The Latino Support Network Inc

We would use the prize funding to promote the Beloved Economy community investment fund.  We would also use it to secure one of the sites we have identified to create a mix use affordable housing development with equity building options and home ownership. Lastly, it would allows us to support a small group of entrepreneurs and worker-owned cooperatives in continuing to provide technical assistance and micro-loans in amounts between $5,000-$10,000

My whole career (16+ years) has been dedicated to education, organizing, advocacy and community economic development.  In my experience education is essential to overcome the systemic barriers and challenges that isolate certain people and communities from accessing the benefits of our economy.  However, education alone is definitely not enough. We live in a world in which often who you know is more relevant, therefore I believe in the power of networks and the urgency of integrating our people in spaces we have historically not been welcomed. With a group of friends we launched the Latino Support Network inc in 2014.  Our mission is to provide resources, services and to serve as a connector in order to support the integration process of our Latino community and other immigrant communities in the U.S. 

Our goal by 2023 is establish the first Latinx owned and operated credit union in Massachusetts and New England. However, to get us there we have identified the following milestones:

2021 Jan-June: Obtain status as a Community Development Corporation (Done)

2021 June-Dec: Set up Beloved Economy community investment fund for Boston's Northshore. 

2022:Obtain CDFI certification

2023: Launch first Latinx credit union in MA, New England

For underserved and disenfranchised communities not just in the U.S but around the world some of the major barriers that negatively influence their development usually date back to the very own foundation of these communities, and to systemic and structural flaws that have for too many years kept people unable to reach their full potential.  The consequences of colonialism, racism, discrimination, and inhumane capitalism can be seen in multiple manifestations such as failing school districts, high levels of poverty, incarceration, nepotism, lack of access to capital and financial subordination among many more.  

BIPOC in low-income communities who have historically experienced housing and labor discrimination  do not have access to the financial and banking system in a way that supports and promotes entrepreneurship, wealth creation and inclusion in these systems. LSN’s work focuses on Massachusetts, known as one of the most progressive and wealthiest states in the U.S but for the Latinx population it is the worst state in terms of socio-economic outcomes. At LSN we promote financial education, integration services and are currently developing a community investment fund to finance mix-use affordable housing developments with equity building programs, technical assistance as well as lending to small businesses and micro-enterprises. 

We believe our work and model is innovative because it seeks to address one of the major issues that have prevented low income communities of color in the U.S from having greater participation in the prosperity of our Nation. 

Our business model creates the right mix of sources to fund the projects that we have identified during the creation of our community investment plan.  For instance the funding of our mix-use affordable housing developments with equity building/home-ownership options would be finance the following way:

35% Tax credit and public subsidies qualified as a CDC. 

35% Lending from the Beloved Economy community investment fund

20% From traditional bank lending

10% open to community BIPOC investors

We believe that utilizing the sources from the community investment fund allow us to address the major issues of dependency of capital coming from banks and the challenges of accessing that capital.  We also believe that the estimated returns of our development (at or above market rate) would provide enough returns to investors and to the CIF to create financial independence and sustainability.  

I believe our work is having a positive impact on humanity because it is part of movement to build a solidarity economy and on in which historically marginalized BIPOC take the lead and access the tools and mechanisms of capital markets to improve the economic conditions in their own communities. 

We are promoting and strengthening mutual cooperation and education amongst our network of support and in partnerships with other organizations with the objective of fostering and exercising a good and active citizenship and to improve the quality of life for our community.

2021 Jan-June: Obtain status as a Community Development Corporation (Done) We are completing a community investment plan informed by residents in various communities in the Northshore in collaboration with one of our key partners ECCO, a coalition of faith based congregations.  This plan will allows us to apply and receive tax credits from the Department of Housing and to start our work to develop our first mix use affordable housing development

2021 June-Dec: Set up Beloved Economy community investment fund for Boston's Northshore. (in progress) 

2022:Obtain CDFI certification (in progress we're building a lending record now)

2023: Launch first Latinx credit union in MA, New England