FIDMi Core Programs

Mi Tierra

Entrance to FIDMi Mi Tierra office at the corners of Columbia & Ontrario Rds.., NW, in Washington, DC-the heart of Adams Morgan.

The International Migrants’ Development Fund or FIDMi is a nonprofit, organization that seeks to contribute to wealth creation in migrant communities and their communities of origin, through, facilitating their engagement in the formal financial system; the provision of financial literacy, advocacy, community organizing and; community reinvestment. (Download Information Sheet).

Mi Tierra® is a unique model that promotes the democratic participation of Latino immigrants and their families in the formal financial system. This program creates the basis for a comprehensive economic development model in the Washington Metropolitan Area, in the United States and, in immigrant home communities.

FIDMi in partnership with financial institutions particularly, Credit Unions is providing “non-traditional one-stop banking and education services” to the Latino immigrant community in the Washington Metropolitan Area and their communities abroad.

Opening an Account at FIDMi- Mi Tierra is easy, and culturally and linguistically competent.

Through Mi Tierra®, in association with diverse financial institutions, FIDMi is offering the following financial products and education services to the Latino Community:

• Low –cost Remittances (Money Transfer)
• Micro-Credit
• Lines of Credit for Not–for-Profit Organizations
• Free Checking Account
• Savings Accounts
• Retirement Plans
• CD’s
• Consumer & Mortgage Loans
• On-Line Banking
• Financial Literacy Workshops &
• Individualized Counseling
• Community Outreach and Organizing
• Among other Services…

PROGRAM ACCOMPLISHMENTS
•Between September 2006-October 2007, FIDMi opened around 424 savings accounts in Lafayette Federal Credit Union.

•Between 2005-2007, FIDMi membership grew to 645 members.


•FIDMi remittances operations grew at 77% rate from 2006.

•FIDMi transferred several Millions from pilot phase in 2005 to date.

•Piloted a micro-credit program targeting underserved Latino immigrants. The project provided $ 2-4 K short- term loans at interest rates between 12-14%.

•Is currently developing partnership with three networks of credit unions in Central America to promote their services among Latino immigrants residing in the USA.

Strategic Alliances with Financial Institutions in Central America
FIDMi has developed partnerships with Credit Unions in the Latin America Region. Through these partnerships, FIDMi-Mi Tierra supports the distribution of the remittances in a timely fashion and is creating the basis to integrate immigrant families into the financial system.

In addition, promotes the use of financial products and services provided by our partner Credit Union and Financial Institutions abroad.

For additional information please contact Marco Medina, Chief of Operations and Financial Programs at mmedina@fidmi-mitierra.org or Nancy Salmerón, Business Development and Membership Coordinator at nsalmeron@fidmi-mitierra.org. You may also contact us via telephone at (202) 483-8900.

Semillas Program
The International Migrants’ Development Fund or FIDMi is a nonprofit, organization that seeks to contribute to wealth creation in immigrant communities and their communities of origin through, facilitating their engagement in the formal financial system; the provision of financial literacy, advocacy, community promotion & organizing and; community reinvestment. (Download Information Sheet)
Program Background

Semillas Program.

The International Migrants’ Development Fund SEMILLAS’ Program objective is to advocate, promote and organize Latino immigrants around the inclusion of Latinos into the formal financial system as well as to inform and educate them about financial opportunities, options, and services available locally and in their communities of origin.

A key factor that hinders immigrants’ economic development is their lack of knowledge about the potential of savings and their limited access to formal financial institutions that contribute to wealth creation. Through increased knowledge, savings, and investment, migrants can collectively reduce poverty in their communities.

According to the Inter American Development Bank, more than 50% of Latinos in the United States are unbanked . In other words, they are not using the services of formal financial institutions. Regulated financial institutions such as banks and credit unions comprise only about 20% of the market. Barriers such as 1) culture and language, 2) uncertain immigration status, 3) lack of policies for their insertion in the financial system and, 4) lack of trust in these institutions, pressure immigrants to use money transfer agencies rather than the banking system Latino immigrants and immigrants in general, are vulnerable to robberies due to the barriers mentioned above.

Semillas Financial Literacy Curriculum
FIDMi’s SEMILLAS Curriculum is a culturally and linguistically appropriate financial education program that uses participatory methodologies and techniques. It aims to: a) create awareness among individuals and the community regarding the importance of savings and investment; b) promote community’s recognition of the impact on the local savings pool as a mean to increase the social and economic capital in the Washington, D.C. area and; c) promote the use of the banking system via the services and products offered by local financial institutions and partner financial institutions. The Curriculum was also designed as a training of Trainers’ Manual by which community promoters are trained to co-facilitate workshops and financial counseling. The SEMILLAS Program is taught in seven (7) to nine (9) sessions, depending on the needs of each particular group. In addition, FIDMi staff will be available to conduct one-on-one counseling on related financial issues with workshop participants or clients of participating community organizations.

Curriculum Outline
WORKSHOP 1: Basic Banking Concepts I
WORKSHOP 2: Basic Banking Concepts II
WORKSHOP 3: Type of Bank Accounts
WORKSHOP 4: The Impact and Management of Remittances at the Personal, Community and Regional Levels.
WORKSHOP 5: How to Create a Budget
WORKSHOP 6: Diverse Savings Programs
WORKSHOP 7: How to Understand your Credit History

Community Financial Promoters’ Project
Through the Community Financial Promoters, FIDMi trains members of the community to become trainers’, counselors, advocates and organizers, so their peers understand how –to navigate the formal financial system, are informed about opportunities for savings and investments and, create awareness around the impact of remittances in their countries of origin. Additionally, they promote the services and products offered by Mi Tierra, FIDMi’s social enterprise.

FIDMi promoters program accepts applications for volunteers interested in participating in the Training of Trainers’ Program.

PROGRAM ACCOMPLISHMENTS
• Created Training –of Trainers Manual and Workbook for program participants.
• Created Training Curricula on Continued Education & Leadership Development.
• Engaged in formal MOU’s with community-based organizations’ and 10 additional organizations on financial literacy
• Trained 30 Financial Promoters.
• Taught over 400 workshop sessions on financial literacy.
• Conducted Financial Literacy Workshops to 3,000 Latino immigrants.
• Reached out/informed over 25,000 individuals on programs and services.
• Provided one-on-one financial counseling to over 2,000 immigrants.
• Conducted Trainer of Trainers’ among 30 Latino Community Leaders from National Organizations on how to introduce Remittances issues at the Social Forum in Atlanta, Georgia, July 2007
•Invited to present Model Program in international, national and local conferences and meetings (Honduras, Nicaragua, Dominican Republic, Guatemala, Nicaragua, Mexico, Chicago, Miami, Oakland, Washington, DC, Ohio).
•Participated in US local and federal government hearings to introduce policies and programs that contributes to address the needs of for financial services and inclusion, the use of remittances as a tool for development in the LAC region and strengthening financial literacy programs. (Download Advocacy Papers)
•Program evaluated and systematized by an external consultant.
•Lessons learned has been used to build the next phase of the promoters project.

Latinas en Podes! – Powerwd Latinas! Project
The objective of this project is to promote the financial independence of Latinas, particularly, those whom are financially responsible for their families (head of family). In partnership with the Washington Area Women’s Foundation, Latinas en Poder! supports the integration of Latinas into the formal financial system particularly those with income between $15-35K.

For additional information please contact Jasmin Solis, Program Manager at jsolis@fidmi-mitierra.org or Diana Montiel, Community Promotion Coordinator at dmontiel@fidmi-mitierra.org or call us at (202) 483-8900.