financial empowerment loan program: ways to work
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Financial Empowerment Loan Program: Ways to Work. Today’s Webinar is Sponsored By . Listening to the Webinar. The audio for today’s webinar is being broadcast through your computer. Please make sure your speakers are turned on or your headphones are plugged in. - PowerPoint PPT PresentationTRANSCRIPT
FINANCIAL EMPOWERMENT LOAN PROGRAM:WAYS TO WORKToday’s Webinar is
Sponsored By
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Please note: This webinar is being recorded and the materials will be placed on the National Disability Institute website at www.realeconomicimpact.org
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Welcome & Introductions
Jamie RobinsonManager, Financial Empowerment &
WorkforceTraining & Technical Assistance Team
National Disability Institute
Special Thank You To Our SponsorsNational Disability Institute would like to recognize and thank its sponsors:
National Disability InstituteA national research and development organization with the mission to promote income preservation and asset development for persons with disabilities and to build a better economic future for Americans with disabilities.
NDI’s Real Economic Impact Network
• An alliance of organizations & individuals dedicated to advancing the economic empowerment of people with disabilities.
• Consists of more than 900 partners in more than 100 cities in US. • Includes non-profits, community tax coalitions, asset development
organizations, financial education initiatives, corporations & private-sector businesses, federal/state/local governments & agencies, and individuals & families with disabilities.
• All partners join forces to embrace, promote & pursue access to & inclusion of people with disabilities in the economic mainstream.
Presenter
Linda BrostVice President of Business Development
and Marketing
Ways to Work, Inc.
Funded by:
Moving Families toward a Brighter Future
For One Day…..• Imagine your life without a car…
• Imagine that, starting tomorrow, you had to find a different way to work…
• How long would it take you to get to work if you had to ride a bus…or multiple buses to get there?
• How would you get your children to daycare…to school…to the doctor if they were sick?
What is Ways to Work?
• Build financial knowledge, capability, and improved credit scores
• Overcome transportation barriers to access additional education and job training
• Solidify position in the workforce and access improved employment opportunities
• Attain greater financial stability and economic self-sufficiency
A unique economic empowerment program that helps hard-working, credit-challenged families:
Ways to Work Program Model• Focused financial education for all applicants
“Just in time” curriculum based training at a teachable moment
Brought to the individual level through personal coaching
• An affordable, character-based loan with real-world expectations for repayment, most often used to purchase a reliable used car
• 24-36 month loan repayment period serves as a practicum to apply lessons learned and practice new behaviors, with case management support
The Ways to Work Loans• Character-based loans approved via
Host agency staff recommendationsLocal volunteer loan committee review
• Loan values up to $8,000 – flat 8% interest rate
• Loans carry 24-36 month repayment terms
• Typical monthly payments of $150 to $240/month
• Borrowers commonly save $750 to $3,000 versus predatory options
Who are Ways to Work Clients?
The typical borrower:
A single mother, one or more children
Employed, meets low to moderate income standards
Poor or non-existent credit history
Dedicated to improving family economic prospects
Ways to Work Structure• National Office
program model lending capital central lending system training, technical, and operational support
• Local Non-profit Host Agency staffing partnership development program oversight, implementation and operational funding
• Community Support local United Ways, foundations, employers and JARC
provide funding, collaborations, committee members, etc.
The Ways to Work Network• Over $63 million in loans
• Supporting more than 32,000 families
• Provided 125,000 financial education experiences
• Current 24-month repayment rate is ~90%
WOW Launch
July 2012
The Ways to Work NetworkCurrently 52 Offices in 21 States
2011 Evaluation Summary
2011 Evaluation of the National Ways to Work Program
94% reported WtW car helped them maintain or advance in their employment
Impressive Results
82% of borrowers sustain themselves without TANF cash assistance despite receiving it prior to their WtW loan
90% of borrowers reported WtW education and counseling helped them improve their financial situation.
Credit scores improved during and after program participation
National Media Coverage
Changing Lives
“Having a car has been a very big help to me, and to the entire family. Ways to Work helped
me repair my life—not just my credit.”
– Ways to Work Client
Presenter
Dawn LockhartPresident & CEO
Family Foundations
March 20, 2013
Building Assets:
A Framework for Moving Families from
Poverty to Self-Sufficiency
Broad DefinitionAssets are more than financialFamilies must have multiple
resources to succeedConducted Pilot Program to
test what assets are significant
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Framework
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Families Moved from
Poverty to Self-
Sufficiency
Human Assets Assets to attain knowledge, skills and abilities to earn adequate
income Financial
Assets Assets to effectively
manage money and build wealth
Social Assets Assets
required for taking care of children and
having relationships with
others
What We Learned
Social– Child Care– Housing– Transportati
on– Parenting
Skills
Human– Job Training– Criminal Background not a
barrierFinancial
– Earned Income Tax Credit– Accountability
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Questions & Answers
Wrap-Up &
Thank You
Join us for our next webinar:Wednesday, April 10, 2013
3p.m. – 4p.m. EST
Check out future webinars as well as archived webinars (such as today’s recording) by going to our website www.realeconomicimpact.org
Special Thank You To Our SponsorsNational Disability Institute would like to recognize and thank its sponsors:
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