There’s a link between the lack of financial literacy and the inability to build generational wealth in communities of color.
But Summit Academy OIC in North Minneapolis is offering a promising solution to both dilemmas.
Through its educational programs, Summit Academy trains individuals to work in good paying jobs in the financial services industry. Once hired, this new generation of financial experts provides representation and breaks barriers that have kept communities of color from participating in financial systems that drive the economy.
Summit Academy’s 20-week training programs offers comprehensive training in financial services, with an emphasis on real-world application.
“We teach students how to enter the financial services world. Examples of financial services roles we prepare them for include being a banker, financial advisor representative at an investment firm, working for an insurance company, doing small business administration and preparing for jobs in the money industry,” said instructor Adam Bunkoske, who came to his role on Summit Academy’s faculty after working at Wells Fargo.
On October 17 from 3-5 p.m., Summit Academy will host a free Open House where prospective students can meet instructors and staff and learn about its programs.
In 20 weeks, Summit Academy prepares individuals to be financial services professionals. Its other training programs prepare students to work as medical administrative assistants, IT Specialists, carpenters, electricians and more.
These well-paid positions are in high demand in the Twin Cities. Summit Academy not only prepares its graduates for immediate placement in jobs with advancement opportunities, it also connects them with employers and hiring managers.
The financial services program is structured into two phases: the first ten weeks focuses on general skills. The second phase emphasizes industry level knowledge, with classes on mortgage processing and insurance. A key component of the program is preparing students for industry licensing necessary enter and advance in the field.
“We train students to take their investment license, and teach them professional communication, customer service skills, math essentials. We say, the best social service in the world is a job,” said Summit Academy math instructor Kurt Grunzke.
“We want to give people a lifelong career that can help support their family and build that generational wealth,” he said.
Summit Academy’s financial service training program addresses a broader systemic issue: the absence of financial expertise within communities of color, where young people are left without knowledge of financial institutions that build sustainable wealth.
“Far too often, families find themselves turning to GoFundMe campaigns or organizing chicken dinner fundraisers to cover funeral expenses because they lack access to adequate financial resources,” said podcaster, broadcaster and community activist Sheletta Brundidge, owner of the ShelettaMakesMeLaugh.com podcasting platform.
Summit Academy creates financial leaders who reflect the diversity of the communities they serve. When these graduates are on the job, customers of color can walk into a financial institution and see an employee who looks like them. These leaders can break barriers, provide culturally relevant advice, and help to overcome the longstanding mistrust of financial institutions, which perpetuates the cycle of financial exclusion.
“It's up to all of us—educators, community leaders, and financial institutions—to support and expand these initiatives,” said Brundidge. “By doing so, we can ensure that the next generation has the tools to succeed and the representation that instills trust and confidence in their financial futures.”
The community is invited to learn more about programs at Summit Academy OIC at its upcoming open house on October 17 from 3-5pm. Summit Academy is located at 935 Olson Memorial Highway in North Minneapolis.
Visit https://saoic.org/ for more information.
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