Money Smart for Small Business Town Hall 2018 q1

Money Smart for Small Business Town Hall   2018 q1

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Welcome. And thank you for standing by this call is being recorded if, you have any objections you may disconnect at, this time participants. On a listen-only mode for the duration of today's call like, coming over to miss Leslie Evans ma'am you may begin. Thank. You welcome. To the first MoneySmart. For small business town hall meeting of 2018. I am, again, lefty by 11 the, community affairs section chief at the Federal Deposit Insurance Corporation, I, am, based in Washington, DC and I oversee, the community affairs, staff nationwide. Our. Community, affairs managers, and specialists, work with some money smart alliance, members in each state, in their. Planning, and implementation, of, our money smart programs, like. Money, smart for small business which we also call MSS, B as, you. Will learn today from, the. Two bank presentations. It takes, multiple. Partnerships. And collaborations, to develop a successful program, if. You're not already a, Money Smart Alliance, member we. Hope that you will decide to join after today's presentation. So. We, know we have several hundred participants. In. The meeting today or they will be calling in hopefully. Shortly, from, all over the country. We. Thank you for taking the time to learn about this valuable, resource that. Can help banks and other small business, development organizations. Engage. With and support, small businesses, and we hope ultimately, provide, access to credit for small businesses, money. Smart for small businesses 13, topics, on how to start and manage a business what. Developed us is aspiring, an, existing, entrepreneurs, with, specific. Information along. The number of critical, skills that can help them succeed. This. Town Hall is intended. For intermediary. Organizations. Such as financial, institutions, and, nonprofits. Working, with entrepreneurs. So. Today. We, are happy, to feature two, financial. Institutions cafe. Bank headquartered. In California and, Liberty, Bank HEC in Connecticut. Both. Things are running very successful. Money smart for small business programs, and see, financial, education, is an important, part of their mission and, an, element of success, for their small business, customers. So. First, I'd like to introduce to, you Pam. De. Lakeisha. Tisch. Associate. Vice president and community, outreach officer, at Liberty, Bank, Pam. Is a big, financial education, champion, in her community her experience. Working with money smart program spans over 15, years and, it, goes beyond, her work at Liberty, Bank we. Thank her for participating, and we'll hear from Pam shortly. So. We're also hear from cafe banks, senior. Vice president, and director of Community Development Esther. We so. This is a special, week for Esther, and we, like to just take a moment to acknowledge her, she doesn't know about this so Esther. Embrace. Money smart for small business, from this extension and develop, relationships, with local nonprofits to, develop workshops utilizing. The curriculum, she. Personally, translated. And delivered money smart training in Chinese and Bank, staff, have developed, develop, delivered, I'm sorry workshops, utilizing. It to, reach Chinese, speaking small businesses, she's. Recently implemented. The program in Spanish, she, and her staff are active, participants, in the FDIC. Los Angeles, Alliance, for economic, inclusion where. Esther and her staff are active participants, in outreach to, reach lower-income communities and, small business owners for the range of tools and resources, so. Esther is retiring, tomorrow, and. We, want to we will really miss her and but we wanted to let, her know how much we appreciate the. Terrific. Foundation, she's built a cafe bank to, maintain, and further the bank's involvement, in community development, and economic, inclusion activities. So. Again I want to thank Pam, and, and Esther, for you both participating. Today. So. FDIC. Also has a great partnership with the United. States Small, Business Administration. And as new you know mfsb. Is, co-branded. With sba. We. Have Donald, Smith here, he's director of FDA's office of entrepreneurial, education. Joining. Us today. To welcome, all of you and to share information about, how banks play a particularly, important, role in disseminating, financial, education, tools so. Donald, please. Tell us about SBA's banking, relationships. In your work or thanks. So much Alessi for that warm, introduction, the. SBA and FDIC. Partners, to develop the MoneySmart of small business curriculum because. We both understand, that being financially capable goes.

