Non profit agencies demand home foreclosure solutions and small businesses support
Community agencies Mabuhay Alliance and National Federation of Filipino American Associations (NaFFAA) met with the nation’s financial leaders in Washington D.C. this month to discuss alternative solutions in preventing and solving the nation’s foreclosure crisis as well as providing financial support to small businesses.
Mabuhay Alliance President, Faith Bautista and NaFFAA Chairman, Jose Pecho said the administration’s current policies are not helping homeowners and that new measures must be implemented, in their meeting with Federal Reserve Chairman Ben Bernanke, Federal Deposit Insurance Chairwoman, Sheila Bair, Secretary of Treasury, Timothy Geithner and House Financial Services Committee Chairman, Barney Frank.
Bautista proposed various outreach campaigns such as a government formed joint task force involving local communities. As a result of their productive discussions, Mabuhay Alliance will hold a press conference with the White House finance team on April 2 in Los Angeles to unveil plans that will help homeowners keep their homes.
Business owners are in need of government support as well. Mabuhay Alliance and NaFFAA said up to $100 billion in federal funds are needed to help small businesses. 400,000 Filipino American business owners statewide are struggling to secure credit to save their business. Increasing the Small Business Administration Budget from $ 1 billion to $30 billion and providing $ 5 billion to micro businesses, that will create jobs, were some of the suggestions discussed.
The successful meeting with the Obama Administration in Washington D.C. is Mabuhay Alliance’s ongoing effort to end the foreclosure crisis, expand small business opportunities, and create more minority job opportunities that will in turn spur economic growth and empower social and political rights in the community.
