At last – a nice effort at actual entrepreneurship in Porterville. El Futuro, a local credit union with a primarily Mexican clientele, has a new program:
The international remittance plan allows the transfer of money between the U.S. and Mexican credit unions and banks. It is a program supported by the U.S. Federal Reserve Bank, Banco de México and Banco del Ahorro Nacional y Servicios Financieros.
The Hispanic population can feel safe about the transfers, and instead of wiring the money, or sending it by mail via a money order, to Mexico, they can be assured that the money is promptly transferred, officials familiar with the program said.
I was at the inaugural event, by chance I was strolling down Main Street. I was not sure what was going on – my minimal Spanish skills were not helping much (thanks High School teachers!). But David Horowitz, of Horowitz Jewelers located across the street from El Futuro, filled me in on the details with pride.
I enjoyed listening to Porterville’s own El Mariachi Academy Band perform. The performance is not noted in the article.
Unlike the commenters on the Recorder web page, who scream invective about illegal immigrants anytime a Hispanic name is published in the paper, I find this to be a truly inspiring effort on the part of the bank, and on behalf of the community. Workers here who choose to share their hard earned money with their relative now have a price effective and safe and secure means to transfer it there.
This is nothing short of capitalism and globalization at work. A market opportunity, with excess friction in a transaction is identified, and a solution with less friction is created. Who could object to that?
One other thing that struck me during the time I was there during some speechifying and music: none of our City Council members were present, at least not while I was there. Which is a shame really – aside from missing a fun show, they mayb have turned their backs on the first really innovative product and service created and marketed since I came to Porterville.
To El Futuro, I say Job Well Done, and keep it up!