I. Introduction
Alaska Growth Capital BIDCO, Inc. doing business as McKinley Alaska Growth Capital (MAGC) is a certified Native Community Development Financial Institution (CDFI) committed to the belief that all communities are entitled to high quality financial products and services. This commitment aligns with MAGC’s mission to grow economic opportunity through innovative financial products and services designed to empower local communities. It is important to MAGC that all communities and individuals – regardless of their English proficiency – have equal access to our offerings.
II. Policy Statement
This Language Access Plan (LAP) affirms MAGC’s commitment to language assistance and ensures that Limited English Proficient (LEP) individuals have equal access to our financial products and services. This commitment is in compliance with the principles of Title VI of the Civil Rights Act of 1964, emphasizing nondiscrimination in programs and activities receiving federal financial assistance. MAGC employees thereby take all reasonable steps necessary to provide LEP individuals with meaningful access to the products, services, and programs offered by MAGC.
III. Identification of Language Needs
To identify language needs, MAGC reviews census data as well as our borrower/potential borrower language preferences and needs during initial intake and engagement. This proactive approach enables us to tailor our language assistance services to the unique needs of our communities.
With a primary focus on Alaska, just over 5% of the state’s population (35,221 people) has LEP. As a Native CDFI, MAGC appreciates that the Alaska is home to more than 20 distinct Native languages, each reflecting the diverse cultural heritage of state’s indigenous people. Combined as “Other Native Languages of North America” in the U.S. Census, Alaska’s indigenous languages comprise the most common non-English languages spoken at home across the state, representing roughly 4% of the population – only 1% of whom (8086 people) have LEP. As a National SBA lender, MAGC acknowledges the predominance of the Spanish language as the second most common non-English language spoken at home across Alaska and the most common non-English language spoken at home across the continental U.S. MAGC understands that a portion of its Target Market may include individuals with limited English proficiency (LEP) and that those individuals may be in need of assistance when engaging with MAGC. It is the policy of MAGC to provide effective and meaningful assistance for LEP persons in accessing all of our offerings.
IV. Language Assistance Services
Based upon MAGC’s assessment, the volume of LEP individuals in our primary community is relatively small. Considering our experience with borrowers and data from the U.S. Government’s LEP database, MAGC estimates that about 1% or less of our customers are LEP individuals.
MAGC will utilize a third-party vendor to provide language assistance services to LEP individuals on an as-needed basis. The following language assistance services will be available upon request and within a reasonable timeframe:
- MAGC will utilize a third-party to provide interpretation services to LEP individuals as needed. Resources for interpretation services will be allocated based on relevance, time, and/or cost restraints.
- MAGC will provide translations of our written materials (e.g., applications, instructional forms, etc.) into other languages as needed. Resources for translation services will be allocated based on relevance, time, and/or cost restraints.
MAGC is proud to be able to offer these services to its communities but anticipates that the need for such services will be minimal given our experience and review of the available data. Accordingly, we believe the availability of a third-party contracted interpreter and translation service should sufficiently and reasonably address the LEP needs of our community.
V. Staff Training and Program Evaluation/Review
MAGC will provide guidance and information to frontline staff (admins and lenders) and managers regarding MAGC’s mission and responsibility to LEP individuals through the distribution of our language assistance plan, and staff orientation/training. These trainings will include simple instructions to staff on how to access and use the third-party vendor translation services as needed. MAGC’s VP, Community Development will help oversee the implementation of the LAP, and coordinate across the organization to ensure understanding. This individual will also assess the LAP on an annual basis to ensure the needs of the community are being met; this assessment will include a review of the U.S. Government’s LEP database, and prior year requests. The LAP will be evaluated for its overall effectiveness and efficiency and include any updates and/or changes necessary to ensure equal access.
VI. Compliance and Reporting
To ensure compliance with applicable laws and regulations, MAGC will maintain thorough records of language assistance activities and provide timely reports to the CDFI Fund and other regulatory bodies as requested.
VII. Conclusion
MAGC is dedicated to promoting financial inclusion through linguistic accessibility. We believe that the successful implementation of this LAP will contribute to building a more inclusive and thriving community.