Money Smart for Small Business Town Hall - 2nd Quarter 2018
Welcome. And thank you for standing by, participants. Are in a listen-only mode until the question, and answer session of today's conference at, that time you may press star then 1 on your touch-tone, phone to ask a question, today's. Conference is being recorded. If you, have any objections you may disconnect and. I'd like to turn the conference over to mr. Tim D'Alessio. Thank. You sir you may begin. Thank. You and welcome everyone, ah, this. Is our second, MoneySmart. For small business, Town Hall for. 2018. I'm. Pleased to be here oh I. Am, working as the acting, Associate, Director for Community, fairs at the FDIC. However. I am. Normally, the, manager. Of the Boston, office and. Just. To let you know we have managers. Ah. For. Community, fairs that, you can contact off of our website in Atlanta, Chicago, Dallas. Memphis. Kansas. City New. York Boston. And San, Francisco, I want. To take a moment in thank, Paola. For, putting. This together and. Sharing. This work of. MoneySmart. Small business, in creating, this kind. Of virtual, community. We have now with. All of you participating. I, think. We have a great program where, we can share some great. Some. Great programs are, out there and we're going to have first first. Florida integrity, bank, with. The, speaker Frank. Rodriguez, who shows an, enormous. Amount of, experience. In small business, and in development, and we, also have, near, and dear to my heart. Representatives. For Harbour one bank in, Massachusetts. And, Maureen. Wilkinson, and Sheila Berger. I hope, I pronounced that correctly and. They. Will be talking about the program and, their, training centers, as well which, have done in an Armus amount and small business, business. Lending, and. I. Have, a lot of history with Arbor one bank so I'm very pleased to see them participating. So. I. Understanding. Is we have, 308. Registered. Participants, today, and. We. Appreciate the interest, level and the activity. To help us more business development. That you do out, in the field and, we hope we, can begin to continue to share, everyone's. Knowledge, with each other, and answer, questions, and help.
Improve, The program, overall, I think our MoneySmart small business, has, really, evolved. Over time we, have changed. It and updated. And a lot of it comes from, the. Feedback. We received from you and we appreciate that. So. The. MoneySmart for, small business program, is a product. That was co branded with the US Small Business Administration. SBA. Always. Joins us in welcome Town Hall participants. And today we, have national, bishop. Program. Manager, at the SBA's, office of. Entrepreneurs. In DC, to. Provide brief welcome and comment, you remind, us of how, banks, work with the SBA. Following. Nathaniel's. Remarks. Our MoneySmart from folk does this national. Point of contact will provide a few reminders, and, announcements. In each, Bank presenter will introduce themselves. Nathaniel. Please tell us about the SBA banking, relationships. Firstly. Thank you for that introduction, and as always great the partner. Here with the FDIC and also I think community, we, love getting, out there with our Resource, Partners and sharing information but. Today I just want to talk about how it's important, to, collaborate. With. Partners, I mean, why is okay, and why so vital, three. Things why, is it lacks, collaboration, so important, so, collaboration is so important, because we all have a common purpose of promoting. Emerges entrepreneurial, potential not. Only with the SBA resource partners. But also through, the banking community the. Second thing is, the creation of jobs and economic opportunities. Through the formation, and maintenance of, expansive, small, businesses, within, the United, States, and lastly. With that last is. Why. It is so important, to collaboration. Sorry to interrupt on time if you try if you can try to improve your audio because, we can hear very well thank you. Is, this good right here can you hear me, okay. Okay. Then and the, last thing I wanted to talk about in terms of the collaboration is, key or why is so important, in collaborate, is, that it strengthens and improves the ability of the nation's, on.
