Mission Valley Bank in Sun Valley launched a new partnership last week with the Enrich Financial Literacy Program to provide its clients with access to an online financial education platform.
Through the Enrich program, Mission Valley Bank customers can access interactive workshops, detailed seminars and comprehensive online courses on topics including effective budgeting, strategic saving, intelligent investing and prudent credit management.
This three-year partnership will deliver these resources to bank clients who choose to opt in at no cost to the customer with Mission Valley’s $30,000 pledge to Enrich to be paid in increments over three years.
Paula Bahamon, vice president of community development at Mission Valley, spearheaded this initiative with a drive to improve financial literacy throughout the community. Over her tenure working both as a business banker and as a business consultant, Bahamon said she has noticed shortfalls in people’s knowledge of the financial realm across various customer types, including business owners.
“I diagnosed based on multiple interactions the gaps and the deficiencies of business owners and that they really needed to elevate their knowledge and understanding from basic topics to more sophisticated topics,” Bahamon said.
“There is not a playing field where everybody speaks the same level of fluency in financial literacy,” she added.
Enrich’s program caters to different levels of expertise through varied course options and to diverse clientele with material dedicated to managing personal finances in addition to entrepreneurs looking to learn new strategies.
“I was very pleased to see the curriculum of Enrich was very extensive, comprehensive and nailed down the pains of what society is suffering in today’s age, and it pertains pretty much to anybody and everybody,” Bahamon said.
Bahamon used education surrounding loans as an example of the efficacy of financial literacy, noting the importance of understanding the responsibility someone is committing themselves to when entering a loan agreement.
Another aspect of Enrich Bahamon spoke highly of was its accessibility. Being an online platform allows users to navigate the material at their own pace, in their preferred space and when it’s most convenient for them.
“It became more and more evident the urgency to provide a platform where our community has access to these tools and educational resources, so they can elevate their performance,” Bahamon said.
Headquartered in Sun Valley, Mission Valley also has branches in the Santa Clarita Valley and in Burbank.
In addition to the physical expansion of the bank’s operations, Mission Valley has seen financial growth recently with its profits having doubled in the first nine months of 2023. Mission Valley Chief Executive Tamara Gurney attributed much of this increase to the bank’s accounts receivable financing in a January interview.
Bahamon emphasized Mission Valley’s standing as a community bank at a time when the nation is seeing fewer and fewer of such.
“The mission, the vision and the execution of providing financial literacy is just a reflection of our commitment to our community,” Bahamon said.
“We’re closing the gap by literally bridging from (clients’) dreams of accomplishing a successful business to actually crossing the finish line,” Bahamon added.
