Left: Deborah McKetty, CommunityWorks CEO Right: Mike Coggin, Chairman of the Board of Directors
Our Mission CommunityWorks is a non-profit financial organization committed to building a brighter future for underserved families and communities through financial education, lending, and investing. We envision robust and vibrant communities that offer the opportunity for financial stability and economic achievement for everyone. 1
ComminutyWorks Home Page: www.communityworkscarolina.org Facebook: https://www.facebook.com/CommunityWorksCarolina Linkedin: https://www.linkedin.com/company/communityworks-inc-
Dear Friends, As we reflect on 2015 at CommunityWorks, for us, it all comes down to building opportunity. Opportunity for children, families, entrepreneurs, and communities to achieve economic security. Despite our challenges, we are confident that communities across the Upstate will continue to work together to create an opportunity economy for all residents. Without question, our growth was our biggest news. We grew upon the successes of the Financial Stability Networks in Greenville and Spartanburg, and saw over 360 individuals take charge of their financial lives and plan for the future. We also expanded our work in Anderson County to help build a Financial Stability Network there to help more families gain access to financial tools to become economically independent. CommunityWorks also reaffirmed our commitment to help build underserved small businesses and entrepreneurs. Our small business lending portfolio grew by 120% in 2015 and we gained recognition from the U.S. Small Business Administration and the S.C. Department of Commerce as one of two high performing micro business lenders in the state. We are also pleased to announce that we received approval from SBA and USDA to become a statewide lender. Another major accomplishment was the celebration of one full year of operations for the CommunityWorks Federal Credit Union (CWFCU) which opened in late 2014. Thanks to the support of the community the CWFCU experienced tremendous growth last year. As of the end of 2015, there are over 956 members, $1,128,398 in loans, and has grown to an asset size of over $2.2M. Our achievements are fueled by our inspiring and dedicated Board of Directors, volunteers, donors, partners, and friends. We are especially grateful to our participants for the privilege to serve them as they work toward their goals. Together, we make it possible to build stronger families and communities. We believe deeply in the vision of more robust and vibrant communities that offer everyone the opportunity for financial stability and economic achievement. As you read through this report and learn more about our work, we invite you to become involved in helping to create an opportunity economy in the Upstate.
Please contact us to learn more about ways to help build people and places. Sincerely, Deborah McKetty, CEO Mike Coggin, Chairman of the Board of Directors
107 West Antrim Drive â€˘ Greenville, SC 29607 â€˘ 864-235-6331 â€˘ www.communityworkscarolina.org 2
The Challenge What We Know
Though Upstate SC continues to prosper and lead the state in economic growth and expansion we are still faced with many areas of persistent poverty and families who were left behind after the Great Recession. There are...
in Upstate SC
in Upstate SC
in Upstate SC
in Upstate SC
have earned a
earn less than
or under banked
sufficient savings or assets to cover
per year and
ability to access
to use high
as job loss,
did not complete
live at or
*CFED Assets & Opportunities Data Center- Average percentages of Anderson, Greenville, Spartanburg
The Opportunity What We Believe
By working together through public/private partnerships, we can create pathways for underserved families to achieve long-term financial security. These pathways are then connected to create an infrastructure to support an opportunity economy and help families achieve their goals. We can achieve this by: â€˘ Helping families achieve sustainable wage jobs that promote economic mobility and allow families to turn their income into assets: a savings account, affordable housing, a business, and secondary education that leads to economic independence â€˘ Supporting small business ownership and development as a pathway for low-wealth, minority, and/or young entrepreneurs to generate income and build wealth for themselves and their families â€˘ Working with state and local leadership to encourage and support policies that help low and moderate income families become financially secure
What We Hope For We are committed to building a brighter future for underserved families and communities through financial education, lending, and investing. We envision robust and vibrant communities that offer opportunity for financial stability and economic achievement for everyone.