Minority, Firms to grow compete in the global economy that's. Always vitals were you talking about small businesses, and also with the banking community. Second. How, can the banking community continue, to help. The. Various ways where the banking community can, help, not. Only our small business, and why I do it but, one of the things that the banking community all these three things the bank community, can do is they, can reach out and connect, with other organizations. Also to deploy, to curriculum is a one, method another, one is domestic. Tourism through, the community, and, education. Initiatives that, many things have as. Well but, also one of the key things that we like is. Partnering. With SBA. Resource partners. Now, new small, business development centers. The. Curriculum, our, women's business centers and, near, and dear to my heart support. As. Well and okay now. This. Will deliver the curriculum. So. What are the benefits what. The. Benefits is that one. On your you know go to the, money box of all business curriculum but also. Innovations. Working with the vendors it. Helps. A really, inform your. Lender. Also. Awesome, you can. Demonstrate will. Be soda straw balances, when. They go through the money my small business and. Lastly, our. Community. And. Lastly. Here to finish up just want to. Keep. Takeaways, here. So. The key takeaways, is that. Always. Continue to education. And, education. Not. Only to I got please honest, but also but I thanks community. Responds, auntie Jake partnerships, or alliances and lastly. This. Will help entrepreneurs understand. An answer to any college, so. That's why I will into it collaborate. With. Our regional partners but. Also other. Organizations, in the, community as well. Thank. You very much Nathaniel. We couldn't, overcome the audio, problems, but thank you for your information I, am, Paola, Diaz the national point of contact, for MoneySmart for small business we. Will be using the acronym MSS. Be going, forward, to refer there to, Moniz mark for small business. My. Job is to support our community faces specialist, nationwide. To, assist organizations. That are using or considering, moenay's Martha small business and to further develop. Or product in collaboration, with the SBA in, the feedback we received from uses as Timothy, state again. Welcome, before. We invite our two, guest organizations. To join us I will go over three, items a disclaimer. A tutorial, and reminders, the. Reference, to any and specific organization. Does not constitute an, endorsement a. Recommendation, or, favoring, by the FDIC, or, the unit United. States government. How. To participate, in this webinar in, your screen on it or a slide see you. Have a model of your webinar platform, on, the left hand side you should view the slide on, the right hand side you should view various functions. Participants. Can communicate. By using the chat feature marks. To the number one and ask, questions, to the panelists. As they come to mind during, the designated times, with the Q&A feature, number two when. Using the chat or Q&A functions. Please type your question, in the window that pops up once you click on the icons, mark with number, three and make sure you hit Send number, four if. You lose this lights look, for it for a green and blue circle, icon, number, five in, your taskbar or, reopen. The webinar link we. Will conduct a poll for instance, feedback, at the end of today's event the, polling questions, will pop up on the right-hand side of your screen number.
Six You. Can send those texts, and test. Messages, via the chat or, the Q&A function while I finish me my remarks make sure that you know, how they work but. If you are having technical difficulties. To. Join the webinar platform, please. Contact John, Gustafson, their. Email, is on the slide, number, two which was emailed to all of the registrants, or is, also available for, download in. The event website where you which, you went to register, also. Check your email and. Go. To the tab event presentation. To download, few. Reminders. Town. Hall webinars, are recorded I. Always get this question and so, I need to repeat it every time you. Just have to go to the MoneySmart website. -. My for small business section and you will find a hyperlink, to pass, downloads and future Town Hall's, please. Use it money smart for small business join the trainer curriculum, - cross training training. For instructors, at anytime, you. Can also request. Help, from a CIC as, long as you are a Money Smart Alliance. Member and. A. Very important new announcement, is that anyone, is just just two clicks away from downloading. The - Marfa small business modules, and flyers in English and Spanish for, free at the FDIC catalog. You can see the website in your slide number seven, having. An account is no longer required we've made it easier for everyone to download and. We. Will be updating. Our most my four small business, credit and banking modules soon. Be made available via, catalog. Information. About, past town, halls in a, link to sign up to the MoneySmart Alliance, another MoneySmart event is at, the www. FDIC. That got. /one. Smart pretty. Memorable I hope you don't have to write it down. Please. Be reminded that, all participant. Lines are muted and. I. Want. To remind your guest, speakers, will introduce themselves, and. First. We. Are going to have presenters, form press first, Florida integrity, Bank I'm, going to pass the mic over to Frank, Rodriguez, and Marvin Melvin Frank. Thanks, again for working on this presentation we. Are eager. To hear, and learn, from your experience, thank you. Thank. You Paula, and. Thank. You to all of you for the aerial assistance and. I only hope that everyone. Out there is enjoying, the nice square that we are here. In southern Florida and, I. Have. Been in banking for 15 years. Mainly. Business. And Community Development however. I read. Did some. Mortgage. Lending, and small business lending a designed, and whereas the SBA, was. Offering, the low door program, great. Experience, and for, 45 years I have been a small business consultant. And private. Practice and. Assisting. People get started in business and, setting. Up their business growing, and. 12. Years for the last twelve years teaching, management for, small businesses, in. Partnership. With. Government agencies and, nonprofit. Organizations I'm. Talking. About the SBC. We scored with. Economic, development. Organizations. And, such and, also. Local. Nonprofit. Organizations. I have. Been able to create these micro, business. Initiatives. In. A way that I. Was. Able to lead the. Creation, of the Collier County micro, enterprise, court back.
