2015.11.04 EDC Packet Combined - Laserfiche WebLink

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CREDIT BUILDING PROGRAM According to Karen Reid, executive director of Neighborhood Develop- ment Alliance (NeDA), "the credit builder program may have just as big an impact on individual lives as MCCD's business loans." That's because poor credit has a huge negative impact on many aspects of an individual's life, from whether or not he or she can rent an apart- ment, find affordable car insurance, secure a loan at a reasonable rate, or sometimes, even to get hired for a job. Partnering with five nonprof- it credit counseling agencies including NeDA, MCCD offers credit building loans to help disadvantaged and low income individuals im- prove their credit scores. In 2014, we made 1o8 credit building loans, bringing the total to 308 since the program began in 2009. Even though they face many chal- lenges, most borrowers work hard to pay their loans on time. On aver- age they are increasing their scores by 35 points over a 12 month peri- od, with some borrowers seeing even larger gains. "The credit builder program may have just as big an impact on individual lives as MCCD's business loans." MCCD LENDING PARTNERSHIPS BankCherokee Neighborhood Development Alliance Brooklyn Park Development Corporation Neighborhood Development Center BuildWealth Minnesota CommonBond Communities Community Development Financial Insti- tution (CDFI) Fund Highland Bank Infinia Bank Latino Economic Development Center Lutheran Social Services East Side Finan- cial Center Minneapolis Department of Community Planning and Economic Development Minnesota Department of Employment and Economic Development 0 Northeast Bank Project for Pride in Living Center for Working Families Security Bank Waconia Sunrise Banks U.S. Bancorp Community Development Corporation Venture Bank Wells Fargo Community Development Cor- poration Wells Fargo SBA Lending William C. Norris Institute