In The News

One Percent for America Receives $170,000 in Funding From Our CDFI Intermediary, CBA Fund (CBAF), to Help Improve Credit for Immigrants

January 25, 2024

CBA Fund (CBAF), Credit Builders Alliance’s (CBA) CDFI Intermediary, is a Community Development Financial Institution (CDFI) intermediary dedicated to catalyzing and growing the capacity of nonprofit lenders to offer small dollar, credit building consumer loans. Many community-based organizations see a need for safe and affordable small dollar consumer loans in their communities but do not have the resources to implement a solution. CBA Fund’s mission is to expand the capacity of nonprofit lenders, like One Percent for America, to help them continue their mission of reducing barriers to US citizenship, advancing immigrant inclusion, and advocating for immigrant equity and financial prosperity.

CBA Fund is excited to work with One Percent for America as part of our Immigrant Serving Lenders Cohort. The work they are doing clearly aligns with the work that CBA Fund and CBA were created to support. – Credit Builders Alliance CEO Dara Duguay


Read the full release from BlueHub Capital:
:link:https://bluehubcapital.org/about-us/news-insights/one-percent-america-receives-170000-funding-cba-fund-help-improve-credit

 

Read Here

 

 

 

Financial Inclusion By Design (TransUnion Podcast)

January 25, 2024

In the latest episode of TransUnion’s Financial Inclusion by Design podcast, Tracie Anderson welcomes Dara Duguay, CEO of Credit Builders Alliance (CBA), to speak about the benefits of reporting rental data. As partners in promoting financial inclusion, Tracie and Dara discuss rental payment reporting as a pathway to expanding economic opportunity for consumers.

CBA would like to thank TransUnion for their continued support and the opportunity to discuss our ongoing work to help borrowers with poor or no credit build positive credit histories.

Please visit CBA’s Rent Reporting Center’s Policy Stance to learn more about the benefits of rent reporting.

 

Watch Part 2 of the Episode Here

 

 

 

Member Success Stories – Fountain Fund Unlocking Economic Opportunities for Formerly Incarcerated People (Equifax)

January 12, 2024

CBA Fund, CBA’s CDFI Intermediary, is a Community Development Financial Institution (CDFI) intermediary dedicated to catalyzing and growing the capacity of nonprofit lenders to offer small dollar, credit building consumer loans. Many community-based organizations see a need for safe and affordable small dollar consumer loans in their communities but do not have the resources to implement a solution. CBA Fund’s mission is to expand the capacity of nonprofit lenders, like The Fountain Fund, to provide safe and affordable small-dollar consumer loans (SDLs) and credit-building products to low- and moderate-income individuals and previously incarcerated people.

Fountain Fund works hand-in-hand with justice-involved people who have been previously incarcerated, acting not just as advisors but as partners on this journey toward economic empowerment. Whether it’s financial coaching, charting pathways to meet credit goals, approving a new low-interest loan, or advocating for greater economic opportunity, Fountain Fund is unwavering in their commitment to improving lives.

 

Equifax is a proud partner of Credit Builders Alliance (CBA). The Fountain Fund is one of hundreds of nonprofit lenders, financial educators, and asset builders that are members of CBA’s one-of-a-kind umbrella network, helping millions of low-to-moderate-income individuals across the nation build credit. Enabling financial opportunity for justice-involved individuals is an important part of driving greater financial inclusion.

Partnering with CBA underscores our commitment to financial inclusion and helping people to live their financial best.

 

CBA sends out special announcements when funding is available. Please sign up for the CBA Newsletter to stay up-to-date on CBA Fund loan capital and grant support opportunities.  Feel free to contact cbafund@creditbuildersalliance.org with questions.

 

RegFi Podcast Episode 12: Building Bridges to Credit Access with Dara Duguay

December 15, 2023

The United States has built a world-leading consumer credit sector, but many Americans cannot access reasonably priced credit. Dara Duguay, CEO of Credit Builders Alliance (CBA), shared her insights with the RegFi Podcast about policy changes, educational programs, and technological innovations that are helping to close this gap for those who are “credit invisible” or otherwise face barriers to accessing the mainstream financial system.

 

Listen Here

 

 

 

Member Success Stories – Fresno Area Hispanic Foundation (FAHF) And CBA Fund: Strengthening Community and Changing Lives with Small Dollar Loans (OFN)

October 1, 2023

CBA Fund, CBA’s CDFI Intermediary, is a Community Development Financial Institution (CDFI) intermediary dedicated to catalyzing and growing the capacity of nonprofit lenders to offer small dollar, credit building consumer loans. Many community-based organizations see a need for safe and affordable small dollar consumer loans in their communities but do not have the resources to implement a solution. CBA Fund’s mission is to expand the capacity of nonprofit lenders, like Fresno Area Hispanic Foundation (FAHF), to develop strategies to support the growth of the Fresno-area community through technical assistance, outreach, advocacy, and access to capital.

The CBA Fund loan was so attractive because of its low interest, and it was an amount we could manage as a just-starting CDFI,” explained FAHF Corporate Relations and Program Director Yurubi Ramirez. “With CBA, we didn’t just get funding; we got training in the consumer loan product, advice on how to develop our program, and even what to ask loan recipients.