In 1999. And. Then. Draw the, support, of about. 2223 banks. That, contributed. And collaborated, for the program. As. A result of that I. Was. Recognized, by the US, Small, Business Administration, and the, financial, service of small business advocate, from, that year in. Florida, and. My. Partner Barbara Mary please will you introduce yourself, yeah I'm Barbara Melvin, I've been in banking over, 25, years and. Worked. In the small business development areas. For the banks and also the Community, Relations area. So we do a lot of money smart training teaching. Out in the community, as, a partner with Frank and different. Nonprofit. That's here, and just. Been enjoying what, we're able to do with teaching, because, we know that everybody. From small business, owners to, Arceus. They, all need money smart so we're just so excited to be out in the community to teach this program. Awesome. And that's, how we work in a partnership between Barbara, and myself going, out and doing the outreach, especially. Integrity. Bank established. In 2009. As a local community bank and. Is, something, the philosophy. Of the, Golden Rule and. On. The debt philosophy, superior, customer service is, a primary. Focus. Of our services, and all, of our culture, is based on that is. Committed, to financial. Performance community. And state involvement. Shareholder. Retain and, employee satisfaction. We. All wish to low a moderate, income people and smaller, businesses, which. Are approximately 25. Percent or, more of the, area population. Provide. Business. And personal business, banking services, will we. Go find, type, of accounts, and services that are, accessible. To low and moderate income individuals. And. We. Are an SBA lender will not active, in that capacity. If. Doing. The average is throughout the community we do we, find most effective, is. Developing, punishing, relationships, with organizations, that. Service. Our. Target, market and we are looking to serve. Low-income. Individuals. And. People and areas, to. Help in the economic. Redevelopment. Of, the, area and the, individuals. One. Of the key balances, we have is with Goodwill Industries, the. Micro, Enterprise Institute, and specifically. With. The Spanish, micro. Enterprise, program, this. Program runs for six weeks once, a year and. At. The, beginning we, started. By, actually. Proposing, these four to Google Google. As, a new thing for them and. Myself. And, another four banks joining when. It first in sponsors, of the program, so. Now we, have eleven banks that join in we, have seven foundations, to. See parodies and in major retail. Chain stores. That. Are sponsoring, and supporting the, program. Funds. Raised from resources. Are used, to teach Money, Smart. Folder. Punish our little Fame score, accountant. Local, government, insurance, ian and the. Accelerator, the accelerator, is a business, incubator that.
Started. Jules, about a year ago and. So. Far has expanded, from the, area of Naples, into a locally, where. We are developing also, another economic. Development, activity, in partnership, with other. Organizations that, we will correlate it, from. The Spanish micro, enterprise program the Elcom has been enriched started, in. 2014. Thirty-six, people graduated. From it, 23. Started, or expanded, their business. Two. Of them were, able to get to. Micro, loans for expansion and, two. Of them receive micrograms, financed. By sponsorships. To. Qualify. For this good will establish. The micro. Loan program and, we, endorsed. And also, pending with them in, it and we are one. Of the events that offers, microns. On the legal dual program. The. Program is offering Spanish, two. Days a week three. Hours each, day, for. Situates, to low and moderate-income participants. The. Requirements. Are just. To have a business, idea to, 18, years or more, of age and then. At least ten classes. Out of twelve, and. Of course register. There. Is a cost associated, with the program which is $80. However. 65%. Of participants, are qualified, for a full scholarship. Google. Handles, the eligibility, and qualification. For. The scholarship, and they also take. Care of the eligibility, for the program. Our. Income, qualifies so that participants, we we all know that we'll be in the category very, low low on low for an income. We. Hold these classes. At panel facilities, which at this point we. Are using, over being granted. Deals of the United, Way facilities. In Collier County. Tearful. Involves, multiple. Partners and sponsors as. Of. Now we. Will see in, the next few slides how. Many sponsors we are actually, having. In in one of the invitations, the the. Program, at. Every. Every class we have an evaluation that, comes. From the participants. And then at the end we. Do have a survey, that. Will give us an idea of what will be the next. Focus. For. Workshops, or, for, counseling, code for support. That they may need. I'm. Sorry I be not on, the slides, let me do that now. Anyway. What. We are looking at. Is. The. Two, graduating. Class from the Spanish micro enterprise program. The. 2016. And 17 plus, the. One of the top the 2017. Class I like to measure that from. Right to left you see the, lady in blue. Sandra. Is the director. Of education for, the goodwill, Enterprise, in southern Florida and, next.
