Home Population Program helps Hispanic populations learn about finances

Program helps Hispanic populations learn about finances

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NASHVILLE, Tenn. (WSMV) – The Hispanic population is the fastest growing group in Nashville, but new numbers show they are most likely to live in poverty.

A Nashville organization is working to change that.

Eduardo Gumucio moved to America from Bolivia as a child.

He remembers the magnitude of the adjustment involved in acclimatizing to a new country.

“The language barrier piece. I can definitely identify with any of the new immigrants who have this struggle. I can think of some of the cultural barriers and differences beyond language,” Gumucio said.

Gumucio now works for Bank of America and is passionate about helping immigrants learn the ins and outs of the American banking and financial system.

“A lot of our clients, especially our Hispanic small businesses, need guidance, guidance on things that we think may be common knowledge or basic things on how to get a business license,” said Gumucio said.

This is important because many Hispanic entrepreneurs come to the United States for more opportunities, which is why the Bank of American and Catholic Charities started a program called Unidos in Banking, teaching Hispanics in Nashville about finance.

“We see a lot of these people as individual clients and years later they come to open a business account when they get their first business, so it’s really exciting to see the progression,” Gumucio said.

Since the program began three years ago, more than 150 people have taken part.

Bank of America then hired 30 associates who graduated from the Unidos in Banking program, helping to increase the median income of the Hispanic population.