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The Mexican Business Council of Los Angeles Applauds B of A's Credit Line to New Immigrants

The Mexican Business Council of Los Angeles (COEMLA) applauds Bank of America's new initiative that offers credit cards to customers without Social Security or Credit Card history, which will benefit thousands of immigrants through out the Los Angeles area.

"We applaud B of A for making banking accessible to the immigrant population," said Javier Martinez, president of the Mexican Business Council of Los Angeles (COEMLA), a 501(c) 6 a non-profit organization formed to help first and second generation business owners of Mexican-origin, who are primarily Spanish speaking.

More importantly, Martinez said that B of A's added services such as checking accounts and mortgage loans," will help immigrants contribute to the local economies and reach the American dream by allowing them to have a place they can call home. It is also gives them the option of having a safer way of spending compared to carrying cash."

COEMLA considers that Bank of America's plan adjusts to the realities of new immigrants in the Southern California market: "This will benefit all sectors of the regional economy. We urge B of A to be proud of their initiatives. We welcome your efforts and urge you not to be afraid of doing business with our community."

Martinez said that that Mexican immigrant and business owners will benefit most from these new services citing a recent report from the Pew Hispanic Center that estimates that there are more than 10 million undocumented immigrants in the U.S., of which 57 percent (5.9 million) are of Mexican origin.

"B of A's new initiative will be tapping into a large engine of economic growth," Martinez added.

Martinez said that COEMLA members embrace Bank of America's new credit card program which has expanded to 51 local locations, "as an exceptional way for immigrants to build credit. The newly implemented initiative will not only benefit immigrants but will also help boost local and nation-wide economies. It will allow thousands of family owned business to grow."

Lastly, COEMLA also applauds Wells Fargo, Washington Mutual, Banco Popular and Union Bank of California for their outreach and service to the immigrant communities in all sectors of the Latino community.

The Mexican Business Council of Los Angeles is a non-profit organization funded by entrepreneurs and professionals of Mexican origin of Greater Los Angeles. It was founded in response to the need of establishing an institutional arena that would allow a more fluid interaction and communication amongst people of common experience and interests.

The Mexican Business Council of Los Angeles emerged in 2003 by the initiative of a group of entrepreneurs and professionals in response to the fast growth of the Mexican business community in the area of Greater Los Angeles and the sense of a lack of organization that reflected the particular experiences, interests and concerns of the business people of Mexican origin.

The group is comprised of 50 members from grocery, construction and technology consultants that have a yearly net gross profit between $1,000, 000 to $500,000. All of the members are based in southern California and the Western United States.

The Mexican Business Council was formally incorporated in October of 2003 as a non-profit professional organization 501 (c) (6). All of its founding members belong to the business community of Greater Los Angles and share a common experience as migrant entrepreneurs.


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