For many low wealth wage earners, bridging the gap between paychecks and the cost of living is a challenge.
The Federation’s Borrow and Save® small dollar loan is designed to help borrowers break the cycle of borrowing from high-cost alternative lenders and move towards healthier savings habits. A required savings component builds assets and credit.
Fourteen credit unions generated more than 3,100 Borrow and Save® loans for over $2.9 million in lending for the credit union and $900,000 in savings for borrowers in an 18 month test by Filene. Another significant benefit of Borrow and Save® – it successfully builds credit for low-income borrowers with damaged or no credit history.
Join us to learn the results of the Filene Research Incubator and how to implement a Borrow and Save® program at your credit union.
Introducing Borrow and Save, a Better Small Dollar Loan
Day: Thursday, April 28, 2016 Time: 3:00 – 4:00 pm
Pamela Owens, Vice President of Programs, Federation
Corlinda Wooden, Project Manager, Filene Research Institute
Dave Prosser, Senior Vice President, Freedom First Credit Union
Tammie Hoy, President, Together Consulting Inc.
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Borrow and Save® is a registered trademark of the National Federation of Community Development Credit Unions.