Opening Capital to Small Business Communities & Financial Services for Low Income Communities

National Association for Latino Community Asset Builders

Presenter: Salvador Menjivar, Executive Director OneCalifornia Bank Foundation

OneCalifornia

Community Development Banking– OneCalifornia Bank seeks to improve

economic opportunity for low- to moderate-income communities throughout California Loans to small businesses and fair banking services to “unbanked”

– OneCalifornia Foundation engages in charitable and educational activities that primarily support the bank’s community development mission and activities.

Community Empowering

Building Community Assets• Promoting the growth of retail and

small business in low and moderate income communities

• Strengthening Nonprofits • Provide Financial Services to low

income families and individuals

Community Empowering

Building Community Assets• Lending back in our communities• Supporting local business• Offering banking services to solve local

problems, including “green” lending• Innovative solutions for employers and

employees

Building Assets by Supporting Families and Individuals

Banking Services for the “Unbanked”• Tactict: Use advanced technology to provide

banking services in low income communities

• Products in R&D: • 1)Kiosk that provides financial services

2)Pre-paid Debit Card that can be used in multiple financial transactions

• 3) Alternative to Payday Lending• Services: Financial education• Free Checking and Savings accounts (Includes ATM, Online banking, Bill pay)

Current Programs Targeting Latino Communities

• Formalizing peer lending happening in CESTAS –Miss. Asset Fund-

• Acorns to Oaks: Promoting IDAs accounts (option 529 accounts) among families in the San Antonio neighborhood in Oakland.

• Developing Alternative to Payday Lending• Free saving and checking accounts in

partnership with nonprofits targeting the Latino community

• SBA loans to businesses owned by Latin@s• Financial Literacy