To Where is the. Facilitator. Of the classes, on the micro. Enterprise classes. Then. The graduates and at the far, left is. Myself, next. To a coach and in these programs, I also love the. Said. Coach and I serve as a teacher at the same time teaching the. MSS be financially. Small business financial location. Out. Of this group of the 2017. Class two of them are the ones that receive, the. Grants. From. From the problem. The. Treated. Group the, 2016. Class that, you see down below as. A interesting. Story there. Are 11 language and two of them you, look at the far left there. Is a gentleman. And a young lady smiling, the. N-terminal, as a father, of the young lady and. The father was the one who raised ed to get. Here. His. Automotive. Repair business. Expanded. Because he was operating, from the hormone, so, he was a home-based, repair. Business and he, as his daughter to accompany him so. That she can help him go. To the program, well. Surprisingly. No fish at the Doral, through the program the direct discovered. That. She could actually, start. A daycare. Business. By. Himself by himself and, and. That was the is. Kind of a surprise to everyone because. She came only to assess a father and finally she, was able to to. Identify to the disability. Plan. That. Means she could also set. Up a daycare, business. You're. Looking at Spanish. Micro depressed yards that receive, grants, the. One on the top is a lady who. Offers. The service, of decorations. For. Paris and she decorates. Your. Location. Be, home be a salon be any. Other location, choose a decoration, I should transform the whole thing, along. With you according, with your theme that. You've cost on the customer, chooses, the. Lady below has. The business, of specialty. Cakes that, she. Prepares so both. Of them receive, a one thousand, dollar grant, from. Micrographs, through. The goodwill prod, but. You seal your right is, a sample. Of a, flyer, invitation. That. We use or the in, Spanish Mike for the price closes this. One happens to will be one. That. It covers the current. Class. That is running that, will be finished, this week, on Monday. Below. The length of that fire you see the list of, sponsors. At. The beginning there are only five of us today. To, see a long list of sponsors, that have been the. Joiner that means supporting. The powder. Display. Your circulates, throughout the, county and South, Florida as well. How. We, do. Allowed. Actually. Promoting. And using, them SSB, is. Basically, we. We. Join. The, micro to flash program with goodwill. We. Also do, standalone, workshops, with other organizations. Which we support, from the program, design. Through, the implementation we, we. Develop we provide the technical assistance to get everything. Set up and organized and then. We also participate, and sponsor, in, the workshops, these. People, use in combination with resources, offered by Primus, which. In in the. Case of the partnership, was that we developed, with n-double a-c-p is, that. Analogy. We do have an, economic. Development program and. Barbara. Can attest to that as is the vice president of, NAACP. And. What. We have done is that we can. Join the. Economic. Development program, by. Adding, and expanded, by adding workshops. For, small businesses, in, the way of an informative, problem. Problems. Are, here in a way that you guys know instructor, is not elected, it. Is a kind of a presentation, that lasts.
From 8:00, in the morning through, one o'clock in the afternoon, we. Provide a light, breakfast, and lunch to us, an incentive for people to come. On and participate, and. What. We have is a facilitator. That, introduces. And manages, the. Agenda, and also. Introduces. A. Subject. Matter expert to, talk about different topics. The. Purpose, of the forum's is to bring out information, about. These. Resources, and access, to services. Available. To, small business, for new individuals. To. Get support. In different ways could be canceling it, could be financing. Precluding. Any other legal. Assistance. Or, any other service that they may need. Each. MSSP. Is. Customized. With. A facilitator, and still not experts, but. Is. Customized. To the needs and. That. All the other participant, that we learned from the. Survey that we take during the, open. Workshops open. Forms. We. Also enrich the MSSP content, during classes, and for groups with all. The management, curriculum and and, resources. As, well to make it more close. To home to. Those who. Are new, to business, or. Who, for, the first time ever they. Will be running a business and, they. Definitely want, to have the, benefit. Of having, very, understanding. Of, what. It takes. Dealing. With other, partnerships, with n-double-a-cp. The. Local, Chamber of Commerce and in orderly those, of you who may not be familiar with, it, secondly. A portability traditionally. Couples. Of farm workers is an agricultural. Area is. Income. Levels are low and low moderate and. It's. A large. Minority. Of, individuals in. The area, the. Chamber of Commerce animal, curry is has, embarked in an economic, development, program to diversify. The economically, locally, as I, sort of well that's why we have an accelerator on any locally now that. Is part. Of the whole program. With. N double ACP. The. Partnership with them is where. They do identify we. Are recruit participants to. The forums they. Provide collateral, material, secure, the event location and also provides, the. Event facilitator, and that's great. Health we provide. A sponsorship, we provide. Financial. Support and, we, provide volunteers, who, teach and to also drop. Work, one on one on one with participants. Within. Local Chamber, of Commerce, they. Advertise, event through local media and Chamber tivities, they implement, door to the work pieces. Outreach, to promote the event and they. Recruit locals, and small business owners, to attend. From. The Collier County government. They provide. Simultaneous. Spanish, to English translation. Or, trainings, with, the n-double-a-cp and, the local Chamber of Commerce and that. Is an extraordinary effort, that, is. Been. Putting in in Oakland. Definitely. Relational underage, and opportunities, locally. To promote. And to develop. The economy and diversify, the economy now. But. I just want to add also, to all of you on the phone that you know looking at different, type of partnership. As I said I only do I work at the banks and I'm also the first vice-president within. The