Results tagged as "citi community development"

  • Citizenship: A New Strategy for Financial Inclusion and Inclusive Economic Growth

    By Bob Annibale, Global Director, Citi Community Development and Inclusive Finance September 17, 2014 12:20 PM

    At Citi Community Development, we focus on meaningful and practical solutions that enable low-income communities to climb up the economic ladder. Increasingly, immigrants are a major portion of those communities. In fact, at least 40% of America's immigrants live in Citi's retail footprint. Their economic success is directly tied to our financial success.

    Yet, translating America's immigration policy into one that spurs growth, empowerment and progress will take federal reforms--and that will take time. But outside the politicized debate we're so accustomed to hearing, there is an easy action that frustrated local leaders can take to both abet and benefit from almost 9 million immigrants, a majority of whom are low-income: empower eligible legal permanent residents apply for citizenship.

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  • Diverse Services for Diverse Immigrant Communities

    By Bob Annibale, Global Director of Citi Community Development and Microfinance August 25, 2014 02:58 PM


    At a conference in Washington D.C. last month, when the audience of U.S. federal and city officials, community organizations and business representatives started nodding in unison, I knew I had hit a nerve: Immigrants are not a homogeneous group, and it is critical that we develop multiple pathways to citizenship, an important asset for economic success in America.

    From highly skilled workers to students, asylum seekers to entrepreneurs, different groups require different financial training, education and employment support. This approach will better help the 8.8 million legal permanent residents who have documents, pay taxes and work lawfully, and yet aren't citizens because of varied barriers.

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  • Safeguarding Financial Identity for Senior Citizens

    By Bill Mills CEO, North America August 22, 2014 08:39 AM


    Today is National Senior Citizens Day - a day for all of us to celebrate, appreciate and give back to the elders in our communities. It's also a time to reflect on the responsibilities we have as individuals, families and institutions to support and protect older adults, a rapidly-growing segment of the U.S. population.

    One of the most common forms of elder abuse is financial exploitation, which until recently, was also one of the least understood. According to a study in the Journal of General Internal Medicine, nearly one in twenty older adults reported being the victim of a financial scam or theft. The incidents comprise a broad range of crimes - from the theft of cash or possessions, to the transfer of property or homeownership rights, to identity theft and investment fraud. These crimes can be perpetrated by strangers, or even at the hands of trusted caretakers, friends, business associates and family members.

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  • A Time to Listen and Learn: 82nd Annual Meeting of U.S. Conference of Mayors

    By Bob Annibale, Global Director of Citi Community Development and Microfinance June 20, 2014 09:08 AM

    Colleagues from across seven of Citi's businesses and corporate functions will be joining over 250 mayors at the 82nd U.S. Conference of Mayors Annual Meeting which begins today in Dallas, TX. The United States Conference of Mayors (USCM) is the country's largest non-partisan organization of large cities and though Citi's relationship with the USCM has been relatively short, it has already been highly successful.

    Since 2012, Citi Community Development has sat on USCM's Business Council and in 2013, Citi Community Development and the City and County of San Francisco won USCM's prestigious Excellence in Public Private Partnership Award for Kindergarten to College - the nation's first universal child savings program.

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  • How a Water Pump is Changing the Lives of Farmers in Africa

    April 11, 2014 01:04 PM

    An extended version of this article first appeared on Forbes.com as part of Citi'sVoice.

    When your product is instrumental in creating 150,000 new businesses and increases its users' incomes by 500 percent, the world takes notice. But the product in question isn't an app or the latest digital device. KickStart, founded by Martin Fisher and Nick Moon, puts new irrigation technologies into the hands of local entrepreneurs in Africa.

    Most small-scale farmers in Africa depend on rain -- an unreliable source of water for agriculture. In 1998, Fisher and Moon presented these farmers with an affordable solution: the MoneyMaker irrigation pump.

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  • Citi Creates College Savings Accounts for San Francisco Kindergarten Students

    By Jose Cisneros, Treasurer for the City and County of San Francisco April 24, 2013 10:12 AM

    It's clear that parents know that college is important in this day and age--but they still face the challenge of being able to pay for their child's education.

