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​Blog Posts

January 2021 Newsletter

1/14/2021

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Building People Power in 2021
to Shape an Equitable Future

On the heels of a tumultuous 2020—during which we experienced the culmination of systems-level racial, economic, and environmental inequities being laid bare—the nation is entering 2021 with new federal leadership, in both the White House and Congress. Over the past week, we witnessed challenges to the nation’s democratic process. And we at Prosperity Works recognize that it is incumbent on each of us to advocate for equitable, just outcomes at both the systems and community levels.  

TOGETHER, we will make concerted headway in 2021 toward closing the health and wealth gaps in New Mexico—gaps that the pandemic and its economic downturn have widened exponentially. But we will bridge those daunting gulfs together—through innovative, asset-focused solutions that help rebuild the identity and cultural anchors communities have lost, and to cultivate contingents of changemakers galvanized to effect meaningful, lasting, equitable change alongside their neighbors.     

Prosperity Works remains in solidarity with our neighbors who are put most at risk by these violent acts and proclamations—specifically limited-income (LI) and Black, Indigenous, People of Color households.

Our fight for equity and justice continues.

Our 2021 Legislative Agenda
& Recent Media

Acknowledging that COVID’s devastating effects will likely impede significant legislative action during New Mexico’s 2021 legislative session, Prosperity Works has an annotated 2021 legislative agenda, with a top-line effort: to reduce the interest rate cap on small loans.
 
As a collaborative partner within the New Mexicans for Fair Lending Coalition, Prosperity Works will advocate for the New Mexico legislature and governor to bring our state in line with many others by reducing the state’s maximum annual interest rate on small loans from 175% to 36%.

We are currently working with legislative champions to ensure that this rate reduction is brought to the forefront during the 2021 legislative session.

We also are identifying articulation points with aligned advocacy efforts specific to increasing access to resources that help New Mexico households and workforce segments build assets and connect to supportive services (e.g., equitable broadband access and banking opportunities for currently unbanked households). 
Our 2021 Legislative Agenda
A recent article in the Silver City Daily Press provides a rundown of the context for this proposed interest rate reduction, what it could mean for LI New Mexico households, and why it's timelier than ever for New Mexico to embrace more equitable lending alternatives—like TrueConnect.   
Read the full article here

Increasing Access to Assets for Our
Undocumented Neighbors

In advocating for asset-building solutions that improve the socioeconomic health and wellbeing of LI households across New Mexico, Prosperity Works recognizes that our undocumented neighbors face innumerable barriers to opportunity. That's why we're working to develop factsheets for mixed-status households to help support their savings goals—and how they can leverage an IDA to secure a home, business, or vehicle.
Read more here
And as a reminder, applications and renewals through Deferred Action for Childhood Arrivals (DACA) are open. 

Our Change-making Initiatives

IDA saver, Sylvia, celebrating her savings!

Individual Development Accounts (IDAs)

We created our IDA initiative to help empower hardworking families through financial capability training to save, invest, and accumulate assets—to enhance their household’s long-term socioeconomic health and wellbeing.

Assets like a home, degree, or small business can promote long-term financial solvency and bridge generations.

A proud Prosperity Kids college saver!

Prosperity Kids Child Savings Accounts (CSAs)

Prosperity Kids CSAs are matched education savings accounts for LI households. Each CSA is opened with a $100 deposit and is matched 1:1—up to $200 per year until a child graduates high school. Parents also complete 10 weeks of financial capability and parent-child development education.

Depending on the age at which a child enrolls, they could graduate with $5,000 or more in savings!

Support Our Asset-building Work

In partnership with each of you, Prosperity Works is innovating proactive solutions to help LI New Mexicans build power through securing a home, vehicle, business, or degree.

Like Hugo, who leveraged our IDA initiative to pursue a college education:

"Without this program, I may not have gone to college in the first place. Nothing was going right with FAFSA and other ways of paying for school. But now I have learned how to take a step forward and am starting my life off in the right direction."

Donate today to help fellow neighbors like Hugo meet their financial goals through access to our asset-building resources!
Donate Today!
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1 Comment

Advocating for Equitable Community Recovery

1/7/2021

0 Comments

 
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.
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Building People Power to Shape an Equitable Future

1/6/2021

0 Comments

 
On the heels of a tumultuous 2020—during which we experienced the culmination of systems-level racial, economic, and environmental inequities being laid bare—the nation is entering 2021 with new federal leadership, in both the White House and Congress. 
 
But as we witness the depth to which the nation’s democratic process is being undermined—both by complicit members within Congress, and by domestic terrorists—we recognize that there is much work to be done to counter the impact of misinformation at all levels of government. 
 
At a time when the country is reeling from disasters, it is incumbent on each of us to advocate for equitable, just outcomes—at both the systems and community levels.  
 
“Today’s events in our nation’s Capitol are unsettling,” said Arellana Cordero, Prosperity Works’ President & CEO. “We’re grateful to all who are advocating for equity and justice, and for those that put themselves in peril to protect our nation through today’s violence. Prosperity Works joins our fellow partners in progress in pursuing unifying, equitable solutions as we all work together to rebuild our communities.” 
 
Prosperity Works remains in solidarity with our neighbors who are put most at risk by these violent acts and proclamations—specifically Black, Indigenous, People of Color households. Our fight for equity and justice continues.
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  • Home
  • About Us
    • Mission, Vision, & Values
    • Our Team
    • Our Board of Directors
    • News
  • Initiatives
    • Child Development Accounts
    • Individual Development Accounts
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    • Safe Accounts & Loans
    • Sustainable Household Energy Management
    • Community Solar
    • Impact
  • Our Partners
    • New Mexico Assets Consortium Resource Guide
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