ACC, and we know that there was a need for economic. Development especially, people, who want to get, into business to go into business so, what we have developed, with the Chamber, with, SBA, we've, had like Franklin, saw my perform many. Different partners came together to. Make it such a success to, where we had different, partners, in the community, that came out and it was just a wonderful thing so if you guys want more information, of doing that it really, helps so working, with the, individual. Agencies, such, as your chamber your, other nonprofits. N-double-a-cp. Other nonprofits, out there things, that come, together for, CRA that, really, gave us even more CRA, credit, so, you know partnering, with these types of businesses, really, work even to get the word out and to let people know if they're thinking about, being an entrepreneur these, are some events that we've done to partner with the community. That. Is. Wonderful when you are able to resolve, this type of relationship with, community, organizations that, serve the. Market. Eat agate or the, instant market that you are looking for. The. Nature of the next one we. Want to go into. What. Happens, after. The workshops and. Basically. Egg. Certificates. Are issued and that is something that, give. Some, touch of. Accomplishment. Some. Message, of accomplishment, to participant, that they do receive something, that. Is more than just a thank-you age handshake, they. Receive a certificate and the certificate, tells that. They are ready satisfactorily. Completed. Whatever. Modules, of the modest map will find. Management. Program, we offer so. They can, show the. Advantage. They come to any bank and with a certificate and, this they can show to the, bank officer or loan, officer, that, they have taken a time to get educated, in financial. Knowledge for personal. Or business. The. MSS. Lead workshops for, next sessions identified. Are identified. On service, results, and that's. How. That's. How we, are able to target a, most.
Interest. Then. One. Thing that happened is research resulted, in workshops, is the feasibility, or business, plan that is, done during, the. Actual class, or session, there. Is one on one calcium by score and also. By plan caucuses like myself or Barbara we will meet with participants. And we, try to help them develop. Their their program, their concepts. With. All Coralie, good meetings we will graduate, from the micro, enterprise class than, the idea is to open, up to. Learn from them, any, difficulties. Any any positive. Any good news any, any. New things that they develop, through, the through, after graduation. We. Provide, assistance. Done. And. And. As, a final, the final advice, is, important, to identify, develop partnership. With organization, serving your target market. Incentivize. Partner, organizations. With financial support for, our programs, use. The MSSP as you can tell enjoy - my alliance if you are not. Remember. You receive all kind, of support important, from FDIC. And SBA to reach the. Target audience, and. With. That we. Are open for questions. Thank. You very much Frank. For that presentation and. At. This time I want to open it up for questions, from the audience I, believe, we have a couple on the, queue so I'm going to ask my colleagues John. With the Consul rhythm. Branch, can, you please tell us how did you form the coalition with, the eleven banks in your area. The. Weighted work is that I do have, a, contact. Information. For. All CIA, offices. Throughout, the area we are talking about. About. 40 or more. Some. Of them some of the CRA offices, are not local, but I do still, have their information. When. The opportunity, with goodwill, came up, to. Develop. And start, the Spanish, micro enterprise program I, email. All of them I explained. What, the purpose. Of of the year the. Message and what was that we were trying to do and, out. Of them we. Were able to get the first time they were too great for banks, that join, in and there. Were five of us then at that point this. Is back in, 2014. And as of today, the. Resulting, that not, only myself but also, had. A director, of the education. Program with goodwill, also. Contact. All, the banks and now we. Are getting the support. From 11, banks so far thank. You very much it, was a great answer now, we invite mo Wilkinson. And Sheila Parker, from Harbor one Bank. Allah. I will give you the control, in a minute, okay. Good. Afternoon my. Name is Maureen Wilkinson, and I am the vice president of education and the CRA officer, at Harbor one bank my. Experience, in banking spans. Over 30 years I've. Previously been the CEO of three credit unions and after, a strategic, merger with harbor one in 2009. Since, then I've enjoyed being more. Of an individual, contributor focused, on community, engagement and reinvestment. Efforts and. My. Name is Sheila Faragher. And I'm the assistant manager at, Harbor 1mu, I've. Been in banking for 11. Years and, seven. And a half years I've been. With. Everyone you and the. Community. Education efforts. That. We've had. So. To tell you a little bit about Harbour, one banks background, we, were actually established, as Brockton, credit union in, Massachusetts. In 1917. So we recently, celebrated. Our 100th, anniversary. Where. Over two-and-a-half billion in assets we, converted, to a community, bank in 2013. And. You. Know although our name and our Charter has changed, over these past hundred, years the. Three pillars by which we operate have. Stayed consistent. We, focus on providing, exceptional customer service, we, are community driven and we, operate with. Our integrity, without compromise. As. Other large community, banks we offer all. Of the products and services you can think. Of from. Personal to small, business commercial, and municipal. We. Have. Been committed to the growth and success of our communities, and that's. Why we launched what we call harbor 1u which. The U does stand for University. Although we don't spell it out but, we've been providing, a range of educational, services to help individuals, and businesses, aspire. And achieve, quite. A bit we, pepper. From providing, small business training, since. 2010. In a formal, environment at two of our locations, in Mansfield, and Brockton. On. The. Next slide you're going to see. A snapshot of, southeastern. Massachusetts. This, colored portion of the map depicts. Our CRA. Assessment area, it, consists, of 49, cities, and towns which, has, 213.
