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In Nashville and country-wide, America’s Hispanic population is booming. According to the University of Tennessee Boyd Center for Economic Research, the Hispanic population continues to be the fastest-growing group in Tennessee, just as it was between 2010 and 2020, with projections to double by 2040. But data also shows that Hispanic people are more likely to live under the poverty line and have lower median incomes than their white counterparts.
When such a large and integral part of the community is suffering, all of our community suffers, and the reverse is equally as important: when Nashville’s Hispanic community succeeds, we all succeed.
Part of the solution to ensuring our Hispanic community succeeds is public, private, and nonprofits working together to provide employment opportunities, eliminate barriers to financial success, and help build Hispanic-Latino wealth in Nashville.
Below, Eduardo Gumucio, Senior Vice President, Private Client Manager for Bank of America’s Private Bank in Nashville discusses how the company supports financial success in the Hispanic community.
When Gumucio was five years old, his family moved 4,000 miles from Bolivia to the United States in search of a better life. Today, Gumucio is the first Hispanic Private Client Manager for Bank of America’s Private Bank in Nashville.
How does Bank of America help the Hispanic community increase financial stability?
At Bank of America, we have partnered with Catholic Charities to offer the Unidos in Banking program in Nashville. During an eight-week course, participants study banking-specific topics, customer service, and communication through banking scenarios, while developing resumes and soft skills. Graduates have exclusive job opportunities at Bank of America upon completion. Since the program launched in April 2019, 174 people—86% of whom are Hispanic—have gone through the program and 33 have become full-time employees as of January 2023.
What is the Bank of America doing in Nashville to promote Hispanic business ownership?
Bank of America is partnering with Conexi√≥n Am√©ricas’ for an expansion of its immigrant-owned small business and microenterprise development program. We know that Hispanic Latinos now open more small businesses than any other group in the country and are also the fastest-growing demographic of small business owners across the nation. Investing in Hispanic-Latino wealth means supporting entrepreneurs so they are set up for success. Early-stage funding is critical for the growth of new businesses, especially when Hispanic-Latino entrepreneurs are still faced with gaps in financial literacy and business education, funding, and networking opportunities. The new program will help to eliminate those barriers by creating training, coaching, and networking opportunities for aspiring and existing Hispanic-Latino entrepreneurs.
How is the Bank of America investing in sustainable homeownership?
One of the primary ways families build wealth is through sustainable homeownership, which provides a usable and lasting investment for future generations and cycles capital back into the community. The National Association of Hispanic Real Estate Professionals (NAHREP) recently released data showing an increase in Latino homeownership, from 47.5% percent in 2019 to 48.4% in 2021, the highest level since the mid-2000s. Through Bank of America’s Community Homeownership Commitment, which provides low down payment loans and closing cost grants, families can take their savings and turn them into lasting legacies.
Supporting our Latino neighbors is a long-term, generational investment in Nashville. With nonprofit and business partnerships like ours at Bank of America and Catholic Charities and Conexión Américas, we are putting into play the idea that a rising tide lifts all boats, and that the successes of the Latino community are the successes of Nashville.