How We Help Families and Communities 1. Building financial knowledge through access to financial education and training opportunities 2. Building savings and assets and providing access to affordable financial products and services 3. Building equity for families by providing home purchase assistance for first time homebuyers 4. Building wealth through small business lending and entrepreneurial development 5. Building stable communities by providing access to low cost loans for affordable housing, community facilities, and commercial revitalization 4
Financial Knowledge Through Training and Education
South Carolina is one of the three worst states for upward mobility with only 26% of families improving their financial situation over their lifetime. One significant barrier to upward mobility is limited access to financial opportunities and resources. We actively support lowwealth families to reach economic independence by connecting families with financial education
and training opportunities. We partner with other local organizations to provide group trainings that cover homeownership, personal finance, and entrepreneurial development. In addition to training, we provide Financial Wellness Checkups, a one-on-one financial coaching service that reviews credit, creates a realistic budget, and helps define financial goals.
hours of training to increase their financial knowledge and business skills. In addition
people completed a one-on-one financial wellness checkup and are now using a budget and working toward personal financial goals.
Top Left: Daniela Lopez, Education IDA Top Right: Business Training Lower Left: Rona Neeley, Business IDA
GOALS WITHIN REACH Wanda Wilson connected with us after graduating from the Faith and Finances class at Triune Mercy Center. She met with a financial coach who analyzed her budget and discovered that she, like many families in our community, was stuck in a cycle of debt. Wanda got caught in a debt trap of high-cost, predatory loans after her old car broke down. When it needed repairs, she was on a tight budget, had a low credit score, and didn’t qualify for a bank loan to finance the fixes. So she used the car’s title as collateral for a 95% interest loan through a local lender.
Some time later, the car needed additional work, and Wanda took out a second loan—at 54% interest—with another finance company. Her monthly payments skyrocketed. We helped Wanda escape the strangling loan payments. By consolidating her two loans, in total, she will save $2,096 in monthly payments and interest this year.
Financial Security Through Savings and Assets
people took charge of their financial futures by opening an IDA Savings Account, collectively saving
Nearly 40% of South Carolina families do not have a savings account. These families are likely to live in asset poverty, unable to cover basic expenses if they experience a sudden job loss, medical emergency, or financial crisis. CommunityWorks operates the largest Individual Development Account matched savings program in the state to help low-wealth families save for the future and become economically self-sufficient.
The IDA program empowers families to save a portion of their paycheck and make the commitment to invest their savings towards three types of assets: higher education, homeownership, and small business ownership. Families are supported during the process by a financial coach that helps them address any credit, debt, or other issues that could prevent them from reaching their financial goals.
$121,847 with an average
account balance of
$436. In addition,
families purchased an asset such as a home, secondary education, small business, or vehicle, and are one step closer to economic independence.
Top Left: Christina Williams, IDA Top Right: Keiona Parker, Car IDA Lower Left: Liza Ortiz, Greenville Health System Homebuyer Assistance
GOALS WITHIN REACH When Jasmine Vasquez hears people say there is not enough time in the day, she fully understands. This single mom not only works full-time, she goes to college with plans to earn her human resources and business management degree in December. She decided on a career, but there was one huge barrier. She needed financial help to reach her goal and she found that assistance and support at CommunityWorks. She applied for and received financial assistance to help pay for college through the Individual Development Account Program. â€œCompleting college would not have been possible for me, but now it is,â€? Jasmine said.
But help did not stop there. Financial coaching, available through our Financial Wellness Checkup service, has enabled her to bring more stability to her family. She also refinanced her high interest car loan at CommunityWorks Federal Credit Union, causing her payments to drop dramatically because of reduced interest rates. She continues to grow her savings and says having money set aside is something she never expected to achieve at this point in her life. With us as her partner, Jasmine knows she can continue her education by earning her masterâ€™s degree in the future, one she feels is more secure because of our services. 8
families purchased their first home creating
The average minimum wage worker in South Carolina would have to work nearly 80 hours a week, 52 weeks a year to afford a two bedroom apartment. As rent continues to rise, homeownership remains a viable affordable housing solution for low-wealth families because monthly mortgage payments are often significantly less than rent. We operate the Homebuyerâ€™s Assistance Program to help first-time homebuyers with
the upfront costs of down payment and closing costs to overcome barriers to affordable homeownership. The benefits of homeownership extend far beyond the individual homeowner to promote overall family and neighborhood stability. Through the Homebuyer Assistance and IDA Programs, we have helped 416 families purchase their first home, generating $38,080,371 in local home sales.
in local home sales. Families who have purchased a home through the Homebuyer Assistance Program have an average initial equity in their home of almost
Top Left: Martha Glover, Homebuyer Assistance Top Right: Yarsma Young, Homebuyer Assistance Lower Left: Baltazar Martin, Home IDA
Lower Right: Susan Cobb, Homebuyer Assistance
GOALS WITHIN REACH Shanita Henderson, a single mother of two sons, always wanted to own her own home and after she had children was determined to provide a home her children could call their own. However it has been a long road to homeownership with family instability and job loss along the way.