Census, Tracts the census. Tracts are highlighted. And those that are yellowing, goals represent. The low and moderate-income, geographies. While. The green and, the blue. Illustrates. Us the upper and. Middle income. Census. Tracks, the. Education. Program my colleague, Sheila will detail serve, this entire, assessment, area and Beyond at. Harvard one you over, the past ten, years we've, actually served, folks from 300 different zip codes at our, classroom. Locations, if. With that I'm going to turn it over to Sheila to further describe, our. Education. Program okay. Thank You moe. So, as moment--and. Harbor. One recognizes. That knowledge, is key is a. Key factor in driving success which. Is why they established, Harbor, one.you which. Is known, as, one. Of the country's first centers, devoted, to financial, education, like. In Career Management Services. And, small business assistance. So, as she mentioned as well we've been teaching small business classes at, Harbor one use since January, of 2010. In. February, of 2015. However, one was, approached, by. The. FDIC. In. Developing. Three. Of their newest. MSSP. Modules. Which. Were. Is, owning a small business dis. Owning a small business a good fit for you planning, for a healthy business and managing, cash flow. They. Were looking, to attract. Low. And moderate income and minority business. Owners to attend these classes and, at, our location, in Brockton. We. Were able to to. Help them. Fulfill. That by. You. Know marketing. Towards. The business owners in that market because there are a number of, low. To moderate income census. Tracts in that area. And. So then, we used this, the MSSD, modules. To create our own program, which we call the. That's for small business. Okay. So this is a copy. Of our brochure. And. Then just, kind of give the background of, you. Know however one and however one you why. We develop the program you. Know in an effort to support economic, growth in, the communities, that we serve and, we have. The. Core, classes we. Okay. Yep so the, so. Average we we, developed, the program. Was. To support economic growth in the communities, and to provide assistance, to the small business owners and also to increase small. Business lending. We've. Redesigned, the, program. A few times to meet the needs of the business owners, and currently. We offer. Two. Modules. Or. Two, formats. One. Is an. Accelerated, program which we offer in. Two evenings, from. 5:30, to 8:30, where. We cover the. Five modules or, what would you also offer it in a bootcamp which is a one-day, a. One-day. Where. We could kind of cover, the, material, as well so when. We started offering the boot camps they were very popular. But. Then there we, recognized. That you, know there are many people that couldn't take that day off from work so. We decided, to break it down and have. Break. It down into evenings, rather, than. Having. Them or having, them done individually which, was how. We started out offering. It. But. We found that these these, two methods really work best for us, so. Once they've completed either, the boot camp or the, tube the. Two easy, program, the, graduates, are eligible for a $5,000. Business. Line of credit. That. Can increase after a year, of. Being. In good standing, that that, line of credit could increase, to, ten thousand, dollars and. The. They, do have, to. There. Is a credit. Approval. Involved. In that we do have online registration. But. Walk-ins, are welcome. Okay. So the goal you know initially the goal was to increase the, small business loans for CRA, consideration. We. Shared, the. MSSP. Modules. With our risk Department, and they, decided, which, modules, would be a requirement. For. Those to apply for the business line of credit. We. Initially. Started out with six core sessions, which were a requirement. For the line of credit and. You. Know we say we're flexible. We wanted to be flexible, and innovative and, so on the brochure we have the loans are subject to credit approval, flexible. And innovation, innovative, credit, underwriting parameters. Are considered, so, in. Order to the. Applicant. Has to have at least a 600. Credit. Score. So. Which. We believe, to be fairly. You. Know it's a pretty low credit. Score so you know we're we're. Certainly. Working with. You. Know individuals. You. Know that that needs some help. And. So. So. Initially, we started, out we as I said we had the six individual, classes, it took a long time for, people to actually complete, the whole program they they, might take like three or four and, to, get them to complete. The program took, some time so we, had, decided.
