New office brings much needed banking resources to HmongTown Marketplace
For 21 years, the HmongTown Marketplace on St. Paul's East Side has been a cornerstone of the Hmong community.
Inside, it's hard to miss the vibrant colors of fabrics and traditional dresses, the array of household goods, and the rich aromas of food—all a celebration of Hmong culture.
The marketplace, which sits on Como Avenue in St. Paul, was founded by Toua Xiong.
Xiong recalls how it all started with simple chicken wire booths, some of which still stand today, before expanding to more than 100 vendors and 200 spaces.
"I mean, 21 years ago as you can see, I didn't have a lot of money," Xiong said as he gave MPR News a tour of the marketplace.
Xiong was born in Laos and was a refugee in Thailand before moving to Minnesota 40 years ago. He said he established the marketplace in 2003 to provide a cultural and economic hub for the Hmong community.
Just recently, he partnered with Stearns Bank to open a resource office inside the marketplace. Xiong says language and cultural barriers can make it difficult for some community members to get the help they need.
"Not all of the banks have the people that can communicate our languages and our culture, so for us to speak fluently in the English language to the teller, letting the personal banker or the teller know what we wanted, we have difficulty," he said.
Xiong says banking needs range from everything to savings accounts and home equity loans.
President and CEO of Stearns Bank Kelly Skalicky says the resource office inside the marketplace includes staff from the Hmong community who can speak Hmong and address specific needs like international money transfers.
"That is the bottom line of what we're trying to do. And to do that, you have to have access. To do that you have to feel comfortable talking to somebody who you feel comfortable with in a setting you feel comfortable with," Skalicky said.
The resource office is slightly different from a typical branch — tellers are not able to withdraw or deposit money, but there is an ATM machine located inside the office that provides people with those services.
The new banking resource office, staffed by people like Malina Yang who speak Hmong and understand the culture, is more than just a convenience. The banking relationship specialist, who has lived in Minnesota for 20 years, says offering personalized services is a bridge to financial empowerment.
Minnesota is home to one of the largest Hmong populations in the country. In 1975, many Hmong refugees began their move to Minnesota after the Vietnam War.
According to Minnesota Compass , there are close to 95,000 Hmong people who live in the state. Economist Bruce Corrie estimates there are 9,000 Hmong-owned businesses in Minnesota, generating more than $1 billion in sales.
For Xiong, the marketplace is not only a place for business, but a space where dreams of homeownership, entrepreneurship, and financial stability can be nurtured.
"Twenty one years there's no bank here in HmongTown, and all of a sudden there's a bank in HmongTown. We will need to do a bigger job, a better job, in terms of communicating, transferring the messages to our Hmong community that there is now a bank," Xiong said.
As he reflects on the past 21 years, he's hopeful for what's to come.
Xiong says in a space rich with tradition, the HmongTown Marketplace is ensuring that for future generations, the possibilities are as vibrant and diverse as the marketplace itself.
