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.
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 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