New Program to Support D.C.’s Low-Income and Unbanked Residents with Managing Money and Building Assets

A new program, co-sponsored by the National Council of La Raza (NCLR, a national civil rights organization) and the Latino Economic Development Center (LEDC, a D.C.-based non-profit focused on small business development and affordable housing within the Latino community) will bring a money management curriculum to lower-income D.C. residents and help mitigate barriers to full financial inclusion. Press releases with details about the new program are available in both Spanish and English.

The Effective Money Management program recognizes and seeks to address the dual challenges of financial access and financial education. Many lower-income D.C. residents lack access to basic banking products and then, even if they gain access to accounts, face additional struggles to turn these accounts into true asset building opportunities. The new program also recognizes the unique challenges confronting the Latino community. As the press release notes, as many as 20% of Latino Americans are unbanked which signficantly limits their ability to save for the future and build personal economic security.

The program is also a logical extension of LEDC’s existing efforts to help D.C. residents become and remain homeowners and small business owners. Futhermore, the initiative also complements D.C.’s efforts to promote financial capability and asset building citywide.  The city is well-poised to elevate the importance financial inclusion and embed asset building strategies into a range of programs. Because I work for an organization that focuses primarily on the national asset building scene, I don’t always get to reflect on the importance of asset building for my community right here in D.C. Thus it’s always especially exciting to see asset building initiatives take root at the local level. I’ll look forward to forthcoming updates from LEDC and NCLR on how the program goes.