Building Assets Building Your Economic Future

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Building AssetsBuilding Your Economic Future

• Kim Jacobs, Community Capital Resources
• NY Coalition of CDFIs
• May 2009

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Background

• Incorporated in 1989
• Housing gap financing ?
• IDAs ?
• Micro lending and TA
• Financial Education Initiatives

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Financial Education Program

• Started in 2001
• Provided direct training
• Participants from a variety of low income, adult
  client groups
• Numbers grew to 500 per year

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Challenges

• One off nature of our training
• Impossible to measure behavioral change
• High no show rate

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Moving from Retail to Wholesale

• Why
• Ability to impact more people
• Better outcomes
• Available resources/knowledge
• Passion/support

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Activities

• Train the Trainer workshops
• 52 graduates to date with third class forming
  over 500 additional persons trained
• Participants from government, not for
  profits, school districts
• Impact under evaluation

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Activities

• Listserv
• Over 300 subscribers
• Continues to grow
• Information, calls to action, workshop
  notices, event postings

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Activities

• Tools
• Debt Calculators
• Videos
• Pamphlets, flyers, brochures

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Activities

• Information
• VITA site information
• Public benefit eligibility
• Eviction prevention services
• Utility assistance

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Activities

• Partnerships
• Westchester County One Stop
• Department of Consumer Protection
• United Way

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Activities

• Advocacy
• Federal legislation i.e. Credit Card
  Holders Bill of Rights
• NYS Legislation
• Banking industry
• School Districts

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Activities

• Direct Service (Training and Counseling)
• Over 400 persons trained 09 to date
• One on One counseling to 43 clients

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Impact

• 400 persons in workshops 2009 to date
• 52 Train the Trainer graduates who trained 534
  clients
• Videos ready to roll out
• Over 4000 debt calculators distributed
• Partnerships with Westchester One Stop,
  Department of Consumer Affairs, United Way, DSS

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Impact continued

• Listserv with over 300 subscribers
• Annual Financial Education Summit
• Youth Education Committee

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Why it worked for us

• Nature of Westchester County
• Long term experience
• Funding
• Economic meltdown

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What hasnt worked

• Videos took forever
• Listserv needs constant feeding
• Trainers are not TRAINING
• Colleagues are still focused on content rather
  than bigger picture issues

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Outlook

• Momentum is building
• Funding remains viable
• Need remains strong
• Awareness is high