Press Release
HSBC – North America Announces More Than $1 Million in Grants to Community Organizations
Funds support personal finance, homeownership, credit education
23 May 2005
PROSPECT HEIGHTS, Ill., May 23, 2005 – HSBC - North America announced today it has awarded $1,026,000 in financial education grants to 11 community organizations, in the fourth year of the financial services company’s financial education grant program.
The grants, ranging from $60,000 to $125,000, were awarded to community organizations to support personal finance, homeownership and credit education training in Arizona, the District of Columbia, Ohio, South Carolina, Texas and Washington.
The education and training programs are expected to reach more than 40,000 individuals and families in seven major metropolitan areas.
“The importance of financial education can not be overstated,” said Loretta Abrams, HSBC – North America’s vice president of community development and consumer advocacy. “So much of our lives – from the interest we pay on our mortgages to our ability to get a job – depends on our understanding of personal finance and the way we manage our money. We applaud each of these organizations for the great work they’re doing to help individuals and families in their communities.”
The program is managed by the HSBC Center for Consumer Advocacy, which was established in 2003 to direct the company’s broad range of financial education and housing programs and its community outreach initiatives. The center also awards grants to educational institutions and maintains the personal financial education Web site www.yourcreditcounts.com.
The grant awards are as follows:
- Washington, D.C. – An $80,000 grant to Lydia’s House will fund 96 free financial education workshops, computer literacy classes and one-on-one counseling sessions for women between the ages of 18 and 55. The programs are designed to change how low- and moderate-income women think about and use money. The sessions will be held in the District of Columbia Ward 8 at the Lydia’s House-operated Women’s Financial Literacy Center.
- Seattle, Wash. – A $90,000 grant to Hopelink will fund financial education workshops and financial planning counseling for 1,450 homeless and low-income individuals in the north and east King County area.
- Dallas-Fort Worth, Texas – An $80,000 grant to the FAIM Economic Development Corporation will fund financial literacy classes and workshops for 3,000 participants within African-Americans churches in the area. The free classes and workshops offer information on homeownership, investing, and small business development. The 2005 grant is the first part of HSBC’s second two-year commitment to FAIM EDC.
- Columbus, Ohio – A $95,000 grant to the Mid-Ohio Regional Planning Commission will provide 300 families with Department of Housing & Urban Development-certified education courses in credit and budgeting, home inspection and insurance, mortgage and predatory lending, and hands-on maintenance. In addition, the grant will provide funding for credit and financial counseling for 90 families as well as $1,500 in down-payment assistance for 30 families.
- Columbia, S.C. – A $60,000 grant to the South Carolina Council on Economic Education will fund financial education for more than 3,000 students in Charleston, Berkeley, Dorchester and Colleton counties. Thirty elementary, middle and high school teachers will participate in an HSBC-funded day-long workshop, Personal Finance 101: A Training Program for K-12 Teachers.
- Phoenix, Ariz. – A $75,000 grant to the Arizona Centers for Consumer Education will provide financial literacy programs for children and adults, and offer a series of niche programs dealing with issues including identity theft prevention and holiday budgeting and spending. The organization expects to reach more than 18,000 individuals and families.
- Phoenix, Ariz. – A $100,000 grant to Neighborhood Housing Services will fund 24 community financial education classes – 12 each in English and Spanish – serving 200 adults and families. The organization also provides individual, personalized counseling programs offering assistance in areas including home purchasing, individual development savings accounts, credit repair and home maintenance.
- Phoenix, Ariz. – A $108,000 grant to the International Rescue Committee will fund 60 workshops on banking and budgeting, credit, investing, homeownership, understanding employment benefits and tax education and preparation. In addition, IRC will provide young people in Phoenix with general finance workshops and a $100 stipend to open college savings accounts.
- Tucson, Ariz. – A $125,000 grant to the United Way of Tucson and Southern Arizona will fund the organization’s work with partner groups including the Tucson Urban League, Catholic Community Services and Luz Social Services, which deliver financial education training to low-income residents of southern Arizona. The 3,000 families served by the partners will receive information on opportunities for asset building through individual development accounts and wealth coaching with Arizona Saves. Participants also will receive information on tax initiatives for lower-income families and on services offering free tax preparation.
- Tucson, Ariz. – A $123,000 grant to the YWCA of Tucson will support the organization’s Women & Money program and its 2006 financial education conference for women. The grant also supports the organization’s ongoing financial education activities, its partnerships with community organizations that present financial literacy seminars for women and an electronic program component provided through a new “Women & Money” page on the YWCA of Tucson’s Web site: www.ywcatucson.org.
- Tucson, Ariz. – A $90,000 grant to the Primavera Foundation will fund 24 English- and Spanish-language homeownership and financial education workshops for as many as 240 families. The organization also will offer one-on-one intake and credit counseling sessions, initiate a post-purchase counseling program for families who recently have become homeowners, and implement additional financial literacy workshops for as many as 120 families. The 2005 grant is the first in a two-year commitment by HSBC.
About HSBC – North America
HSBC - North America comprises all of HSBC's U. S. and Canadian businesses, including the former Household businesses. The company’s businesses serve nearly 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking and corporate investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands. For more information, visit: www.hsbcusa.com.
Media Contacts
- Rahsaan Johnson
- rahsaan.a.johnson@us.hsbc.com
- Manager, Group Public Affairs
- HSBC - North America
- (847) 564-7946
