wendy hanson, community impact director united way of southern cameron county brownsville, texas...
TRANSCRIPT
Wendy Hanson, Community Impact DirectorUnited Way of Southern Cameron CountyBrownsville, Texas November 2011
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A wholly owned subsidiary of Rio Grande Valley Multibank
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Details
Loan Size $300-$1,000
Term 3 month-12 months
Interest Rate and Fees $20 Administrative Fee & 18% Interest
Qualifications • Employed minimum 3 months
• Bank Checking Account• Valid ID & Social Security
Card• Minimum Monthly Income of
$900• Minimum Age of 18• Loan estimated at 50% of
monthly income.
Target Customers Employees at Companies with over 50 employees.
No Credit History Needed
No Collateral
No Prepayment Penalties
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Online application through HR
CLC Coordinator Verifies
Employment & Approves Loan
Loan is funded through Direct
Deposit & Repaid Through Payroll
Deduction
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The Process
•Original grant December 2009
Started October 3,
2011
•Total 42 Loans Made
Average Loan size: $921
•Serving 1,530 employees
3 Employers
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Progress To Date:
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Challenges:
Community Loan Center
Web-based Vendor
Licensing
Default Rates
Number of Loans and Amount of Money Needed
Unknowns
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Thank you