Underserved Youth in Los Angeles to Benefit
Out of a pool of several Los Angeles based youth development agencies that applied, the Brotherhood Crusade was selected to partner with Juma Ventures in a three-year wealth-building initiative called GROW—Gain Resources, Oppor-tunities and Wealth. Under GROW, one $140,000 grant will be split between seven agencies statewide to provide technical assistance, training and funding to develop Individual Development Accounts (IDA) for 20 low-income youth aged 15-19. IDAs are incentive-based savings programs designed to foster economic growth while teaching individuals the importance of saving money. In the Brotherhood-JUMA program, every dollar a youth saves will be matched 2:1, up to $3,000. The funds can be used towards college education, home purchases, Roth IRAs, and small businesses.
“Much of the work we do offers knowledge and opportunities to the youth we serve. This is where wealth-building comes in. IDA’s are just another opportunity within the other spectrum of services, care and dedication that Brotherhood provides to their community,” explained Maria Sison, Asset Service Manager of Juma Ventures.
Echoing that sentiment, Charisse Bremond Weaver, President and CEO of Brotherhood Crusade, said, “this program dovetails with our mission of encouraging economic self-sufficiency. By targeting youth, we help the entire community establish positive habits and attitudes about money that ultimately lead to an understanding of its power.”
In order to participate in GROW, youth must agree to complete the financial literacy class curriculum, regularly attend savers club meetings, open a savings account, and earn (not be gifted) the money they intend to save and have matched. Intentionally rigorous, the Brotherhood-JUMA IDA program was designed for serious young people committed to long-term economic growth. “Perfect practice makes a perfect finish,” said Rene’e Bizer, Regional Manager for Wells Fargo, who will serve as one of the financial literacy instructors. “IDA is a great program, proving that early outreach will demonstrate great success.”
Based in San Francisco, Juma Ventures is a nonprofit youth development program that uses “social enterprise” to support disadvantaged youth in making the transition from high school to adulthood. For this project, Juma Ventures received significant funding from Merrill Lynch, under its Investing Pays Off educational initiative, the Levis Strauss Foundation and the Walter and Elise Haas, Sr. Fund.
The Brotherhood Crusade is a 501(c)(3) nonprofit institution founded in 1968 to provide necessary resources, program services and a voice of advocacy to traditionally underserved communities. Our mission is to remove and/or help individuals overcome the barriers that deter their pursuit of success and facilitate opportunities for a better quality of life, by promoting health and wellness, enhancing educational opportunities, cultivating economic growth and building community agencies and institutions.
If you would like to make a contribution to the Brotherhood Crusade, please send your tax-deductible gift to: Brotherhood Crusade, 200 E. Slauson Avenue, Los Angeles, Ca 90011 or visit the website www.brotherhoodcrusade.org.