– 21 markets: The bank will be distributing grants to qualified nonprofits in 21 markets across its seven-state footprint to help the organizations launch financial education workshops
– Application deadline: Qualified nonprofits are encouraged to apply by 5 p.m. CT, on July 13 for grants ranging from $5,000 to $40,000
– The goal: The aim is to educate at least 20,000 people over two years in personal finance, homeownership and small-business matters
– $11 billion pledge: The Center for Financial Education Community Workshops Initiative is part of bank’s $11 billion pledge to support low- to moderate-income individuals and communities
HOUSTON- BBVA Compass is teaming up with nonprofits to build a comprehensive network of financial education offerings, with the goal of giving 20,000 low- to moderate-income individuals and families the knowledge they need to take better control of their financial lives.
The BBVA Compass Foundation, the bank’s charitable-giving arm, is inviting nonprofits in 21 markets across its seven-state footprint to apply for grants of up to $40,000 to host financial education workshops. The workshops are designed to be a gateway for participants to increase their financial stability and ultimately access the mainstream financial system.
“We want to build a network of opportunity, a place where people can come to get financial education so they can experience a fuller measure of financial stability and security,” said Rey Ocañas, BBVA Compass Director of Corporate Responsibility and Reputation. “The way we envision it is by teaming up with organizations that are already out there every day building up their communities. We’ll give them the tools and funding they need to help move even more people onto firmer financial footing.”
The BBVA Compass Center for Financial Education Community Workshops Initiative will provide workshops covering topics in personal finance, home ownership and small business matters.
The successful applicants will be nonprofit organizations with a demonstrated ability to deliver financial education to low- and moderate-income families, to unbanked or underbanked populations, or to small businesses in underserved areas. BBVA Compass will provide the workshop curricula, which it developed using its own subject-matter experts in partnership with leading education technology firm EverFi.
Each financial education module gives organizations the flexibility to deliver workshops using a range of technology options including no-tech, low-tech and high-tech instructional methods, and in both English and Spanish. The workshops will be taught by trained financial capability coaches from BBVA Compass.
Additionally, BBVA Compass will support the selected non-profits with co-branded marketing and technology support, as well as access to the BBVA Compass Center for Financial Education, the bank’s hub for online and in-person adult financial education courses. The BBVA Compass Center for Financial Education Community Workshops Initiative is part of BBVA Compass’ pledge, made in late 2014, to put $11 billion in lending, investments and services toward supporting low- and moderate-income individuals and neighborhoods.
The bank has already pursued a series of partnerships with high-profile, high-impact nonprofits to promote financial education.
- Earlier this year, Goodwill Central Texas in Austin officially recognized the BBVA Compass Foundation’s $250,000 donation, which is helping open a new hub for financial education as part of the future Goodwill Career and Technology Academy. Goodwill anticipates serving an additional 1,100 people annually in financial education.
- In the bank’s headquarters city of Birmingham, Ala., the BBVA Compass Foundation’s $250,000 gift to The Salvation Army helped the nonprofit establish a new Education and Workforce Development Center, where it will deliver financial education.