OVERVIEW: The Cathay Bank Foundation supports community and economic development, education, civic and community, health and welfare in Massachusetts and beyond.
FOCUS AREAS: Community and economic development, education, civic and community, health and welfare
IP TAKE: While not its primary place of focus, Boston makes the geographic cut for this foundation, especially programming that coincides with the foundation's emphasis on Asian American and Asian immigrant populations. This funder prefers fairly established organizations that can show several previous years of programmatic, organizational and financial successes.
PROFILE: Established in 2002, the Cathay Bank Foundation is the nonprofit affiliate of Cathay Bank. The history and organizing principle of this bank illuminates its nonprofit giving. Cathay Bank opened in 1962, with the mission of providing financial services to the growing but underserved Chinese-American community. It launched in Los Angeles as the first Chinese-American bank in Southern California and expanded from there. By extension, the Cathay Bank Foundation aims to “enhance the growth and success of communities in which the Bank serves.” Foundation interests are community and economic development, education, civic and community, and health and welfare.
Community and economic grants focus on affordable housing, seniors, people with disabilities, job skills, and job creation. Education grants focus on preparing low-income and middle-income youth prepare for higher education. Civic and community grants focus on neighborhood development and voter registration, while health grants address homelessness and prevention efforts. Boston grantees span all of the foundation's focus areas, with workforce development and youth development leading the way. Boston grantees include the Boston Chinatown Neighborhood Center, the Fenway Community Development Corporation, and the Greater Boston Chinese Golden Age Center.
Most grants fall in the $1,000 to $10,000 range. Review the funder’s recent tax records to learn more about its local giving. Within Massachusetts, Boston is given the most attention, though it is a bit down the list in terms of geographic attention overall. Top priority often goes to the bank's original home of Los Angeles, California. The funder supports organizations in California, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Texas and Washington, which are where its banks are located.
The foundation has a letter of inquiry process that is open to eligible organizations. It invites selected nonprofits to submit full applications upon review. Grantseekers should sent a completed application form and supporting documents to the foundation via mail. Direct general questions to the foundation staff at Foundation@CathayBank.com.
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