Check it out! Alex Biggers, CEF’s Savings Program Coordinator, was invited to write a guest post on the CFED Inclusive Economy Blog. We’re famous!

Read Alex’s entire and beautifully written post on the CFED Inclusive Economy Blog by clicking here, or check out the excerpt below.

“While traditional Individual Development Accounts (IDAs) work towards three main asset purchases – homeownership, education, and small business development – we recognized that savings and housing were in themselves assets to the homeless living in and transitioning out of shelters. While staying at shelters, expenses tend to be minimal. However, when it comes time for many residents to move out, they find that despite their best efforts, they still don’t have enough money – for a rental deposit, furniture, utility deposits, and a financial cushion for emergencies. Though some may have enough funds to move into proper housing, many people have a hard time keeping up with their rent while dealing with volatile incomes and unexpected expenses, and many even return to homelessness.

“Based on the unique need of our members, we structured the savings accounts to incentivize savings towards anything the CEF members see valuable, be it $2000 for an emergency fund, $150 towards a refurbished laptop, or $900 to move into new housing. CEF members define both the amount of the goal and the asset. Unlike a traditional IDA, the CEF match rate is only 10%. Although low compared to other match savings programs, CEF staff has found that this rate truly does incentivize saving, while still allowing the program to remain flexible and easy to administer.

“…Through a network of strong relationships, assertive individualized support, flexible accounts and matches, holistic education, and self-selected goals, CEF continues to facilitate savings, promote asset-building, and create access to a mainstream financial world for a population normally deemed “too poor” to be served by most IDAs. By continuing to listen to and believe in our members that have believed so much in us, we hope that we can move our community closer to realizing their own self-defined goals and promoting financial stability.”

Our thanks to the folks at the Corporation for Enterprise Development for spreading the word about the Community Empowerment Fund and our savings program!

A view of the White House from the front stoop

The Community Empowerment Fund was invited to the White House for a Community Leaders Briefing Series. Alongside social justice and grassroots activists from all over the country, CEF was there to provide our perspective and feedback on issues facing the Obama Administration.

The best part? We got to meet incredible people from nonprofit organizations, advocacy groups, public schools, and neighborhood associations from Missouri, Michigan, California, Kentucky, and many of the nation’s 50 states. This gave us the invaluable opportunity to learn from creative leaders doing important work in their towns, and to spread the word about CEF and our missions and methods.

For example, we met Donnie from reStart, Inc. reStart is a 78,000 square foot shelter facility in Kansas City that provides residential services to families in a manner that upholds their personal lifestyle, housing whole families, unmarried couples, same-sex couples, and single individuals. We were thrilled to hear that reStart just recently launched a financial literacy program for their residents. CEF looks forward to sharing our curriculum and experiences, and supporting their new efforts!

CEF also connected with the Lancaster County Council of Churches in Pennsylvania. Offering an array of social services, the council runs a smart and simple “Wheels to Work” program that sustains itself financially and provides motor vehicles or bikes to those who need transportation to become self-sufficient. Transportation is a huge barrier for many of our members, and a program such as this is an exciting model to learn from as we explore potential matched savings account options to meet this need.

And this is just a small sample of the community visionaries we met in D.C… Advocates for Pell Grants, school teachers, counselors for Latina youth – everyone we met inspired us and reminded us that the nature of the movement for economic justice is national in scope, and that even though we as a country have a long way to go, when we look on the local level, we see that grassroots leaders are continuing to fight alongside their communities and are making real change.

The experience solidified for us that the stories and voices of CEF members must continue to be heard on the national level. We look forward to staying engaged with the White House, using the new tools for communication we learned about at the briefing.

We were honored to be invited, and grateful to Chapel Hill Mayor Kleinschmidt for recommending us to the White House staff. Thank you, Mayor Kleinschmidt, for this great opportunity!

Along with fellow student-run microfinance institutions from across the country, the Community Empowerment Fund was featured in an article by Lyn E. Haralson in “The Bridges,” the magazine of the Federal Reserve Bank of St. Louis.

To read the article, click here.

Thanks to the Federal Reserve Bank for sharing information with their readers about CEF’s work, and to all our fellow student-run MFI’s who do fantastic work and whom we continue to learn from — including the Intersect Fund (Rutgers University, NJ), the Elmseed Enterprise Fund (Yale University, CT), and the Capital Good Fund (Brown University, RI)

So we’re a bit behind the times on this one, but WCHL Radio did a Profile on CEF back in February! It’s amazing to see how much our program has changed in the last 6 months, transitioning from a focus on micro-loans to our emphasis on asset building and small-business trainings.