Dear John,

This March, Prosperity Now launched the Financial Security Network to address the inequitable and racist barriers to financial stability and wealth-building so that all people, families, and communities have the means and resources to thrive in society. In collaboration with our partners, Prosperity Now will support individuals, households of color, and historically marginalized communities to achieve financial security. This newsletter will feature interviews and insights from our partners, key policy updates and solutions, news stories from across the field, promising tools and resources, learning opportunities and highlights from Prosperity Now’s programmatic work.

Spotlight

Celebrating Asian American and Pacific Islander Heritage Month: An Interview with Lidia Sebastian

Since 1975, the Koreatown Youth and Community Center (KYCC) has supported the needs of the Korean American population in the Los Angeles area and all members of the Koreatown community. As the COVID-19 pandemic exacerbates the needs of families and children, KYCC continues to provide services to at-risk youth, economic support for families and empowerment for the Los Angeles community. To learn more about KYCC’s work, we sat down with Lidia Sebastian, the Economic Development Coordinator, to discuss successes and challenges, Asian American and Pacific Islander Heritage Month, and KYCC’s partnership with Prosperity Now.

From the Field

Supporting Families in East Los Angeles with Basic Income

Earlier this year, Prosperity Now published a report outlining the design, implementation, and impact of a direct cash assistance program to support families in East Los Angeles. The program delivers funds to families monthly and was developed in partnership with Wells Fargo and the East LA Community Corporation, to address the increased emergency needs created by the COVID-19 pandemic. Additionally, the report includes lessons learned and recommendations that can help agencies develop cash transfer programs in their communities. Read the full report to learn more

The Impact of COVID-19 on Debt and Credit Access in Low-Income Communities

To learn more about how low-income household families managed credit and debt challenges during the pandemic, Prosperity Now conducted a qualitative study with Capital One and three community partners, Brighton Center, New Economics for Women and the Bedford Stuyvesant Restoration Corporation. Findings from the report indicated that many families have remained stuck in a cycle of financial insecurity, using credit cards and dangerous payday loans to navigate financial hardships. The study included 30 in-depth client interviews, which were conducted to identify policy and programmatic solutions, including safe small dollar loan programs, stimulus checks, financial coaching, and credit counseling. Check out the full report to learn more!

In the News

Cook County Announces a New Guaranteed Income Program

On May 18th, Cook County, Chicago announced the launch of the Cook County Promise Guaranteed Income Pilot, which will begin taking participant applications this fall. The program will be the largest publicly funded guaranteed income initiative in the country, with $42 million in total funding. The pilot will include 3,250 Cook County Residents who will receive $500 monthly payments for 2 years.

Upcoming Events

Investing in Small Business Job Quality: A Virtual Convening| Prosperity Now| June 9,2022

Join us for a virtual convening to discuss the importance of job quality for the economic prosperity of communities of color, the characteristics of quality jobs and best practices for measuring job quality. The discussion will also feature findings from a pilot study conducted by Prosperity Now and the Gates Foundation.

Strengthening the IRS to Create a More Equitable Tax Code| Prosperity Now| June 15,2022

Join Prosperity Now, National Women’s Law Center, Saverlife, and United Way for a discussion on strengthening the IRS to create a more equitable tax code. Increasing IRS funding is a critical step in securing a more equitable tax code that will benefit low-income families and families of color.

2022 Prosperity Summit| Prosperity Now| September 19-22, 2022

Prosperity Now will host the biannual Prosperity Summit in Atlanta, Georgia from September 19-22. The three-day conference is an opportunity to present, network and workshop with 1,500 attendees around the year’s theme of Marching On: Reimagining Economic Justice for All, where we will embrace the long history of civil rights leaders and action from the Georgia community and unite around the call for economic justice.