WASHINGTON, Nov. 27 /PRNewswire/ -- The National Council of La Raza
(NCLR), today announced a major new partnership with Allstate Insurance
Company. As part of the partnership agreement, Allstate will invest
$2.5 million in the Raza Development Fund (RDF), the nation's largest Hispanic
Community Development Financial Institution (CDFI), which provides loans to
Hispanic community-based organizations that serve over 3.5 million Hispanics
annually.
"I am delighted to announce this important new initiative between NCLR and
Allstate, which is continuing its long tradition of interest in, and
responsiveness to, the nation's largest ethnic minority," stated Raul
Yzaguirre, President of NCLR.
RDF, a wholly-owned subsidiary of NCLR, is also one of the nation's
largest Community Development Financial Institutions (CDFIs). CDFIs are
certified by the U.S. Department of the Treasury to provide loans to support
eligible community and economic development projects. Established less than
five years ago, RDF already has approved 44 loans totaling more than
$12 million to NCLR affiliates to build affordable housing, purchase community
facilities like charter schools and Head Start centers, and maintain operating
lines of credit.
"Under the terms of its ten-year investment, Allstate's funding is being
made available to RDF at an effective interest rate of less than 3%, which
will enable us to both provide attractive, below-market interest rates to our
affiliates and help sustain the bank's operations," stated Tom Espinoza, RDF
President and Senior Business Adviser to Yzaguirre. "This is a classic
example of good corporate citizenship."
"That Allstate has stepped up to the plate on this issue is not at all
surprising," Yzaguirre continued. "For many years, former Allstate property
and casualty president Bob Gary distinguished himself as a superb Chair of
NCLR's Corporate Board of Advisers (CBA), and we recently welcomed Bob onto
the NCLR Board of Directors. Moreover, I have come to rely on the advice and
counsel of current Allstate property and casualty president Rick Cohen, an
active and productive CBA member. I value these relationships as much as or
more than the significant monetary contributions Allstate has made to NCLR and
other Hispanic organizations, because they represent the most precious
resource any of us have -- time."
"I believe that this investment will further ensure a significant and
enduring partnership between Allstate and the Latino community. We also hope
that this is an initial investment in a long-term partnership that will enable
NCLR affiliates to build more affordable housing, child care centers, health
clinics, charter schools, and other essential community facilities. On behalf
of the Raza Development Fund, the National Council of La Raza, NCLR's 277
community-based affiliates, and 3.5 million Latinos they serve each year, I
express my sincere gratitude for Allstate's generous investment," concluded
Yzaguirre.
SOURCE Allstate Corporation
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Related links:
http://www.allstate.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/109885.html
CONTACT:
Lisa Navarrete of NCLR, +1-202-785-1670, or
Tom Espinoza of RDF, +1-602-417-1400
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