    Think about these statistics: according to research by The Sallie Mae Fund nearly nine out of 10 (87 percent) parents expect their child to go to college; less than 1 percent do not. And, this research showed that most parents (75 percent) said that a college degree is necessary to get ahead in today's world. However, the price of college has increased 1,120% in the last 30 years (Bloomberg).

    Enabling parents to pay for their child's education is exactly why the City and County of San Francisco worked with Citi Community Development to create a Kindergarten to College program (K2C). Through this program, a kindergartner receives a college savings account containing its first $50 deposit that, if added to regularly, can become a 12-year head start towards college tuition.


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  • Expanding Financial Inclusion: Housing

    By Jose Quinonez, Executive Director, Mission Asset Fund April 05, 2013 05:54 PM

    Twenty five million people in the United States have no credit score. Without a credit score, these individuals cannot get a loan to buy a car, start a business, or secure housing --all crucial to increasing a person's economic stability and the ability to contribute to his or her community. Housing is a basic need, which is why Citi continues to work with partners like Mission Asset Fund to make access to affordable housing a keep component of our shared efforts to broaden financial inclusion.

    MAF's core focus is helping the unbanked access loans and build credit scores by formalizing loans traditionally created among peer groups outside of the mainstream banking system. The idea is simple: groups of people create lending circles that allow each member to chip in and give one participant a lump-sum, zero-interest, zero-fee loan. To date, MAF has managed more than $1.5 million in loans over four years with a default rate close to zero.

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  • Wrap-Up: Citi Stories and Events from The Week that Was

    March 29, 2013 11:15 AM

    Something is always happening at Citi. From fine tuning our mobile app to celebrating International Women's Day, Citi always strives to be an industry leader across a range of events, initiatives and causes.

    We want to make sure we are delivering the latest company happenings and stories to those who want to stay on top of Citi events and announcements. Hence this new series, "Wrap-up: Stories and Events from The Week that Was." Whenever there's a flurry of Citi activity or interesting stories from our employees or partners to share. we'll let you know. This week, we're covering two stories: Citi Community Development Helps Launch Home Matters and The Road to Recovery Kickoff.

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  • CT Prospera: An Alternative to Alternative Financial Products

    By Mona Masri, Senior Vice President, Citi Community Development March 11, 2013 10:30 AM

    The Federal Reserve Bank of San Francisco recently released a new case study about an innovative check cashing/credit union hybrid service model called CT Prospera. This pilot initiative, developed and built with significant funding from Citi Community Development, is acting as a laboratory for better understanding the needs and behaviors of unbanked and underbanked consumers and advancing financial inclusion.

    The first effort of its kind, CT Prospera combines the look and feel of a traditional check cashing operation with responsible transaction services and a newly defined method of financial coaching. Together, these approaches incrementally move clients towards savings, asset building, and responsible credit with each customer interaction.

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  • NYC Department of Small Business Services Finds a Partner in Citi

    By Rob Walsh, Commissioner of the NYC Department of Small Business Services. February 15, 2013 10:00 AM

    Photo Credit: Edward Reed from Mayor Bloomberg's Office

    With over 600 commercial corridors and 300 vibrant neighborhoods, New York City is a city of neighborhoods, each offering their own unique small town feel. You can go to Washington Heights in Manhattan to enjoy Dominican dining and culture; visit Calle de Colombia, more commonly known as 82nd Street in Jackson Heights, Queens; or soak in the rugged shoreline feeling of Van Brunt Street and Pier 41 in Red Hook, Brooklyn. With unique character, comes unique challenges, and the New York City Department of Small Business Services (SBS) is responsible for strengthening New York City's commercial corridors by supporting small businesses and entrepreneurs, as well as neighborhood leaders in all five boroughs. We do this primarily through our network of 67 Business Improvement Districts, and our NYC Business Solutions Centers. But we can't do it alone, and public/private partners like Citi are invaluable in helping us achieve our goals.

    With contributions from Citi Community Development and other private funders, we recently announced a Small Business Assistance Grant program that offers up to $5,000 to small businesses impacted by Superstorm Sandy. These grants will give small businesses a badly needed lift -by replacing a fallen awning, repairing a freezer, or buying a new mixer-- to help them get back on their feet.

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