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Shifting Strategies Leveraging Partnerships for Impact & Growth

Shifting Strategies Leveraging Partnerships for Impact & Growth . Meagan Weatherby Program Sustainability & Outreach Coordinator Cooperative Federal (Syracuse, NY). Cooperative Federal. Established in 1982 Syracuse Cooperative Federal Credit Union CDFI Certified since 2000

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Shifting Strategies Leveraging Partnerships for Impact & Growth

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  1. Shifting StrategiesLeveraging Partnerships for Impact & Growth Meagan Weatherby Program Sustainability & Outreach Coordinator Cooperative Federal (Syracuse, NY)

  2. Cooperative Federal • Established in 1982 • Syracuse Cooperative Federal Credit Union • CDFI Certified since 2000 • $19.8 million in assets / 3,950 members • Financial & development services for individuals, homeowners, and micro businesses in Onondaga County • Emphasis on the urban core of Syracuse (76% of loans deployed) • 3 community branches and 3 in-school branches

  3. A Legacy of Collaboration • Microbusiness TA cross-referrals and loan funds • “Urban Homestead” • Foreclosure Intervention network • Matched Savings Program • Financial education for youth & adults • Piloted in the late 90s • Schools, community centers, adult literacy programs, refugee resettlement agencies, shelters & transitional living, libraries… • 3,800 individuals served 2006-2012

  4. Rethinking Financial Education • Original Goal: Build relationships with nonprofits and their clients through classroom-based ed. • Always say “yes” • More is better • Hard Truth: These services had low, or at least uncertain, long-term impact. • No evidence of enhanced financial strength • ROI?

  5. Refined Goal: Financial Capability Classes In-Class Credit Reviews Financial Counseling (scholarships) Matched Savings Info Accounts & Loans Ability to select, use, and maintain appropriate products & services. Incorporate opportunities to access our products and services.

  6. Refined Goal: Financial Capability Youth CU Accounts & Loans Matched Savings Info Long Term Relationships Ability to select, use, and maintain appropriate products & services. Incorporate opportunities to access our products and services.

  7. Same Ethics • Classes taught by qualified educators/counselors ... not marketers. • Foster critical thinking and encourage comparison shopping. • Objective evaluation of needs and goals • Coop Fed is one option • Trust and transparency • Shared values

  8. Implications for Building Partnerships • Which populations should we target? • Ability to benefit from our services • Receptiveness • Which partners will best advance our goal? • Organizational strengths & capacities • Commitment exhibited by staff • Potential for referral networks and WOM • How will we offset our expenses?

  9. Case Study: Better Directions Nationwide initiative administered by the Federation and the National Council on Aging (NCOA) Paired CDCU and social service agencies Goal: Help low-income, older adults access CU services to increase financial security.

  10. Case Study: Better Directions • Products & Services • Education and counseling • Debt consolidation and emergency loans • Home repairs and refinance • Low-barrier savings and investment accounts • Outcomes 9/2011 – 3/2013 • 63 participants accessed financial products/services • 110 (approx) participants received development services only

  11. Case Study: Better Directions Primary partner: Catholic Charities – Elderly Services Staff training yielded <5 referrals 8 classes reaching ~80 Monthly office hours for 3 months serving ~2 No financial products/services 0% interest per survey!

  12. Case Study: Better Directions • Assessed interest through tenant associations at all sites • Preliminary findings indicate success… Shift focus: Syracuse Housing Authority 7 senior living centers with 1,078 low-income residents Near our offices/more familiar with Coop Fed Underbanked and underserved

  13. Case Study: CNY Works Co-applied for a grant from the CNY Community Foundation Flexible funding to bring financial capability services into non- profits around the city Weekly office hours at CNY Works and other locations Goal: Help participants overcome a financial barrier or achieve a specific goal.

  14. Case Study: CNY Works Outputs • Reached 108 ESL and GED students. • Introduction to credit  invitation to office hours • Trained 270 financial capability students at 12 locations. • 46% in multi-session format • Delivered 226 hours of financial counseling.

  15. Case Study: CNY Works Outcomes • Of students attending multiple class sessions: • 4% opened an account or other product • 78% created a household budget

  16. Case Study: CNY Works Outcomes • Of clients attending 2 or more counseling sessions: • 43% joined Coop Fed /accessed financial products • Debt consolidation, auto refinance, credit builder loans, savings accounts, IDAs • 26% accessed financial products or interventions elsewhere • Mortgage modifications, student loan consolidation, benefits

  17. Jennifer Burton • Attended “intro to credit” through her GED program • Small emergency loan • Disputed negative credit records • Budget coaching (negative account) • Debt consolidation loan • Checking account & overdraft line of credit • Improved credit score by about 120 points, to an A

  18. Case Study: Northside UP Green Train • Job training program with high placement record. • Particularly targets refugees and immigrants. • Takes place adjacent to our office. • Typically, >20% of each class joins the credit union. • IDAs • Community Ambassadors

  19. Chol Ater • Completed our course through Green Train. • Opened a HomebuyerIDA and saved $2,000. • Received $11,500 in matching grants to buy a home. • Referred a coworker, who purchased her first home with Coop Fed’s Matched Savings Program, too.

  20. Up Next Bring on-site financial services to Syracuse Housing Authority. Use new round of funding from CNY Works to advance successful partnerships -- and explore new partnerships with employers. TA and micro-lending built in to Northside UP’s newest program, UP Start Syracuse.

  21. Partnership Planning Primer • Identify a priority market segment. • Make sure your products are appropriately designed to meet that population’s needs. • Research local nonprofits that serve that population. • Consider distance and transportation between CU and partner sites. • Assess receptiveness to your products & services. • Determine what you expect from partner staff. • Understand the strengths and weaknesses of your potential partner. • Creatively garner (or allocate) resources. • Look for opportunities to build trust and lasting relationships. • Measure performance and modify your plans accordingly.

  22. Thanks! Meagan Weatherby Program Sustainability & Outreach Coordinator meaganweatherby@coopfed.org (315) 473-0206 www.coopfed.org

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