You. Know we opted. We opted to. Yep. So we opted to do the boot camp. So. The bank employees and, outside industry, experts, taught the class, we. Provide the presentation. The slides and. The workbooks, and. As. We mentioned before pre-registration. Is. Requested. But walk-ins. Are. Allowed and so all of this is done in a classroom setting. And. We don't we. Don't have online at this time. Okay. So then so what kind of makes our program. A little bit unique is that we hired a. Paid. Instructor. So. We found that with the, employees, and. Industry. Experts that. It. Was a lot. Of times it was there was inconsistency in. What was being delivered. And. So. We. Hired someone that we knew she had a background in, at the mass Small Business Development Center, and was also a, trainer, she, taught a lot of our social. Media classes, had, a great rapport, with. Our. Attendees. So, we asked, her if she if she would she look to looked at all the modules and, then she kind of developed her own, materials. We. Provide, a. Workbook. And then, as well as a flash drives that have all the original MSSD. Modules. On it she. Also created some spreadsheets, that. We also add to that flash drive so, that you know when they're creating, that the business plan are they're going, over their financials. That they can actually, plug it right into the spreadsheet. In. The Excel format. Okay. So some, of our key metrics. So. We've started this in 2015. So, what's, you, know through, 18, we've had. 50. Individual. Sessions, we've, had six boot camps, and for. Accelerated. To evening session. We've had, 418. Participants. That have had taken at least one class and we've. Had 200, graduates of. That. We've. Had 20. Approvals. For the business line of credit and of. Those, 25. Have actually, increased to, the 10,000. We've. Gained. Four, brand-new however, one customers, from. Those that have attended and 15. New business. Checking. Accounts, and then in addition to the lines of credit we've also. Done four, additional. Small business loans. So, just, as the. The. Other group we do have our certificate, upon. Completion of the program, the. We have a VP of business development that, follows up with all of the graduates, we. Just recently added, a wrap. Up session which, we actually just had it Monday night. That. We've invited past.
Graduates, To come and. For. A session with Trisha, white who's our instructor, and she, just. Kinda goes over all the different things that they need to. Do. In, order to apply, for the business line of credit and. Typically. The people fall into one, of three categories really. Either, interested but. Not ready to apply them and that line of credit they may have some credit issues. Which. Our business, development officer will, kind, of coach. Them through trying. To help. Them increase their credit score. Those. That are interested, and. That are ready to apply and then there's just a lot of people that come, to the class just for the, knowledge they're just looking to learn not. Necessarily. Looking for that business. Line of credit so, here's a picture of. You. Know a number of our graduates, a couple, of our different locations. And. As, you can see the. So, the final advice is. To yeah. I was just going to say that Trisha white is the kind, of the. Woman. She's our instructor, and she's the. Common. Denominator, and all those pictures kind of as a short blonde here. So. Our final advice, would. Just be to you, know adjust constantly. You know do what works for you, you. Know, feel, free to make changes, to the program you, know we are constantly. Adjusting. And, just in doing kind of what works for us as. We mentioned there is a credit. Approval. Required. We. Try, to. And. As, I mentioned we have the wrap up class it just as a way to try to increase the, loan applications. And when. We first. Started. This we, you. Know after every kind of graduation there would always be a number of people that would. Apply for the line of credit and then recently, we. Just we have and, we don't necessarily. Know, why but a lot of people haven't been applying so. You. Know we just kind of wanted to to, boost that. Again. And then just to say that the MSSD. Curriculum. Is a great. Tool to, utilize. To. Your benefit. And. Anybody. Have any questions. Certainly. We do have questions lined. Up and thank you again for such a great presentation I do want to quote some, comments that we're getting into Q&A. Presenters. May participants. Feel that both of the banks are doing an outstanding work. In terms of our outreach so, I just wanted to share that with our presenters already. In the we have one question we're. Not going to have time to address all of the questions we're getting better we're, going to try to get us through, as many we, have one please. Read, it can, you tell us what you do if as, applicant. Has a credit score of less than six hundred. Our. Vice. President, of business. Development works. With each of the graduates that want to apply for, you loan and, if they, do have a credit score under, 600, he works with them to recognize. What's probably, driving, that if it's been unpaid, bill, if, it's serious, delinquency and, puts together a plan with them that they can work. Over a number of months to, rectify. That and then, we keep keep, sometimes. People were working with them for nine months to a year other. People it may just take a few months and they're able to get above the six hundred. Thank. You we have another question, is the line of credit secured, any default. So far and how, have you recruited. For, the seminars. So. The line of credit is not secured. So. It is an. Unsecured, line of credit we have not had any defaults, thus far and how. We recruit is we. Use social media we use electronic, methods. We don't do any paid advertising some. Of its word-of-mouth but we do have. Relationships. With the math Small Business Development Center and, other similar. Community, outreach. Programs, and chambers of commerce that, we, take, our information and, send it out to interested.
