A graduate of “Getting Ahead in a Just Gettin’-by World” (“Getting Ahead”) led by the Society of St. Vincent de Paul in Evansville, was recently approved for a low-interest consumer loan at First Federal Savings Bank in Evansville. Graduates of St. Vincent de Paul’s “Getting Ahead” program may be eligible for a fully backed consumer loan after meeting certain underwriting guidelines.
“In Getting Ahead, we talk about ‘saying yes’ to new opportunities and staying connected to the group. For many participants, this path has led to personal growth and greater access to community resources. The low-interest consumer loan that we offer to eligible graduates is a great way to improve financial standing and build upon a community banking relationship.”
-Noah Werner, Director of Case Management and Systemic Change for The Society of St. Vincent de Paul, Evansville District Council
“Getting Ahead” is conducted in a group-setting where individuals meet each Wednesday evening over 16 weeks. Participants, through reading material and group interaction, investigate their own lives, the causes of poverty, their personal and community resources, and begin to build the skills necessary to move from generational poverty toward self-sustainability. Each session begins with a shared meal, often provided by members from one of the Society’s nineteen conferences in the Evansville District. Attendance at every session is expected and incentivized with a $25 gift card at a national chain store.
For many, the inability to improve one’s credit rating is a barrier to breaking the cycle of poverty. St. Vincent de Paul has an agreement with First Federal Savings Bank in Evansville to fully back a small, low-interest consumer loan for their graduates of “Getting Ahead.” To be able to apply for this consumer loan, graduates are required, among other underwriting factors, to achieve a certain debt-to-income ratio. The low-interest loan can be used to retire predatory debt and build credit at a federally accredited financial institution.
PHOTO CAPTION – From left to right, Ashley Lemon, Assistant Vice President Banking Center Manager for First Federal Savings Bank, Heather Wisdom, “Getting Ahead” graduate, and Noah Werner, Director of Case Management and Systemic Change for The Society of St. Vincent de Paul, Evansville District Council.
