To assist new arrivals, Amalgamated Bank announce the launch of the Immigrant Bridge Loan Fund, a pilot loan program aimed at increasing the earning potential of New York City’s immigrant population. The Loan Fund is part of the New York City Economic Development Corporation’s (NYCEDC) Immigrant Bridge Program, which connects highly skilled unemployed and underemployed immigrants to jobs in growing industries in New York City. Amalgamated Bank is the official bank for the loan program, and is working in conjunction with four non-profits that are recruiting high-skilled immigrants and helping them develop career plans to move towards better-paying jobs. The four program managers are: CAMBA, Goodwill Industries of New York and Northern New Jersey, Riverside Language Program and Upwardly Global.
The Immigrant Bridge Loan Fund, the first of its kind in the U.S, is designed to address the needs of skilled immigrants who are unable to return to jobs they trained for and held in their home countries unless they obtain additional U.S. qualifications. Bridge loans granted through the fund will empower immigrants with access to funding to establish themselves in the U.S., and help them pay for the job training and certifications they need to advance.
Qualified applicants will be able to access loans in amounts from $1,000 to $10,000 with an interest rate of 9.99 percent. Customers have the option of paying only interest for 12 months, and have up to four years to complete repayment. There are no penalties if customers complete repayment earlier than scheduled.
Andrew Weltman, First Vice President of Strategic Development at Amalgamated Bank, will lead the program for the bank. “Foreign-born residents make up more than a third of New York City’s population; it’s critical that we provide immigrants cost-effective ways to access funds,” said Weltman. “I am proud that Amalgamated Bank has been selected by the NYCEDC to administer this program. Too often, immigrants are turned away from banks because they do not have a credit history in the United States. We hope this program will demonstrate to other mainstream financial institutions that we can all benefit by offering better services to this important population.”
For 90 years, Amalgamated Bank has led the way in offering banking services tailored to immigrants in New York City. The Amalgamated Clothing Workers Union founded Amalgamated Bank in part because many of the union’s immigrant members were shut out of the big banks of the time and could not access banking services.
“The Immigrant Bridge Loan Fund will assist immigrants as they face the barriers that separate them from employment in their field of study,” said NYCEDC President Kyle Kimball. “This fund, as part of the LINK suite of initiatives, will provide immigrants with the opportunity to utilize their skills in high-demand sectors that are critical to New York City’s 21st century economy.”
About Amalgamated Bank & Its Services for Immigrants
Established in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank continues the progressive traditions of its founders as the largest majority union-owned bank in the United States. The Bank’s corporate divisions include Retail Banking, Amalgamated CapitalTM, Investment Management, Commercial Banking, and Commercial Real Estate Finance. Amalgamated has 24 retail branches including 20 in New York City as well as branches in: Las Vegas, Nevada; Lyndhurst, New Jersey; Pasadena, California, and Washington, D.C. Visit www.amalgamatedbank.com.
Amalgamated offers an array of financial services created with immigrants in mind, including low-cost remittance services and checking accounts for residents without a Social Security number. To better connect with immigrant customers and other under-banked communities, Amalgamated has also opened more branches in areas designated by New York’s Department of Financial Services (DFS) as Banking Development Districts (BDD) than any other bank of its size. At these branches, the bank offers a variety of financial education services to assist unbanked and under-banked populations.
Amalgamated is proud to be the bank for several not-for-profit organizations working with immigrant communities, such as Atlas: DIY, the New York State Immigration Action Fund, Consortium for Workers Education, and United We Dream.
About NYCEDC
New York City Economic Development Corporation is New York City’s primary vehicle for promoting economic growth in the City. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of the City’s many opportunities. For more information, please visit http://www.nycedc.com.
About CAMBA
CAMBA is a nonprofit organization that connects people with opportunities to enhance their quality of life. Founded in 1977, CAMBA offers integrated services and programs in the following areas: Economic Development; Education & Youth Development; Family Support; and Health, Housing and Legal Services. CAMBA serves more than 45,000 individuals and families each year. Through individual coaching, classes and access to low-interest career-advancing loans, CAMBA’s iBridge program helps high-skilled immigrant professionals gain access to gateway career jobs in the U.S, and create a plan for advancing their careers to target jobs in their field. Learn more about CAMBA at www.camba.org.
About Goodwill Industries of NY and Northern NJ
Goodwill Industries of Greater NY and Northern NJ Inc. is a non-profit organization celebrating its 100th birthday next year. Goodwill Industries runs a number of programs helping immigrants with many issues, and is highly successful in placing immigrants in meaningful jobs. Learn more about Goodwill Industries of Greater NY and Northern NJ Inc, at www.goodwillnynj.org
About Riverside Language Program
The Riverside Language Program has offered free intensive English classes to newly-arrived adult immigrants from all over the world since 1979. Riverside is participating in the Immigrant Bridge Program to provide foreign-born doctors, scientists, engineers, IT, accountants and others with advanced English classes, job interview skills, mentors, and other support so they can find employment and enrich New York City’s culture and economy.
About Upwardly Global
Founded in 2000, Upwardly Global is a national, award-winning nonprofit organization with offices in San Francisco, New York City, and Chicago. Upwardly Global helps work-authorized, skilled immigrants rebuild their professional careers in the U.S. by providing professional job-search training and access to employers with global talent needs. To date, the organization has coached more than 3,000 skilled immigrants and has helped more than 1,500 professionals re-enter their career fields in the United States. For more information, visit http://www.