Finally in 2015, she was ready with stable income and approval for $4,000 in down payment assistance through our Homebuyer Assistance Program. Shanita says it was a long process but CommunityWork’s staff was there to support her along the way.
She first attended a homebuyer class in 2003 so she could learn the steps she would need to take to be mortgage-ready. Since then, she has been very conscious of her credit and budget. She knew what she needed to do, she just needed the job stability and savings for a down payment.
Shanita now owns her very own home and says the best part about buying a home is “it’s mine!”
Stable Communities Through Community Lending
In 2015, CommunityWorks provided
Community Loans, totaling
Access to affordable financing remains a significant barrier for community developers building and rehabilitating community facilities and housing units for low-wealth families and communities. This creates a lack of affordable housing options for low-wealth families who often spend more than 50% of their monthly income on housing.
We provide community developers access to financing that might otherwise be unavailable for low-wealth community building projects. By providing loans to finance acquisition, predevelopment, construction, and rehabilitation, we meet the critical capital needs of communities and organizations across the Upstate.
$522,000. These loans helped create
affordable housing units for low wealth families to reduce their monthly housing expenses to below
30% of their
Pickens County Before and After
Upstate Housing Partnership Forest Park Community Spartanburg, SC
Pleasant Valley Community Greenville, SC
Homes built by by Allen Temple
Allen Temple Community Economic Development Corp. is a nonprofit organization located in Greenville. We have partnered with Allen Temple for the last 5 years through its Community Loan Program. In 2015, we continued this partnership by providing a loan for working capital to build more affordable housing units. Southernside Community Greenville, SC
Sterling Community Greenville, SC
Since 2007, Allen Temple has built 58 affordable homes in low wealth neighborhoods such as Judson, Pleasant Valley, Nicholtown, and West Greenville. Through its work, Allen Temple is not just providing much needed affordable housing, but it is truly affecting the development of these communities on a larger scale. 12
Through Small Business Development
In 2015, We provided local entrepreneurs with
Business ownership is an essential component to building wealth and communities. Microbusinesses are critical for a vibrant economy, but microbusiness development is often threatened by limited access to capital and disjointed business support systems. Microbusinesses are described as businesses with 5 or less employees. South Carolina continues to be the worst state for small business development and job creation.
CommunityWorks developed the Microbusiness Loan Program to connect entrepreneurs with the capital to start or expand their business and to develop stronger microbusinesses throughout South Carolina. The program offers financing, training, and business coaching that empowers entrepreneurs with the knowledge and capital to increase their revenues, develop business strategy, and create jobs.
Our Microbusinesses have created
jobs and participated in
3,971 hours of
Above: Vitality Chiropractic
business training to help build their skills and grow their business.
Above: Once Upon A Dream Princess Parties Left: Popcorn Heaven
GOALS WITHIN REACH
PROFILE 53% Female
61% African American
2% Multiethnic Heritage
of CommunityWorks Microbusinesses are start-ups
While working full-time as a dentist for the Department of Corrections, Dr. Dondre Simpson began to pursue his dream of owning his own dental practice. He started New Age Health, LLC and kicked off his endeavor with New Age Health Mobile Dental Care. With a loan from our Microbusiness Program, Dondre was able to purchase a van and office space in order to provide mobile dental services.
Dr. Dondre Simpson
Dondre says the mobile dental van is just the beginning of his plans for his business. He wants to expand and provide total wellness care, not just dentistry. He plans to hire more staff as well as establish his own brick and mortar practice in the near future.
Dondre is passionate about serving underserved areas. He focuses on low-income and rural neighborhoods in Greenville County, providing check-ups to communities without access to dental care. 14
Financial Capability Through Access to Financial Products and Services
Since opening in 2014â€Ś
new members and savings accounts opened
Over 64% of South Carolinians have subprime credit, which prevents them from accessing traditional banking services. Additionally, over 10% of the state is unbanked. Therefore, low wealth families are forced to use expensive predatory lenders to meet their financial needs. Predatory lenders have expanded to meet these growing financial needs and can charge exorbitant interest rates, keeping local families in a cycle of debt.
