Innovation Blackboard
We're looking for the best and most innovative products, programs and services in each of the four community-development categories listed below.
We'll post the best of those received on this web page. Check back often for new—and innovative—suggestions!
Exploring Innovation Blackboard |
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Personal Finance Education The Student Financial Lab The Student Financial Lab is an online, interactive financial education program that provides college students with the financial knowledge needed to effectively manage their money, debt and use of credit. The program is comprised of:
The program is distributed by participating colleges, which are currently located in Mississippi and Florida, with consideration being given by several schools in Arkansas. The program is typically included in a first-semester orientation or transition to college course. The program content and interactivity is adaptable to various sectors of the consumer population. Performance Measurements: To date, students have improved their basic financial knowledge from a pre-course level of 67 percent to a post-course level of 95 percent. Several focus group sessions have been conducted with participating students to capture their opinions on the level of their pre-course financial knowledge, their post-course financial knowledge, how the program has helped them in managing their daily financial matters, etc. Studies of college retention for students that completed the course vs. the retention for those who did not are under way. Christopher C. Canedy
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Financial Products and Services Affordable Credit and Savings Plan In partnership with the Louisville Urban League and Republic Bank and Trust Co., the Making Connections Network has developed the Affordable Credit and Savings Plan. This innovative financial product is designed to address the issues of high-interest debt, low credit scores and lack of savings. The plan teaches participants with high-cost debt how to pay it down, improve their credit and build an emergency savings account. After classes in budgeting and other financial fundamentals at the Louisville Urban League, participants can qualify for a loan of up to $2,750 from Republic Bank and Trust Co., to be paid back over 36 months. They pay another $250 into a savings account, which is then matched 1:1 by the Making Connections Network. To date, 15 Making Connections Network members have enrolled in the Affordable Credit and Savings Plan, refinancing more than $37,000 in high-cost loans. One Network Member completed the program, paid off her loan to Republic Bank and Trust and received a match on her saving account. The Making Connections Network connects families to one another and to opportunities in four low-income neighborhoods in Louisville. The network helps members connect with opportunities that lead to a better life, such as meaningful work that supports their families; opportunities to increase savings; ways to ensure their children's success in school and in life; and opportunities to connect to neighbors to have fun, learn together, help one another and change communities. JennieJean Davidson
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Credit Counseling Services
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| Community Development Finance Jumpstart Class and Loan Program Community Ventures Corp. (CVC) is a nonprofit community development organization that helps individuals build assets through home ownership and small business ownership. CVC’s Louisville office focuses exclusively on small business ownership services. An innovative program it offers is the Jumpstart Class and Loan Program. Participants complete a five-week business planning and feasibility course, which results in the draft of a business plan. All class graduates are eligible to apply for a small business loan of $500 to $1,000, regardless of their credit history. It is an excellent way for prospective business owners to rebuild their personal credit score. The funds are typically used to purchase initial business equipment, such as a laptop computer and business cards. Graduates with credit scores above 550 are eligible to apply for a loan above $1,000, if needed. The maximum loan amount is $35,000. Johnetta Roberts |
To submit your innovative idea, send an e-mail to the community development specialist in your area: Matthew Ashby, St. Louis; Amy Simpkins, Little Rock; Faith Weekly, Louisville; or Kathy Moore Cowan, Memphis) with the following information:
- your name;
- your e-mail address;
- the name of your organization;
- your organization's web site address;
- a brief description of your program, product or service;
- the category (above) that your program, product or service falls into;
- how long this program, product or service has been in use; and
- any performance measurements you have.
Submissions will be reviewed and selected for posting under the sole determination of the Community Affairs office of the Federal Reserve Bank of St. Louis. Submission does not guarantee posting.
exploring: searching or traveling for the purpose of discovery innovation: to add value by applying a new idea or method to something established |