Mission Fed Receives $25,000 Grant to Support MAAC’s Financial Education Project

Mission Fed receives $25,000 grant to support MAAC

Financial education project

Funds will provide financial literacy training to South County Latinx youth

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Mission Fed Credit Union, the largest full-service, not-for-profit, member-owned financial institution exclusively serving San Diego County, has been awarded a $25,000 grant from Federal Home Loan Bank’s 2021 AHEAD Program from San Francisco. Locally, the grant was awarded to the Metropolitan Area Advisory Committee (MAAC) to provide financial literacy training to low-income Latinx youth ages 18-24 in high-poverty areas of South County. The AHEAD program enables FHLBank San Francisco members, like Mission Fed, to provide a critical boost to local programs and projects that target urgent community needs.

MAAC has a legacy of developing and implementing impactful programs to close income and wealth gaps that disproportionately harm communities of color, sending families and individuals on the path to self-sufficiency. The $25,000 will support the Caminos – Financial Education for Upward Mobility project, enabling 150 young adults to become more economically stable and build generational wealth.

“Even before the pandemic, many low-income people struggled to earn enough income to cover their basic needs like food and shelter. When vulnerable communities face these challenges, predatory lenders flood them with high-interest credit opportunities, to temporarily ease their financial stress. This practice puts borrowers at risk and in an endless debt cycle,” said Arnulfo Manriquez, President and CEO of MAAC. “This grant will help us provide financial counseling and asset building services to support the economic empowerment of South County youth. This will give them the tools and resources to take control of their finances and plan for the future, without taking on excessive debt. Ultimately, our goal is to advance upward mobility in our communities.

Doug Wright, Chief Financial Officer of Mission Fed, emphasized the importance of MAAC’s work in the community. “Mission Fed is honored to support MAAC and help build resilience in our communities. Financial literacy is an important topic close to our hearts, and there are currently not enough ways our underserved populations are receiving this knowledge. Understanding how to manage money can help families immensely and build healthy, economically vibrant communities.

FHLBank San Francisco is a member-driven cooperative that helps local lenders in Arizona, California and Nevada build strong communities, create opportunity and change lives for the better.

“Knowledge and information are among the most powerful tools for fighting intergenerational poverty,” said Marietta Núñez, senior vice president and head of community investments at FHLBank San Francisco. “We are thrilled to support the partnership between Mission Fed and MAAC and the vital work of promoting financial literacy among low-income Latinx youth in San Diego.”

Last year, FHLBank San Francisco awarded $1.5 million in grants to 60 projects that will stimulate economic development activity and promote financial stability in communities in Arizona, California and Nevada.

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