Hand-in-hand With being, an entrepreneur, to. Be successful. Entrepreneurs. Must be driven have. Vision, and the, ability to persevere, but. Also most important, they must they, must also be credit, ready being. Credit ready means having a full understanding, of the body's. Character. Capacity. Collateral. Capital. And condition. This. Is even more important, for those organizations, that, work, with entrepreneurs, and distressed communities where. The issue is not only about being credit. Ready it's about, being bankable, that's, why Money Smart is so important, it, provides, a sound foundation but, nascent, and startup, entrepreneurs, to, understand, how to start a business but to do so in a financially, responsible manner. Across. The country entrepreneurs. Want, to realize their visions and in, the same time create, revenue, and generate, jobs, that, serve, as the basis for the American, economy, doing. So they have to have access to capital. Banks. Do a fabulous job of working with entrepreneurs as. The, SBA has two loan programs, the, eight a loan program and the 504, loan program, to, help entrepreneurs, go. To scale and realize, their vision however. The. Same issues. Must, be addressed. They. Must be credit ready it must, be bankable, so, that they can access the, keys to, their American, Dream. Additionally. SBA. Here to help through that process we. Have resource partners, in every state and territory of, the country that. We use to build the capacity of entrepreneurs. Score. Small, business development centers. And women, business centers are. Here to help you not, only become, a successful, entrepreneur but. Access, capital, so. I'm excited, to hear about to, hear the presentations. From, the banks today and thanks, so much for being valued, partners, with the Small Business Administration. Thanks. Donald. So. Now I'll turn it over to Paula G is Paula is the FDIC, senior, community affairs specialist, based here in Washington DC that leads our small business, efforts, Allah. Thank, you Thank You Donald, Thank. You Lizzy and Darnell, golden, I am, Paula Dias the national point of contact, us for money smart for small business in. My role I support, our community affairs specialist, nationwide, to, assist organizations. That are using or considering, MSSP and I work on development our product, in collaboration, with the SBA. Again. Welcome. And thanks for investing this time to understand, how MSSP. Might be beneficial for your organization. As. Our two guest speakers are about to join our virtual, podium, and go, over some three health keeping items first. An important, disclaimers, reference. To any specific, organization. Does not constitute an endorsement a, recommendation, or, favoring, by the FDIC, orders, United, States government. Second. In your screen or slide for you, have a model of our webinar, platform on. The left hand side you, should view this lives and on the right hand side you should view various, functions. Participants. Can communicate, by using the chat feature Mac's, within number three and ask, questions, to the panelists. As they come to mind or during, the designated time. With. A Q&A feature, number, four. When. You send the chat or Q&A functions. Please, view the window number seven, to, type your questions and, make sure you hit send number. Eight if. At some point you lose these lights look for a green and blue circle. Icon number, one in your taskbar or reopen, the webinar link we. Will conduct a poll for. Instant, feedback at the end of today's event the, polling questions, will pop up on the right hand side of your screen mark. This number nine, please. Click the chat function when I finish my remarks to ensure that it is working so I'd love to see some - hello. If. You're having technical difficulties. To join the webinar platform please, contact John Gustafson. Her. Email is on the slide number, two but. Also check your email because Rex which registrants. Receive this light prior to the event if, you did not receive that email simply, go to the event website and, go to the tab event, presentation. To download this life we. Will be referencing, this light numbers, from time to time. This. And other MSSD, townhall webinars, are recorded. It. Takes just a couple of minutes to join the MoneySmart alliance by completing, an online forum. The. MSS we train the trainer curriculum. Allows you to host training for instructors, anytime, but, you can request FDIC's, help to plan a train-the-trainer event. As long, as you are a Money Smart Alliance, member. Our. Credit, and banking module update even the way if. You are in DC, Maryland, or, Virginia in, the Virginia area you.

