Helping Dreams Flourish When Times are Tough
Helping Dreams Flourish When Times are Tough
Lately it seems that, every time we turn on the news, we hear about frustrated young people who are facing the prospect of no jobs, a lack of upward mobility, and an increase in the rate of poverty.
But while those problems are very real, at the same time, at BCNA, we are constantly inspired by the enthusiasm and entrepreneurial spirit of our clients, many of whom are recent immigrants to the U.S., and by their determination to achieve the American dream in spite of sometimes daunting odds.
And we have also
been amazed and energized by the support we have been receiving from our board members and our funders, support that is vital to making those dreams come true.
The BCNA staff
and Board of Directors have spent the last few weeks completing an intensive strategic planning process and re-committing to our mission of helping clients increase their income and savings; establish businesses; and develop assets like home ownership with safe and smart financial products.
In fiscal year 2012, we will be expanding the number of loans we disburse and the size of those loans, with an emphasis on establishing greater presence in the borough of Queens. This is possible through a generous grant of $600,000 from the CDFI Fund Department of Treasury. In addition, the Empire State Development Corporation has approved BCNA for a grant of $120,000 from its CDFI Program to increase our access to capital services. We also plan to expand our IDA Program.
We would like to convey our sincere thanks to consultant MaryKay Penn, who guided us through the planning process, for her brilliance and patience.
We are also able to continue to provide quality assistance to refugees, thanks to support from the Office of Refugee Resettlement (ORR) and we will also continue to work closely with the Small Business Administration (SBA) so that our clients can benefit from the SBA funded Microloan Program.
Now comes the hard part – creating a time line for the implementation of this plan and, with the help of our dedicated staff, meeting our goals and continuing to provide access to the dreams of home ownership and a business of one’s own to, in spite of a tough economic landscape.