Program helps Hispanic populations learn about finances

The Hispanic population is the fastest growing group in Nashville. But, new numbers show they're more likely to live in poverty. WSMV's Joylyn Bukovac reports.
Published: Sep. 28, 2022 at 7:12 PM CDT
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NASHVILLE, Tenn. (WSMV) - The Hispanic population is the fastest growing group in Nashville, but new numbers show they’re most likely to live in poverty.

One Nashville organization is working to change that.

Eduardo Gumucio moved to America from Bolivia as a child.

He remembers how big of an adjustment it is acclimating to a new country.

“The language barrier piece. I can certainly relate to any of the new immigrants that have that struggle. I can think of some of the cultural barriers and differences beyond the language piece,” Gumucio said.

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

“Many of our clients, especially our Hispanic small business clients, need advice, need guidance as far as things that we maybe think are common knowledge or basic things from how to get a business license,” Gumucio said.

This is important because there are many Hispanic entrepreneurs who come to the United States for more opportunities, which is why Bank of American and Catholic Charities launched a program called Unidos in Banking, teaching Hispanic people in Nashville about the finances.

“We get to see many of these folks as an individual client and years later come and 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 participated.

Bank of America has gone on to hire 30 associates who graduated from the Unidos in Banking program, helping to raise the median income for the Hispanic population.