Even. If you're interested, in attending a pilot event on April, 6th and 7th please email me if you are interested my. Contact, information, is in the last slide. Anyone. Can download MSSD, modules, and flyers in english and spanish for, free at the FDIC catalog. Information. About, MSSP, Town Hall's link. To sign up to the mana Smart Alliance and download the curricula, is in the MoneySmart webpage. Www.h. D i see that, go forward, slash one is marked under the. Moon is my first small business section. We. Will address questions received. During the registration process, at, the to designated, question and answer segment our. Participants. Can contact panelists, at any time during this webinar please. Be reminded that all participant. Lines are muted, our. Gift the speakers will introduce themselves and, their organizations, followed by a description of how to use mfsb, we. Will pause at the end of each presentation to, take your questions. First. We. Will hear from expert we from cafe bank Esther. Esther thanks, again for working on this presentation, just a day before your retirement, congratulations. Again and please, share your experience, with us again Thank. You Paula and Thank You Leslie. Kathy. Bank has a fifteen billion dollar bank we. Were founded in Los Angeles in 1962. Today. We have a presence, in nine states and three overseas, locations. So. I'm Esther we and I. Very, much appreciate the opportunity to share that experience using, money smart to help small business owners, I've. Been in banking for, 40 years and my. Bank experience, spends a wide spectrum from, lending to marketing, and CRA for. The past six years I've managed CRA at cafe Bank and we have been providing, small business development training. Since. 2013, we, have an annual ritual of, teaching MSS, mean Chinese in English and since. Last year in Spanish, together, with our community partners, to. Teach in Chinese we, translated the MSSP powerpoints, into Chinese together together, with Kanna town service center. How. Can you help me move this like I'm having difficulty, moving them. Sure. Thank. You. We. Are you do about cafe bank, yeah I'm not I'm not there on my once like this why I'm sorry I don't. Know what the problem is that okay. Anyway, um. Kathy. Banks mission statement, is an open door for all with. Multiple, programs, of low, and moderate income individuals and, businesses, for. Example smart. Business loans for micro, enterprises. Community. Homebuyers loan for first-time, homebuyers earning less than hundred twenty fifteen ami, community. Checking account just ten dollars over the account and no. Minimum balance or, monthly fees for. National education is, a prerequisite, for the last two programs, we. Serve all in the community, our MSSP. Target, population. Present. Or aspiring small business owners, and, 2018. Is all six year of conducting, MSSP, workshops. The. Kathy Bank foundation was founded in 2002. And if missions enhance, the growth and success of communities. In which the bank serves the. Foundation, provides grants primarily, in four areas. Affordable. Housing, programs. To preserve rehabilitate. And construct fordable housing in low and moderate income areas, and, provide home by counseling, community. Economic. Development programs. Or support small business development, commercial. Revitalization job. Creation, and life skills like, work entry programs. Education. Programs assist. LMI, youth to excel in school and prepare. For higher education. Financial. Literacy programs, for using adults, mentoring. Programs, write reviews and health. And welfare programs, to.

Benefit Homeless and abused women and children health. Preservation, and education mental. Health services. Our. Annual, MSSP, workshops, cover all thirteen modules, since. 2013. We've been conducting one Chinese, and one English workshops every year in Los Angeles and as. I, mentioned earlier at a Spanish workshop, in 2017. These. Workshops, are conducted from, 9 a.m. to, 3 p.m. over, two consecutive Saturdays. And the, average number of our attendees, for English, sessions, is 24. Chinese 50. We, also conduct, specialized, sessions, teaching one or two modules these. Are hardly session, from, 9:00 a.m. to 1:00 p.m. and, in, 2017. Alone we conducted, an aggregate, 11. Complete workshops and half-day sessions. The. MSSP, workshop, provides, a business management 101. Community. Partners provide follow-up one-on-one, counseling. On-site. Classroom, style as a provides. Networking, opportunities. As well, as a chance to ask questions of and discusses, presenters. Attendees. Invited. To introduce themselves upfront and share, their backgrounds, as well. As what they hope to get out of the workshop, the. Banks small business loan options are presented to, educate. As well as provide financing, options for micro enterprises. We. Provide small gifts to encourage questions, and participation, and that, has been very well received. Pre-registration. Through. Community partners requires, the $20, fee for Saturday workshops, they're all paid to the Community Partner and this, is the discourage no-shows, and commitment. From the participants, and also for easy, follow-up, posts or workshop. We've. Had the privilege of working with these amazing community, partners, Asian. Pacific Islander small business program, Chinatown. Service center operation. Bold pays. Los. Angeles LDC. Bethel. LA CDC, and this, year we will add Pacific, coast regional. Cafe. Bank holds the full day workshops, and provides, breakfast, and lunch the. Community partners assist with registration, and follow-up, counseling. Bank. Volunteers. And community partners, share, in teaching the modules and subject. Matter experts CPA. And insurance, invited. To teach - I. Was. Asked how much we've invested in MSS B we. Also provide, grants for the teaching of mfb excluding. The grants we spend about 3,000, to 5,000 each year on, MSSP. Workshops, and sessions, small. Investment, that helps a good number of small business owners or people interested in starting, businesses. Some. Statistics, resulting, from our msfv, workshops, and community partner chinatown service center and can.

