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HISPANIC NETWORK MAGAZINE www.hnmagazine.com
FINANCE & INSURANCE
T
he lack of financial support offered in the past to the Latino community has often led to individuals and families indepen- dently managing their own finances rather than working with a financial institution. This has resulted in all-cash transactions, money transfers across countries and even renting instead of purchasing a home. Banks and credit unions have taken note of the frustrations within the community. Now more than ever, there are solutions available to support the needs of Latinos so they can live, work and play while planning for the future - all with financial confidence. The five solutions outlined below are examples of how some specialized banks and credit unions are addressing todays challenges.
Immigration Loans:
These unique loans help immigrant individuals and fami- lies more easily manage the high government costs related to the immigration process. Look for institutions that offer this unsecured loan at a low fixed interest rate with repayment terms up to 36 months. You can even find loan amounts up to $4,000. Be prepared to have on hand a photo ID and verification of address and income. The more supportive financial institutions offer complimentary financial education and credit counseling as part of the application process.
No-Credit Check Loans:
Another specialized product geared toward the com- munity is a flexible loan that can provide up to $1,000 with no credit check. This loan is especially helpful as people rebuild from the pandemic and business development loans are necessary to survive. When looking to secure this type of loan to either start an enterprise or fund a current business, make sure the pro- gram offers a fixed rate, term and payment.
Mortgage Loans:
Whether you are purchasing your first home, refinancing or seeking second home financing, this loan is crucial in building your life and establishing inancial security. Look for institutions that have streamlined the entire mortgage pro- cess through technology and personal sup-
Addressing the Challenges of Latino Banking Needs
By Jim Norris, CEO, SkyPoint Federal Credit Union
port because in todays real estate market, the buyer must be quick to the table to win the bid!
Higher Education Loans:
College and other higher education opportunities used to be out of reach due to the excessive cost. Today, credit unions and banks offer savings programs designed to alleviate these costs so Latinos can build their future. Look for loans that offer borrowers multiple in-school repay- ment options and allow you to borrow up to 100 percent of the school-certified cost of attendance.
Improved Customer Services:
Per- haps the most comforting effort of financial institutions is the drastic steps they have taken to truly serve the Latino community. From the minute you take the first step in contacting a inancial institution, the language barrier is enough to stop all efforts. Banks today now offer fully bilingual staff and paperwork in both Spanish and English. This alone removes a huge disconnect and provides Latinos sup- port to fully understand the financial products available. When choosing your bank or credit union, look for these specific offerings and certifi- cations, as these institutions will provide a more in-depth understanding of the needs within the Latino community:
Juntos Avanzamos Certified:
These credit unions are committed to serving and empowering Latino consumers by offering support in navigating the U.S. financial system and providing safe, affordable and relevant inancial services. Juntos Avanzamos credit unions always employ bilingual, culturally competent staff and leadership, accept alter- native forms of ID and treat all their members with respect, regardless of immigration status.
Diversity, Equity & Inclusion (DEI) Certified:
This program provides leaders of credit unions the competencies, knowl- edge and tools to develop DEI strategies that align with the objectives of Latino businesses. This specific certification is made available for credit unions by the Maryland & DC Credit Union Association (MD/DC CUA) and Georgetown Universitys School of Continu- ing Studies.
Community Development Finan- cial Institution (CDFI):
These institu- tions offer tailored resources and innovative programs to generate economic growth and opportunity in economically disadvantaged communities. For example, recently the U.S. Department of Treasury's CDFI Rapid Response Program (CDFI RRP) provided $1.25 billion in relief funds to 863 community development financial institutions (CDFIs) across the country. This grant will help CDFI credit unions respond to economic chal- lenges their members have experienced due to COVID-19. Do your research and make sure the bank and credit union will support the finan- cial needs you are seeking. The options are abundant and today, Latinos can trust that the future looks brighter as financial institu- tions aim to create a more vibrant, financially secure Latino community.
Jim Norris, CEO of SkyPoint Federal Credit Union, is deeply committed to make banking simple by providing a wide variety of financial solutions for the Latino community, in the most supportive manner possible. SkyPoint is Juntos Avanzamos Certified, a CDFI institution and their leadership is undergoing the DEI Certification program at Georgetown University. SkyPoint is headquartered in Germantown, Maryland and operates throughout communities in Maryland, DC, and Virginia.
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