Grant: $2,000,000 - Community Development Financial Institutions - Aug. 17, 2009
50% voted satisfied - 50% voted not satisfied - 2 vote(s) cast
Award Description: Opportunities will use the funding to provide affordable and appropriate financial products and services to the low-income communities we serve. ($600,000 Loan Loss Reserves,$100,000 Counseling, Loan modifications, collections Low cost, long term, stable funding from deposits and grant partners (status shown in charts below) $50,000 Salary support for raising $10 million in low cost deposits Use automation, operational efficiencies to improve controls, increase member access to services with higher quality services at lower costs while allowing for sustainable growth ($42,000 IT Desktops/equipment,$165,000 Core replacement, hardware, software and electronic enhancements,$30,000 Long term facilities plan/Winooski planning) Using innovative products, services and best practice models to effectively reach rural markets ($450,000 Winooski /expand market,$100,000 Increase membership & product development,$400,000 Increase lending to target market) Using improved data & systems to better manage and control expenses, trend product performance and forecast future earnings . ($63,000 Database reporting and research)
Project Description: Loan Loss reserves, loan modifications, counseling and lending to low income community. Winooski market expansion analysis and pre planning activities. Marketing materials and new programs.
Jobs Summary: 1 full time member services representative were created as well as 1 part time member services representative by our. Retained 25 jobs in management, member services, accounting, collections, lending, financial education administrative/operations support. (Total jobs reported: 27)
Project Status: Less Than 50% Completed
This award's data was last updated on Aug. 17, 2009. Help expand these official descriptions using the wiki below.