Attend Service center follows over there they. Their clients and their students about six twelve months post em SSB and this. Chart shows the number of new businesses and new jobs, created in, each of the past four years and also. The number of business plans Chinatown. Service center helped to produce and the, number of loans provided. And. The. Next slide as. The. Samples. Of our MSP collateral, materials, the, one on the left is the flyer for our upcoming Chinese. MSS new book shop with, Chinatown, service center they'll be held in April and the. One on the right is the flyer for our workshop held in collaboration, of page and the, city of El Montay last year. And. In. The next I whether, well but did I change or add to the MSSP curriculum, mostly we use edges, but, we highlighted, and, brought, the home the point to. Life with. Personal, experiences, and stories. What. Does look best for our audience, I think. It's the ability to ask questions of and discuss with bankers, and subject. Matter experts, and, they. Actually stay back and spend, more time with us even after, the sessions ended and what. Do we need to do to be ready to deliver MSS, be work. Closely with community. Partners plan. And prepare. Well-trained. Bank volunteers, and how to present well and effectively and, use. The MSS be instructed, guide the. Help of volunteers to present to prepare appropriately. For the class and. What. Happens out of the training we do not hold graduation, ceremonies. Participant. Follow-up is undertaken, by our community partners, and, form. Of petitions you heard that the, feedback is that the MSSP, workshops, are very helpful and many work with our community partners post workshop to. Develop business plans or, take more advanced business, management training and, for. The future, kappa, bang we hope to continue presenting, MSSP, workshops, with our community, partners we would, not have been able to do these workshops without, the support of in collaboration, from our community partners, the. Full-day workshop is quite an undertaking but. We look for every year to put it on these bookshelves because, they really do help and benefit small business owners and those, who want to start their own businesses. We. Have one attendee of English workshop last year who, told us you found the MSSP, which are so useful, he, brought us mother back to attend of Spanish workshops, and I, must thank our community partners because they've been wonderful to work with. Final. Advice. What. Works MSSP, is a good introduction to basic business management it. Provides a comprehensive, overview, of business. Management with adequate, details, it also. Provides, very, useful, in structured, participant, guides, no. Other comparable, programme we can depend on our. Local. FDIC, office has been very very. Supportive they, spearheaded, the launch of MSSP in 2012. And always ready to help and, inside, the FDIC, also responsible, for Hispanic, programs the, Iranian is job them but he came down to support us when we held our first MSSP.

Workshop, So we really appreciated that and what. Did not work nothing. In particular the, program is well crafted and from. Time to time, the. Presentation, flowed better with, slight modifications so. We would just you, know do that kind of a word with you that the need to come up as we make the presentation. Success. Story the. Owner of the small bakery, attended Chinese MSS B and a full of training with Chinatown, service centre it, was new this country, at, first he didn't know English he, went through a lot but he attended MSS B and then also training. With Chinatown service centre and he. Managed to buy a bakery, so we provided him with a 40,000, line of credit to help grow his business and. I'm pleased to report it it can just continue, to do well in his business and. Finally. I'd like to introduce nan. Kerswell. The. Last light is Fowler. Okay. No. Norm. Is going to succeed and. Take over is the area cafe Bank known as MVP, identify, officer, Nam. Is very experienced, in CRA and some of you may remember him because he was an FBI CFO at one point in time too so I'm pleased to introduce norm, and Norman. I'll be happy to take any questions you may have of us. Hello. My. Wife is not represent, today so we'll. Do the best we can. Thank. You very much for joining us, and you. Have a big task to follow, ahead SS, legacy. Thank. You for being with us today so. I I. Believe, that we have a couple of questions from the audience so. I'm, going to ask. My. Colleague to read, the question. Can. You provide the following data, on small, business, clients who have participated in the MoneySmart program. Ethnicity. Age and. Are, they low and moderate-income. What. Are the improvements in their business after following the program. So. Of course you don't have to be precise but the. Question, we got, for us there yes. Definitely. Yes. Because. It will be all committee, partners, we know that most of them are low. And moderate-income, in. Terms of ethnicity, of, course, the Chinese session, many, speak Chinese, but, we have English sessions, we, have a full spectrum we, have participants, who originate from Malaysia. Korea. The, Philippines, and. Other parts of Southeast Asia and, also. Many. As I say given that is Hispanic, speaking. Attendees. So we have ready a full spectrum, because, we invite, the. Invitation sounds at all in the community so we would love to see more modules come from them the, full spectrum of the of the community so to speak and so far this day we've actually had very diverse. Attendees. Have. Another thought you move your meter. We. Have another question and you read the question. Number 2 