New Report Highlights Hispanic Outreach Opportunities in California, Nevada

Posted by on January 28, 2013

Commissioned by the California and Nevada Credit Union Leagues, a new report from Coopera highlights opportunities for credit unions in California and Nevada to grow their membership and increase their revenue through service to local Hispanic populations.

Coopera’s Hispanic Opportunity Report will be available to California and Nevada Credit Union League Applied Research Institute members first, and then it will be available to the general public following these webinars:

For California credit unions
: Tuesday, January 29, 2013, 10-11:30AM PST. To attend, register at: http://www.ccul.org/04education/event_details.cfm?ID=4920

For Nevada credit unions: Thursday, January 31, 2013, 10-11:30AM PST. To attend, register at: http://www.ccul.org/04education/event_details.cfm?ID=4921

As the influence and impact of Hispanic consumers continues to grow in the U.S., the Coopera Hispanic Opportunity Report discusses what serving Hispanics means for California and Nevada; which credit unions are best positioned to serve the Hispanic community; and characteristics of the local communities that must be considered to successfully serve Hispanic residents.

According to the report, local credit unions’ biggest growth opportunity right now is Hispanics.

In California, the report uncovers:
- Hispanics represent 38 percent of the state’s population.
- 62 percent were born in the U.S., and the median age is 27.
- 1 in 6 businesses are Hispanic-owned (17 percent).
- 41 percent are underserved.
- The state is #1 in nation in Hispanic buying power.
- Hispanics have $265 billion in disposable income.

For the report, the Coopera team calculated if 10 percent of California’s Hispanic adults were members of a credit union, they would contribute an estimated $2.1 billion in loan balances and $592 million to annual income.

In Nevada, the report reveals:
- From 2000 to 2010, the state’s Hispanic growth rate (82 percent) outpaced California (28 percent), Texas (36 percent) and Florida (57 percent).
- By 2030, 1 out of 3 Nevada residents will be Hispanic.
- 60 percent were born in the U.S., and the median age is 26.
- 8 percent of businesses are Hispanic-owned, approximately 18,000.
- North Las Vegas and Las Vegas have the highest ratio of Hispanic-owned businesses.
- More than half (more than 350,000 individuals) are underserved.

A similar calculation done for Nevada, based on an assumption of 10 percent of the Hispanic community joining a credit union, found Nevada’s Hispanic adults would contribute an estimated $82 million in loan balances and $28 million to annual income.

The Hispanic Opportunity Report also debunks common myths businesses have about the Hispanic community and shares case studies of credit unions with successful Hispanic outreach efforts, including:
- First Imperial Credit Union of El Centro, Calif
- Great Basin Federal Credit Union of Reno, Nev.
- Santa Cruz Community Credit Union of Santa Cruz, Calif.
- Travis Credit Union of Vacaville, Calif.

For more information about this report, contact Coopera at: http://www.cooperaconsulting.com/contact-us.cfm

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