Businesses. Lots. Of questions, is one more we have another one what are the credit terms for the 5k loan. With. A line of credit I believe. Okay. The. Credit, terms I'm not, sure, exactly, what. They're looking for and in the response. But. It's a typical for our bank a. Line. Of credit to have, it you. Know it have to have at least a minimum 600 credit score, they're, able to draw, on the line throughout. The year if they want it to increase to the ten thousand after one year they, have to pay off the five thousand, line. For at least 30 days and, then. Apply to see if they are able. To sustain, a, ten. Thousand dollar line. Thank. You and I received another. So, they're. Asking how, can a blanket it started if interested in establishing an MSSP program so, I want to take one part of that question and I want to turn it back to the two presenters because. The first thing a bank needs to do to get it started is simply, download, the materials, which we shared the website. Earlier, where you can download all, not, just one part for small business that all modules to, assess, what are the modules are going to work for your community, and another. Suggested. Approach is that you also consider. Working with your local SBA, district. Office and the. SBA. Technical, assistance partners, that usually include the small business development centers. And women's, business centers that, Nathaniel, mentioned. Earlier, and. Also. Contact. Your community affairs staff locally, as Tim, started. And the. Program. She explained. That the information. The contact, information for all of the community affairs officers. Is available. In our website so you go, to WWE. Fdic.gov. Forward. Slash Community. Affairs and, you will find a hyperlink, to the, community. Service specialist, everywhere, you everywher, you, are and they can help organizations. Join, the MoneySmart alliance, in order to receive technical assistance, so, and then I want to turn it back a foot in the last two, minutes we have left, so. I'm gonna ask each one to use one minute to just say how did you get it started. Thank. You. First. First, law read about a facility bank. Everything. Started, because I found, out through. Internet, in. The FDIC. Page the, MoneySmart. Link. And I went into it and I, found out all the information. All the different, programs and curriculums, and I. Realized. That because it comes in different languages, we, can reach out different, areas in the community and different. Audiences. So. Definitely. And then of course we have a meal in the community that we are addressing and this, the. MSS, be present, excellent. Tool. To reach out and share it. Thank. You, however. One. At. Harbor one we were using. The, MoneySmart. For. Individuals. Program, I'm. Not, sure what the proper term is but and, we actually, for the last ten years have had when. People went. Through the MoneySmart program. Five. Different modules we would give them a five hundred dollar line of credit this is personal, and then it become a thousand, dollars after a year of handling, it well and it was often used for people that were new to credit or needed to repair their credit so. When we became a bank and subject, to CRA, relative. To small, business lending we, were looking for ways in which we could you, know meet our CRA, obligation. Since we were new to a. Lot of lot, of that coming from being a credit union to a bank and so, we looked at the program we already had in place and, recognized, there was an opportunity to do something similar but using the MoneySmart for, small business, curriculum, and, the numbers needed to have more zeros, on for it to be impactful, for a small business so that's why we did 5,000, to 10,000. Thank.
You So much for those answers and I had opened the poll a, few, seconds ago I hope that you, can. Provide your instant, feedback while, we, close. Out I want. To thank once, again to, a Frank Rodriguez. And Barbara Melvin from first Florida, integrity, bank and more. Wilkinson, and Sheila Berger, from harbor one bank they, were all very generous, to share their contact, information with, you so if you are interested in learning more about their programs, I understand, you, could be reaching to them or you can be reaching to me and, in. The lasas. Life or today you have, my contact. Information, and. We. Are, looking forward to hearing. More success. Stories, from, other. Organizations. Using money smart for small business, and to, your participation, in our upcoming. Town. Hall in quarter. Three please. Take. A look at our. Website. And we. Would be, modernizing. Or much more for a small business website, in the next few months and, there's. One page with conferences. And events where, you can easily identify other, money's marked events. Thank, you so much and operator, you can end this course. Thank. You very much and thank you everyone for your participation as, you, know the conference is concluded, you may disconnect, at this time.