John. Yes, can, we develop a module, that deals, strictly with business, cash cycles, and cash flow. Actually. That. Question, is for the FDIC, so, I I. Will take that one and indeed. We do have one, module in particular, that's called cash flow is one of the newer modules, that were released in the year 2015. And it is available in English and Spanish so you just have to go to the website that was provided, earlier and you, will be able to download it so, we're going to give people a few, more minutes, to think about their questions and they hopefully. We can continue to process them via, the Q&A function, and, we're. Going to welcome Liberty, Bank. So. That they can share about their, experience, with us Pam. Please. You're, ready - we're. Ready for you ok. Good. Afternoon. Thank. You powered up for giving Liberty Bank the opportunity, to talk on how we use the money smart for small business curriculum my. Name is Pam day's Luca cash and I am the community outreach off, start Liberty Bank I started. Using the money smart program, when it was first introduced, and have had great success I. Am. Also here today with. Glen Davis the CRA officer, a manager of Community Development for, Liberty Bank he, also has done extensive, outreach in, the community and, with the program. Established. In 1825. Liberty, Bank is Connecticut's, oldest mutual savings banks with, more than 4.7. Billion in assets and 55, banking, offices throughout. The state. Of Connecticut. As. A full-service, financial, institutions. Liberty, offers consumer, commercial. Banking. Home mortgages, insurance. And investment, services. With. About six hundred and fifty enthusiastic. Employees, Liberty. Was named as a top workplace, by The Hartford Courant for six, it appears, Liberty. Maintains, a long-standing, commitment to superior, personal, service and unparalleled. Community. Involvement, for. Us it's very important. To serve the needs of our entire community including. The low and moderate-income communities and, businesses, in our assessment, area, our. Mission, is to build lasting.

Relationships And enrich financial, futures our bank. Is also as SBA, top, lender. Two. Ways Liberty Bank delivered, this community, outreach and development is through our Community, Development, Department of, four people and our. Foundation. The. Liberty foundation recently. Celebrated its, 20th, anniversary and, has donated over eleven, point two million dollars in. Those twenty years along. With countless hours of, volunteerism, and. Supporting. Nonprofits, the. Foundation, Board realized, that they could not give to everyone in need so, felt by having a focus, they would make a stronger impact, their. Funding priorities, are education. Affordable. Housing, and nonprofit. Capacity building. With. The foundation, vision, to, speak it's easy to see that, people of all economic levels deserve. To achieve their goals and realize, their potential it is, clear to see that the foundation, is a great partner, with the community development team. Our. Bank has formed a multi-layer, strategy. To teach financial. Education. That does not only include money, smart for small, business, we, utilize, the phone money smart suite and, complemented. With materials, from other agencies, and online, resources, that are available on, the banks website, as well. As our partnership, with organizations, that help strengthen the financial, education, we provide our. Agency. Partners assist. Us with credit counseling and, other follow-up, services, that help our customers, achieve, financial, success FAFSA. The. Bank also has a rigorous, online, banking, platform. Our personal, and business, customers to, manage their money and achieve their financial financial, goals, more. Easily to help, our young adults, get ready for the real world we hope credit their life reality fairs, across the state and go into many of the local high schools and teach the MoneySmart program. To. Assist our small businesses, and help them get off to a good start, Liberty. Bank has created, the academy, for small business, I am, going to try to open to Glen to explain, how we use our money smart for small business Thank. You Diamond good good afternoon sold on the line participating. In this webinar. Liberty. Bank began using, the money smart for small business curriculum about, three years ago we've. Trained our staff to, deliver the money smart small, business modules, but we're also transitioning. To. Partner with local small, business development organizations. And to other experts. In the community, to, teach those classes and to teach bank staff, in. Doing, more efficient, uses, of the curriculum, in. 2016. We developed, and launched. The academy for small business, program. And we launched that in three markets, within our assessment. Area we. Launched that with. $400,000. Allocation. And the. Core. Of the teaching platform was, the MoneySmart for small business curriculum, through. That relationship. And through that program we have 29 imaginations. Now explain more that as we go in to the program a little deeper but. The academy for small businesses, attending, a comprehensive. Training program that. Provides instruction. And guidance from operating a small business, the. Curriculum, the. Program essentially. Provides, orientation. Terms with giving entrepreneurs. Ready. For the. 10-week experience, and it was really mandatory. That they attend each class the, carrot. For us at the end of the class was. That they would receive and they would qualify for a, five, thousand, dollar line of credit, one, of them's that Liberty bid and developing. Academy for small business. Programs. We took credit. Completely. Off