$1,128,398 total loans
$2.2 Million Asset Size
Top & Bottom: CommunityWorks Federal Credit Union Greenville, SC
In 2014, we chartered CommunityWorks Federal Credit Union (CWFCU) as a vehicle to help families get out of the cycle of predatory lending and back into the financial mainstream. In July of 2015, CWFCU celebrated its one-year anniversary and set an impressive precedent, drawing attention to issues of economic empowerment in our local community. In its first year of operations CWFCU exceeded its first year annual goals and celebrated several milestones. The Credit Union received LowIncome Designation from the National Credit Union Administration (NCUA) with over 80% of its members qualifying as low-income. This designation opens many exciting opportunities for the Credit Union, including access to additional lending capital, deposits, and grant funding. CWFCU was also certified by the United States Treasury as a Community Development Financial Institution (CDFI) and received $125,000 in grant funding for technical assistance from the CDFI Fund. Finally, due to its rapid growth and success, the NCUA approved CWFCU to provide loans up to $15,000, allowing the Credit Union to expand its lending to help more families in need.
GOALS WITHIN REACH
Easier Access In 2015, we invested in new technology to expand the capacity of our staff and better support our clients and Credit Union members. The Credit Union offers 24/7 Online Banking so that members have access to their account information anytime and anywhere. Additionally, we now offer SavvyMoney, a robust online financial tool that allows clients to monitor their credit and maintain a budget. In its first year, SavvyMoney had 348 registered members and 1,356 credit reports viewed and updated.
Matthew is a great example of how community resources can come together to brighten someone’s future. After a series of personal struggles, Matthew began living at the Salvation Army and enrolled in Miracle Hill’s Overcomer Program. Upon graduating as an Overcomer, he went through United Ministries’ Job Skills Training Program where he was also enrolled in the United Ministries Emergency IDA Savings Program, enabling him to open a savings account at CommunityWorks Federal Credit Union. As part of the program he met with a case manager and received a Financial Wellness Checkup and action plan to help him meet his goals.
At this time, Matthew was introduced to the rest of our programs and enrolled in the Keys to Success Program to purchase a vehicle. After saving $1,000, Matthew was matched with $1,500 toward the purchase of a vehicle. After finding a vehicle, he used a CommunityWorks Federal Credit Union auto loan to cover the additional cost of the vehicle. As a result of the support he received from these various organizations, Matthew now has stable income and transportation and is saving for his next goal, homeownership!
Bridges to a Stronger Upstate Financial capability, distinct from financial literacy, is not simply learned during a workshop or training. It is developed over time and strengthened through relationships with supportive organizations that provide financial coaching and tools to help shape positive financial behaviors. CommunityWorks has partnered with local organizations to create Financial Stability Networks in Anderson, Greenville, and Spartanburg counties to connect more families with a financial support system that leads to economic independence.
Historic Anderson County Courthouse, Anderson, SC
In 2015, the Anderson Financial Stability Network was just getting started and beginning to build its infrastructure. CommunityWorks partnered with the United Way of Anderson and AIM to develop and build the capacity of financial stability initiatives in the Anderson area.
These organizations, and the new partnerships between them, are focused on providing training and coaching opportunities to educate clients and the community at-large to become more financially capable.
Spartanburg, SC The Spartanburg Financial Stability Network is comprised of The Butterfly Foundation, Spartanburg County Foundation, Northside Development Group, City of Spartanburg, and United Way of the Piedmont with support from the Mary Black Foundation, and Women Giving for Spartanburg. This group has come together to identify the financial needs of the Spartanburg community and to increase each organizationâ€™s capacity to serve its clients through a referral network of resources. 17
Downtown Spartanburg, SC
Many of these efforts focused on the Northside neighborhood due to its high unemployment and poverty rates. The network is working to make this neighborhood and the rest of the Spartanburg community more financially stable.
Liberty Bridge at Falls Park Greenville, SC
Greenville, SC The Greenville Financial Stability Network includes a group of organizations and stakeholders that have partnered with CommunityWorks to better serve communities and their existing clients through targeted programs and outreach. This group includes the United Way of Greenville County, United Ministries, Triune Mercy Center, Goodwill, Greenville Area Interfaith Hospitality Network (GAIHN), and Greenville County Human Relations Commission (GCHRC).
