Funding will support asset and wealth-building programs to deliver comprehensive financial coaching and education services to low-income individuals and to expand said services to small business owners. East LA Community Corporation (ELACC) primarily serves a low- to moderate-income, monolingual Spanish-speaking Latino population living on Los Angeles’ Eastside. ELACC reports that the pervasiveness of predatory lenders and misinformation within the Latino community led families to fall victim to unsustainable loans in 2008 and lose their homes, and that predatory lending in these communities continues to be a challenge. ELACC’s consumer education and social lending program helps low-income clients take ownership of their finances, advocate for themselves, and contribute to the economic stability of the Eastside. ELACC engages in consumer protection advocacy and provides clients with a platform to share their stories with elected officials and others.
East LA Community Corporation
Building an Equitable Eastside through Increasing Financial Capability
Consumer Financial Education Fund, 2019