelphia Hispanic Chamber of Commerce; HACE; HUNE; Norris Square Community Alliance; Norris Square Neighborhood Project; Nueva Esperanza; and Taller Puertorriqueño.
The grants in Philadelphia build on the grants that Bank of America has provided to organizations addressing workforce development and basic needs, helping individuals and families chart a path toward economic mobility.
By: Agencies
Noticias Newswire
