BB&T unveils eighth in a series of educational audiotapes for Hispanics

BB&T unveils eighth in a series of educational audiotapes for Hispanics

WINSTON-SALEM, N.C., Sept. 13 /PRNewswire-FirstCall/ -- In an ongoing effort to reach the fastest growing ethnic group in the United States, BB&T today released the eighth installment in a groundbreaking series of Spanish- language educational audiotapes.

Tape No. 8 offers advice on how to start a small business in America. It is sponsored by BB&T, the N.C. Office of Hispanic/Latino Affairs and El Pueblo Inc.

"This tape is a great resource guide for Hispanics wishing to be entrepreneurs," said Axel Lluch, director of Hispanic and Latino Affairs for the N.C. governor's office. "It's a self-guide with a wealth of information that is easy to follow and understand."

The 60-minute "BiBi" (pronounced Bee-Bee) tapes -- named for its main character -- are available at no charge throughout BB&T's 1,400-branch network across 11 states and Washington, D.C. The educational tapes are part of BB&T's ongoing Hispanic Initiative aimed at the 2.3 million Hispanics in its footprint, a segment with an estimated $40 billion in buying power.

The two-sided BiBi cassette tapes are designed to bridge the learning gap many Hispanics say exists when it comes to life and how to live it in America. The eighth tape explores small business start-up topics such as how to create a business plan, marketing, taxes, permits, licenses and financing.

"Many in our community are small business owners and we are happy to partner with BB&T to release this important information," said Andrea BazAn- Manson, executive director of El Pueblo.

BiBi Tape No. 8 also discusses small business resources such as the U.S. Small Business Administration, S.C.O.R.E. (Service Corps of Retired Executives), community colleges and universities, and Latino small business associations and chambers of commerce.

The previous seven tapes -- all available at any BB&T branch -- covered emergency preparedness, home and auto safety tips, renting and buying a home, health care, education, insurance, working in the United States, tips on finding a job and basic banking information.

More than half of all U.S. retail banking growth in financial services during the next two decades will come from America's expanding Hispanic population, according to the Federal Deposit Insurance Corp. The number of Hispanic households with checking accounts is expected to increase by 57 percent and savings account holders by 76 percent.

Hispanics accounted for 12.6 percent of the U.S. population in 2000. The population is expected to nearly double by 2050, the Census Bureau reports. And Hispanic buying power -- expected to be $1 trillion by 2010 -- is growing at a faster rate than the segment's booming population growth. U.S. banks are expected to spend $8.5 billion through next year marketing to and servicing the Hispanic market.

Less than 27 percent of Hispanic consumers in the BB&T footprint currently have a bank account and less than 18 percent own a credit card.

Unlike traditional American educational audiotapes, where narrators generally offer information in a tutorial teacher-to-student style, the BiBi tapes follow the "novella style" storytelling approach popular on Spanish TV.

The tapes trace the experiences of Juan and Maria Perez, fictional immigrants who have recently come to the United States. One of the people they meet is a Mexican woman named Beatriz Bienvenido Torres, or "BiBi," as she likes to be called. BiBi, portrayed as a respected member of the Hispanic community and longtime U.S. resident, is also a BB&T "employee" on the tape.

The lessons are taught through BiBi's interaction with Juan and Maria and other Latin American immigrants. She serves as both their trusted counsel as well as BB&T's conduit to Hispanic clients.

The SBA has ranked BB&T Corporation as the nation's No. 1 "small business- friendly" financial holding company in five of the past seven years. BB&T divides its footprint into autonomous community bank regions to keep lending decisions closer to the customer.

BB&T operates more than 1,400 financial centers in 11 states and Washington, D.C. With $105.8 billion in assets, Winston-Salem-based BB&T Corporation (NYSE:BBT) is the nation's ninth largest financial holding company. More information is available at http://www.bbandt.com/.

Source: BB&T Corporation

CONTACT: Teresa Mackey, Vice President, BB&T Hispanic Initiative,
+1-336-733-0682; or Andrea Bazan-Manson, Executive Director, El Pueblo Inc.,
+1-919-835-1525, or Jeff Nichols, Vice President, BB&T Public Relations,
+1-336-733-1007

Web site: http://www.bbandt.com/

Company News On-Call: http://www.prnewswire.com/comp/809325.html

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Profile: education