These organizations realized that collaboration is key to creating lasting change within communities and in 2015, partnered to better connect people with resources to build financial independence. Through the network, programs such as IDA Savings Accounts, Homebuyer Assistance, and Credit Builder Loans were used to increase the financial capability of 335 families.
CommunityWorks Total Economic Impact Since 2008
$433,356 Training Hours
Consumer/ Credit Union Loans
Community/ Affordable Housing Loans
Total Economic Impact as of 2015
$1,598,255 Microbusiness Loans Home Sales
Our Team Board of Directors Mike Coggin, Chair C. William McGee, Vice Chair Tim Justice, Secretary William L. Pitman, Treasurer J. Coleman Shouse, Past Chair Cynthia Chance Chandra Dillard Joshua Friesen Matthew Gearhart Dean Hybl
MicroLoan Committee Donnell Drummond Michelle Gaillard Will Lucas
Community Loan Committee John Corcoran Patrick Martin
Mitch Kennedy Glenda Kinard John Malone Gustavo Nieves Tammy C. Propst Mayor Terrence Roberts Craig Robinson Ginny Stroud Leon E. Wiles
Yvonne Simpson Brian Wildrick
Coleman Shouse Fred West
Federal Credit Union John Malone, Chair Board of Directors Stan Davis, Vice Chair
Earle Furman, Jr. Curt Hall Gustavo Nieves Carlo White
Supervisory Committee Gustavo Nieves, Chair
Terri Hendrix Corey Memmott
Yvonne Reeder, Secretary Deborah McKetty, CEO John Corcoran
Staff Members Angelia Clark Katy Davenport Wanda Davis Jennifer Derryberry David Finley LaTorrie Geer Archie Johnson Darius Jones
Americorps Members Kenneth Bradley Adriana Giraldo Sharon Hawthorne Sharon Johnson
Stella McBee Deborah McKetty Alex Moore David Mueller Maria Osorno Hannah Thompson Edris Tucker Martha Young
Kendra Rison Shanice Willingham Ebony Woody Ashley Young
To our Supporters & Partners Supporters
Bank of America Charitable Foundation BB&T Blue Cross Blue Shield of South Carolina BNC Bank Bon Secours Health System, Inc. City of Greenville City of Spartanburg First Citizens Bank The Graham Foundation Greenville County Redevelopment Authority Greenville Technical College Hollingsworth Funds Jolley Foundation Mary Black Foundation Mary Reynolds Babcock Foundation NCUA Office of Small Credit Union Initiatives
PNC Foundation SC Department of Commerce SC Association for Community Economic Development The Spartanburg County Foundation South State Bank Suntrust Bank TD Bank TD Charitable Foundation U.S. Department of Agriculture U.S. Small Business Administration U.S. Treasury CDFI Fund United Way of Anderson County United Way of Greenville County United Way of the Piedmont Wells Fargo Corporate Foundation Woodforest National Bank Women Giving for Spartanburg
Anderson Interfaith Ministries The Butterfly Foundation Carolina Foothills Federal Credit Union City of Spartanburg GAIHN Greenville County Housing Authority Greenville County Human Relations Commission Greenville Health System Greenville Technical College Goodwill Industries of the Upstate/Midlands The Hispanic Alliance Northside Development Group
SCORE Small Business Development Centers Spartanburg Housing Authority SC Hispanic Chamber of Commerce Triune Mercy Center United Ministries Upstate Housing Partnership
Help Us Build People and Places Support Our Mission in One of Three Ways:
Your donation supports our operational needs, enabling us to expand and provide much needed financial services to underserved communities and families. Donations or investments may be eligible for a state tax credit*
Investments with CommunityWorks can sometimes be the most impactful contribution individuals, businesses, or institutions can make. These investments provide much needed capital to benefit underserved families and communities, while yielding a return with interest.
We are seeking volunteers to provide financial coaching and account services at CommunityWorks Federal Credit Union. Training will be provided.
*CommunityWorks is a 501c3 that relies on contributions from community members. You can invest directly in our community loan funds that support working families and communities. Some investments may be eligible for a 33% tax credit through the SC Community Economic Development Act.
Contact Us to Learn More! www.communityworkscarolina.org 864-235-6331
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107 West Antrim Drive Greenville, SC 29607
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