In the wake of the attempted coup in our nation's Capitol this week, and the ongoing attempts by complicit members of Congress and domestic terrorists to undermine the democratic process amid a global pandemic, state power—forged at the community level—is all the more important.
Like many other states working to counter the pandemic’s social and economic effects, New Mexico is entering a legislative session wherein our values as a state will translate through policy and budgetary decisions. During the 2021 legislative session, Prosperity Works will be advocating in collaboration with the New Mexicans for Fair Lending Coalition to reduce the interest rate cap for short-term loans from 175% to 36%—to pave the way for more equitable lending alternatives to high-interest, predatory storefront lenders.
As Prosperity Works pivots into 2021, we’re reminded—as so many are at the national level—that community-driven people power is the basis for systems change. In the context of COVID, and in adapting to meet the growing needs of our community partners, Prosperity Works will be intentionally repackaging our initiative suite—inclusive of Individual Development Accounts, Child Savings Accounts, Fair Lending Options, and financial capability training and coaching—as we deploy our asset-building resources to reach more limited-income (LI) households statewide.
In adapting and growing our work, we remain committed to elevating, amplifying, and centering community voices. We will continue to work in solidarity with our partners in progress to build the socioeconomic assets of LI households across our state; to close the health and wealth gaps exacerbated by the pandemic; and to keep capital—and talent—in New Mexico communities. This means being explicit about the intersections between race and economic opportunity, and also being proactive in meeting the needs of our neighbors who have historically faced barriers to accessing asset-building resources—especially Black, Indigenous, and People of Color communities.
Together with our community partners, Prosperity Works will continue to innovate creative solutions to clear the hurdles COVID has placed in our collective path as we work to honor the changemakers New Mexico communities have lost—to incubate intentional, authentic community rebuilding efforts across our state as we, as a nation, move forward to shape a more equitable future.
Prosperity Works Staff