FOR IMMEDIATE RELEASE
Media Contact: Nahida Uddin, (347) 283-1757, nahida@nationalcapacd.org
National CAPACD Partners with Wells Fargo Foundation to Increase Financial Capability in Low-Income AAPI Communities across the Country
[Washington, D.C.] – The National Coalition for Asian Pacific American Community Development (National CAPACD) will be expanding its program to increase the financial well-being of low-income Asian Americans and Pacific Islanders (AAPIs) across the country, thanks to a recently awarded grant from the Wells Fargo Foundation. Funds from Wells Fargo Foundation were passed through to 12 community based organizations, with an average grant size of $23,000. Organizations were selected through a competitive application process, and were awarded based on their demonstrated success in delivering culturally appropriate financial education and one-on-one financial coaching. This expansion will bring a critical new resource to the rapidly growing population of low-income AAPI communities in California, Georgia, Massachusetts, Minnesota, New York, Ohio, Pennsylvania, and Texas.
Improving the financial well-being of AAPIs is more important now than ever. AAPIs have the greatest income inequality of any other racial or ethnic group in the United States today. As documented by the Pew Research Center, from 1970 to 2016, the top income bracket of Asian Americans experienced tremendous economic growth while those in the lowest income bracket experienced highly concentrated poverty. Indeed, the top 10% of Asian Americans make 10.7 times more than the bottom 10%.
“With so much diversity within the AAPI community in the U.S., greater collaboration is needed among organizations that can work together to integrate culturally and linguistically relevant financial coaching and other support into the delivery of existing social services,” said Darlene Goins, head of financial health philanthropy for the Wells Fargo Foundation. “The work being done by National CAPACD and its member organizations is opening up opportunities for AAPI individuals and communities to understand the complex financial system, gain access to banking, learn to manage their finances, and ultimately become more financially stable.”
As an intermediary, National CAPACD works closely with philanthropic partners, practitioners, researchers, and thought leaders to build a strong network of economic empowerment organizations that can deliver culturally and linguistically relevant services to those most in need. For 20 years, the organization has invested in building local capacity while also lifting up innovative, best practices for addressing poverty and racial wealth inequality.
Seema Agnani, National CAPACD’s Executive Director said, “National CAPACD believes that building strong community-based organizations is the key to improving the economic conditions for low-income AAPIs. When local organizations are set up for success through meaningful investments in their capacity and their leadership, their clients see better outcomes. We are appreciative of philanthropic partners like the Wells Fargo Foundation for investing in this work locally and nationally.”
To learn more about National CAPACD’s Economic Empowerment programs, please visit our website.
About National CAPACD
The National Coalition for Asian Pacific American Community Development (National CAPACD – pronounced “capacity) is a coalition of more than 100 local organizations that advocate for and organize in low-income AAPI communities to further the economic and social empowerment of low income AAPIs and equitable development of AAPI neighborhoods. The organization strengthens and mobilizes its members to build power nationally and further a vision of economic and social justice for all.
About Wells Fargo
Founded in 1852 and headquartered in San Francisco, Wells Fargo & Company (NYSE:WFC) provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,500 locations, more than 13,000 ATMs, and the internet (wellsfargo.com). With approximately 261,000 team members, Wells Fargo serves one in three households in the United States. With its corporate philanthropy, Wells Fargo aims to pave a path to stability and financial success for underserved communities by focusing on housing affordability, small business growth, and financial health, among other local community needs. In 2018, Wells Fargo donated $444 million to nearly 11,000 nonprofits. For 10 consecutive years, Wells Fargo has held the honor of No. 1 in workplace giving by United Way Worldwide. Wells Fargo team members also actively support communities by donating more than 2 million hours of volunteer time in the last year. News, insights, and more information on the company’s overall corporate responsibility are available at Wells Fargo Stories and www.wellsfargo.com/impact.