Shifting Strategies
Leveraging Partnerships for Impact & Growth
Meagan Weatherby
Program 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)
Accounts & Loans
Matched
Savings Info
Refined Goal: Financial Capability
• Ability to select, use, and maintain appropriate products
& services.
• Incorporate opportunities to access our products and
services.
Youth CU
Accounts & Loans
Matched
Savings Info
Long Term
Relationships
Same Ethics
• Classes taught by qualified
educators/counselors ... not marketers.
• Foster critical thinking and encourage
comparison shopping.



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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


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
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 nonprofits 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.
Thanks!
Meagan Weatherby
Program Sustainability & Outreach Coordinator
meaganweatherby@coopfed.org
(315) 473-0206 www.coopfed.org