shifting strategies leveraging partnerships for impact & growth

Shifting StrategiesLeveraging Partnerships for Impact & Growth

Meagan WeatherbyProgram Sustainability & Outreach Coordinator

Cooperative Federal (Syracuse, NY)

Cooperative Federal• Established in 1982

Syracuse Cooperative Federal Credit Union

• CDFI Certified since 2000

• $19.8 million in assets / 3,950 members

• Financial & development services for individuals, homeowners, and micro businesses in Onondaga County Emphasis on the urban core of Syracuse (76% of loans

deployed)

• 3 community branches and 3 in-school branches

A Legacy of Collaboration • Microbusiness TA cross-referrals and loan funds

• “Urban Homestead”

• Foreclosure Intervention network

• Matched Savings Program

• Financial education for youth & adults Piloted in the late 90s Schools, community centers, adult literacy programs, refugee

resettlement agencies, shelters & transitional living, libraries… 3,800 individuals served 2006-2012

Rethinking Financial Education

• Original Goal: Build relationships with nonprofits and their clients through classroom-based ed. Always say “yes” More is better

• Hard Truth: These services had low, or at least uncertain, long-term impact. No evidence of enhanced financial strength ROI?

Refined Goal: Financial Capability• Ability to select, use, and maintain appropriate products

& services.

• Incorporate opportunities to access our products and services.

Classes

In-Class Credit Reviews

Financial Counseling

(scholarships)

Matched Savings Info

Accounts & Loans

Refined Goal: Financial Capability• Ability to select, use, and maintain appropriate products

& services.

• Incorporate opportunities to access our products and services.

Youth CU

Matched Savings Info

Accounts & Loans

Long Term Relationships

Same Ethics

• Classes taught by qualified educators/counselors ... not marketers.

• Foster critical thinking and encourage comparison shopping. Objective evaluation of needs and goals Coop Fed is one option Trust and transparency Shared values

Implications for Building Partnerships

• Which populations should we target? Ability to benefit from our services Receptiveness

• Which partners will best advance our goal? Organizational strengths & capacities Commitment exhibited by staff Potential for referral networks and WOM

• How will we offset our expenses?

Case Study: Better Directions• Nationwide initiative administered by the Federation

and the National Council on Aging (NCOA)

• Paired CDCU and social service agencies

• Goal: Help low-income, older adults access CU services to increase financial security.

Case Study: Better Directions• Products & Services

Education and counseling Debt consolidation and emergency loans Home repairs and refinance Low-barrier savings and investment accounts

• Outcomes 9/2011 – 3/2013 63 participants accessed financial products/services 110 (approx) participants received development services only

Case Study: Better Directions• Primary partner: Catholic Charities – Elderly Services• Staff training yielded <5 referrals• 8 classes reaching ~80 • Monthly office hours for 3 months

serving ~2

• No financial products/services• 0% interest per survey!

Case Study: Better Directions• Shift focus: Syracuse Housing Authority• 7 senior living centers with

1,078 low-income residents• Near our offices/more

familiar with Coop Fed• Underbanked and

underserved

• Assessed interest through tenant associations at all sites• Preliminary findings indicate success…

Case Study: CNY Works • Co-applied for a grant from the CNY Community Foundation

• Flexible funding to bring financial capability services into non- profits around the city

• Weekly office hours at CNY Works and other locations

• Goal: Help participants overcome a financial barrier or achieve a specific goal.

Case Study: CNY Works

Outputs• Reached 108 ESL and GED students.

Introduction to credit invitation to office hours

• Trained 270 financial capability students at 12 locations. 46% in multi-session format

• Delivered 226 hours of financial counseling.

Case Study: CNY Works

Outcomes• Of students attending multiple class sessions:• 4% opened an account or other product• 78% created a household budget

Case Study: CNY Works

Outcomes• Of clients attending 2 or more counseling

sessions: • 43% joined Coop Fed /accessed financial products• Debt consolidation, auto refinance, credit builder

loans, savings accounts, IDAs• 26% accessed financial products or interventions

elsewhere• Mortgage modifications, student loan

consolidation, benefits

Jennifer Burton• Attended “intro to credit”

through her GED program• Small emergency loan • Disputed negative credit

records• Budget coaching (negative

account)• Debt consolidation loan• Checking account &

overdraft line of credit• Improved credit score by

about 120 points, to an A

Case Study: Northside UP

Green Train• Job training program with high placement record.• Particularly targets refugees and immigrants.• Takes place adjacent to our office.• Typically, >20% of each class joins the credit

union. IDAs Community Ambassadors

Chol Ater• Completed our course

through Green Train.• Opened a Homebuyer IDA

and saved $2,000.• Received $11,500 in

matching grants to buy a home.

• Referred a coworker, who purchased her first home with Coop Fed’s Matched Savings Program, too.

Up Next

• Bring on-site financial services to Syracuse Housing Authority.

• Use new round of funding from CNY Works to advance successful partnerships -- and explore new partnerships with employers.

• TA and micro-lending built in to Northside UP’s newest program, UP Start Syracuse.

Partnership Planning Primer Identify a priority market segment. Make sure your products are appropriately designed to meet that

population’s needs. Research local nonprofits that serve that population. Consider distance and transportation between CU and partner sites. Assess receptiveness to your products & services. Determine what you expect from partner staff. Understand the strengths and weaknesses of your potential partner. Creatively garner (or allocate) resources. Look for opportunities to build trust and lasting relationships. Measure performance and modify your plans accordingly.

Meagan WeatherbyProgram Sustainability & Outreach Coordinator

meaganweatherby@coopfed.org(315) 473-0206 www.coopfed.org

Thanks!