the table so that individuals. Participants. Did not have to have a particular, credit score to. Participate, in the program or to qualify, for the line of credit we, have some other qualifying. Criteria that, we use but. Since we want this program to be to. See micro. Businesses, and, provide that capital. Some. Of the qualifying. Criteria, we're. Looking at startups. To three years in businesses. And. Some. Of the other qualifying. Criterias that you had to be in good sending your local, state and federal taxes. Is. Required, that individuals, would complete the entire 10-week. Program. And. Then you also, had to open up a liberty bank deposit, account and, we use that as a as, an important, feature one. So that famous. Will be automatically, debited, from that account but. Also, someone. That could qualify for a, deposit, account also, meant, that they were, in good standing, with the financial, institutions, in our community. And. We need some of the SBA qualifying. Criteria around criminal. Activity, so, for the past six months someone, could not have been, subject. To any criminal activity, and caneta, filed bankruptcy for, the past five, years. The. Academy schedule that we use at.

The Class schedules, two days a week. Two. Hours a day per, class and for five weeks. We. Start the program and launched, it in three markets, within our assessment, area and we broaden, that so we and 2017. We had six. Classes, within our such an area and for. 2018. We're trying to have additional classes. And with. Each iteration we're, just, tweaking the program and changing. It, some. Of the program highlights, is that. As, I said we had three classes in 20. 2016. 6. Classes in 2017. Of. That we've. Originated. 119. Loans. With. An average class size of, 17, people. What's. Really unique about this program is that the, catalysts, were really creating, this Academy. For small business was, one we identified, a need in our community, for. Micro businesses, a micro. Business lending, and that, really kind, of spurred us into developing, something that really could be utilized. That people. To. Take advantage of them what I think that we realize is that credit was an impediment, to many of these micro, businesses, from getting seed capital to launch their businesses. Secondarily. And most importantly, I guess was the fact that this. Program really just, fit into our CRA, platform, in terms of what we wanted to to, offer, for. Our CRA. Complement. ICRA program, and I'm, pleased, to say that we just recently completed our. 2017. Of. FDIC. CRA, a exam. Which. We probably. Say we received an outstanding but. One of the things that was important, about that is that in the. Lending. Section the, examiners, did cite, this program, the Academy for small business for its innovation, and creativity. This. Is a comprehensive program and, you, know in doing that we don't just rely on, Liberty. Bankers, but we, partner. With score, to provide much, of the class instruction, on. Local, ciggy CDFI. With the screamy Economic Development Fund. They. Partner, with us to to, not only provide, some instruction but, also to. The extent that they can provide counseling. Posts. Loan closing, they're, available as well. As with the Norwich Community, Development, Corporation. And then, we use the FBI to the FPPC to, help fund in. That front but help support, other. Local, program. I'll. Turn back to Dan. Stay. In line with Liberty's mission, of building lasting, relationships and. Enriching, financial, futures, it is, important, for us to continue to assist our small businesses, to achieve their goals, the. Businesses, all have an opportunity, to expand their lines of credit up to ten thousand dollars in the second year by, applying for a small business loan they. Also are encouraged, to build strong relationships with. The Liberty Bridge closest, to their business, our managers. Welcome opportunity to help the business owners, in any way they can the. Community, partners where the classes were held, will. Contact, the business throughout. The year after the class and offer technical, assistance, we. Also want to provide the sports system for the business to. Encourage peer-to-peer networking. So. If a concern issue comes up with a business owner they, have someone to help solve their problem, before it causes damage, to the business, we. Understand, many entrepreneurs, are so busy providing goods, or, services, to their new customers, they, don't have time to research common, business practices, we. Hope to provide them an easy means to help find the answers, and support and the support they are looking for so, their businesses, will thrive, we. Know that success, of the business brings, success to the towns and cities in which they reside which. In turn makes it a better place for all of us an example. Of this is. The. Grounded, Coffee Company. Our. First Academy, Class in, 2016. Was in Willimantic, Connecticut a, couple. Was selling coffee at farmers markets and, other venues and wanted to grow their business, they. Applied to enter. This, Academy, for small business, which. Allowed them to have a means to increase their inventory, and to, help them launch a permanent, storefronts, they. Are now going on two years in their business and thriving they, are located, on Main Street in, a building that was vacant, and used to be an old Victorian meeting, room the. Owners are very happy, to. Partner with Liberty Bank and continue. To look for advice on professional, services, as well, as business, banking I'm. Not sure if any of you are familiar with Willimantic, but, it is a city in eastern Connecticut. Where. Eastern Connecticut University.

