Research from the Center for Financial Services Innovation (CFSI) indicates that a majority of Americans do not have confidence in their own financial health. Forty-three percent describe themselves as struggling to pay bills and credit payments; 25 percent worry all the time about being able to meet monthly living expenses; and 83 percent of employees report at least some financial stress. With this knowledge in mind, OFN partnered with CFSI and the National Federation of Community Development Credit Unions (Federation) in 2016 to establish insights on employer-based small dollar loans, a successful alternative to predatory payday lending.
Over the course of the year a Knowledge Network of nine diverse, mission-driven lenders offering employer-based small dollar loans met online and in-person to share strategies and common challenges associated with this type of product.
In January, OFN released Expanding Employer-Based Small Dollar Loan Programs and the CDFI Industry: Learnings from the Knowledge Network, a white paper that synthesizes these learnings into six key areas:
- Marketing, Outreach and Employer Engagement
- Customer Experience
- Financial Counseling
- Impact and Outcomes
Join us Tuesday, April 11, 2017 at 2:00pm for an in-depth look at the Knowledge Network’s learnings and explore these six themes, as well as next steps. During the webinar you will hear from Nick Mitchell-Bennett of Rio Grande Multibank Corporation. Nick—a member of the Knowledge Network and a leading practitioner of employer-based lending—will share his experience with implementing this important consumer financial product.
Register now to gain valuable insights into ways your organization could adopt this model.