FAFH’s multipurpose consumer loans provide flexible financing options paired with financial education. Their consumer loans range in size from $500 to $3,000 and carry an interest rate of 12%.

Thanks to the generous support from Opportunity Finance Network’s Finance Justice Fund, CBA Fund was able to support organizations like Fresno Area Hispanic Foundation.


For more information on FAFH’s consumer loan program, check out the video on their YouTube page by clicking the Watch Here button below:

Watch Here

 

CBA sends out special announcements when funding is available. Please sign up for the CBA Newsletter to stay up-to-date on CBA Fund loan capital and grant support opportunities.  Feel free to contact cbafund@creditbuildersalliance.org with questions.

 

Vantagescore Podcast Highlights Results of Their Financial Inclusion Grant to CBA

September 11, 2023

Dara Duguay, CEO of Credit Builders Alliance (CBA), and Joe Lauchlan, a Financial Coach with the International Institute of Metropolitan Detroit (IIMD), were featured in the most recent VantageScore “The Score” podcast to discuss the Financial Inclusion Pilot Program. During the program, the four participating CBA members saw 58% of their financial coaching participants increase their VantageScore 4.0 credit scores by an average of 34 points within two to five months.

Listen Here

 

 

 

Member Success Stories – Fountain Fund Increasing Economic Opportunities for Formerly Incarcerated People (Wells Fargo)

April 28, 2023

CBA Fund, CBA’s CDFI Intermediary, is a Community Development Financial Institution (CDFI) intermediary dedicated to catalyzing and growing the capacity of nonprofit lenders to offer small dollar, credit building consumer loans. Many community-based organizations see a need for safe and affordable small dollar consumer loans in their communities but do not have the resources to implement a solution. CBA Fund’s mission is to expand the capacity of nonprofit lenders, like The Fountain Fund, to provide safe and affordable small-dollar consumer loans (SDLs) and credit-building products to low- and moderate-income individuals and formerly incarcerated people like Anthony Hingle.

Sentenced for a felony in 1988, Mr. Hingle spent 32 years in the Louisiana State Penitentiary. After a vacated conviction and amended charge, he was released in April 2021 on time already served.

Embracing his second chance, Mr. Hingle found employment at VOTE (Voice of the Experienced), an organization dedicated to advocating and organizing for criminal justice reform. A short commute from his home in New Orleans, the job offered him the promise of reacclimating to society while earning a living wage for his family.

Unfortunately, a minor car accident left him without the means to repair his car; he had to do the best he could with only one. Commuting to his job became much more difficult, a situation that impacted his entire family.

Mr. Hingle heard from a friend about the Fountain Fund, which provides low-interest loans and financial coaching to formerly incarcerated people, helping them build credit and stabilize their finances.

After meeting with the Fountain Fund, Mr. Hingle was told he would be able to get a loan to repair his car. They offered him 24-month repayment terms with 3% interest, much lower than the typical 17-18% interest a bank would offer if he could even qualify for a loan.

As part of Wells Fargo’s commitment to opening pathways to financial inclusion, Wells Fargo provided $1.65 million in grant funding to CBA Fund in 2021 to expand access to small dollar consumer loans which can help families reduce debt, build credit and savings, and start building wealth. CBA Fund was able to provide loan capital, capacity building grants and technical assistance to 14 nonprofit leaders, including Foundation Fund, ultimately helping hundreds of consumers like Mr. Hingle access safe and affordable credit to meet their short-term cash needs while helping establish or improve their credit scores.

 

In addition to loans, the Fountain Fund helps loan recipients by reporting their loan payments to the major credit bureaus to help people build credit. They also offer one-on-one financial coaching services and, when clients are ready, assistance with setting up savings accounts and opening credit cards. To date, the Fountain Fund has dispersed more than $1.5 million in small dollar amount loans, with more than $750,000 paid back and supporting additional recipients.

CBA sends out special announcements when funding is available. Please sign up for the CBA Newsletter to stay up-to-date on CBA Fund loan capital and grant support opportunities.  Feel free to contact cbafund@creditbuildersalliance.org with questions.

 

In a Housing Crisis, Rent Reporting Can Be a Lifeline for the Vulnerable

March 4, 2023

Our CEO, Dara Duguay, contributed an opinion piece to The Hill on rent reporting as a sound credit building strategy:

“At CBA, we believe that rent reporting is just one step renters can take to start building their credit and should be paired with financial wellness programming for maximum impact.”

 

 

Ascendus Offers Credit Coaching Through Master Trainer Certification (Ascendus)

December 15, 2022

Ascendus now offers credit coaching through our nationally recognized Credit as an Asset training!

 

 

Citi Foundation Announces Recipients of $50 Million Community Finance Innovation Fund (Citi Foundation)

September 12, 2022

We are thrilled to announce that CBA has been selected as one of twelve recipients of the Citi Foundation’s Community Finance Innovation Fund! Thanks to this commitment, CBA will establish a consumer lending bootcamp and work with CDFIs in credit deserts who are interested in bringing safe and responsible small dollar capital to their communities.

CONGRATULATIONS to all recipients as we collectively continue to advance the field of community finance and create positive impact for low-income communities and communities of color. 

 

 

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