Is Located and very, close to UConn. Willimantic. Has, been struggling, with, many, business, closures empty, storefronts, employee buildings, the. Grounded coffee shop, not, only has a personal, success but. It is helped to revitalize the, Sam time by, providing a favorite spot for college, students, and their families, to hang out and encourage them to the, other, businesses, along, Main Street. My. Final advice to you is. To make improvements after, every session there's. Always an opportunity to. Modify the program to meet the needs of your particular audiences. Getting. Their feedback and, the feedback of your community, partners is essential. Partnering. With your FDIC. Community affairs team is also. A huge help we, talked with the Braintree office. Opted. To get their advice and ideas, they. Tell us of other organizations. Successes, and failures which. Helped us to gain knowledge. On what we need to do. Working. With your local SBA, and, score is very helpful to you in your small businesses, a lot of times you need another, expert, in a particular field, whom they are always willing to volunteer, and help we. Encourage you to use money smart for small business as an ongoing program, it's. Great to go out and teach one class, and. It gives people a benefit, but, to continue the classes, and supporting, the businesses, generate. The higher impact on the community, and better returns, for, the bank and all, of those who are using it. Thank. You. Thank. You so much Panem Glenn that was a great presentation, particularly. The success story that both of the banks presented, because at the end of the day, in. That. They say through the story is the whole purpose of the, money's mark for small business curricula, and all of the efforts that you, undertake, in your community partners, so at, this point. They want to open it up again for questions and we. Have a number of questions that we've processed that, we're. Going to read for, both of the speakers and then there's a couple of questions also for, FDIC. So John please help me okay. This. Question do. You have specific, employees, who provide these workshops, and is. There a specific position within, your bank dedicated, to this program, so, I think that question could be for both of the banks. So maybe Esther goes first and, then Pam. Or Liberty, Bank, sure. Yes, at cafe Bank the CRA Department. Is. The owner of this product so to speak this program so we are the ones who spearhead, and organize the program we. Have volunteers, in the bank and they, come from lending, as well as a branch environment. So we, actually also, the opportunities, to all in the in the bank and, we. Have consistent, group who really, like doing it so they come back year after year but, it gives us a view the opportunity. Is open to all in the bank and they will retrain. Them accordingly, and they will conduct, classes you know for those programs, accordingly. Thank. You Esther Pam, or Liberty. Round here yeah. We're very similar our, Community. Development, Department owns. The program as well, we. Have four employees in, the department, that will. Go out and teach the classes but. We also rely heavily on, our community. Partners to teach them in. Throughout the bank we have volunteers. Who, also. Have, been trained to teach different sections, and depending. On what, market the classes, may be held those, branch managers, and, loan. Officers, and people. In those areas, will, like. To get involved too to get to know the low businesses. Will. Have another question going what, is score. Up. What, if Corey is one of their resources, or. Of FBA partner, they receive some. Funding, from SBA hey, Paula I would love to take that on okay. Yes stay here yes. Score, at one time was called the Service Corps retired executives, now, it's just known as score and it's, one of SBA's, oldest Resource Partners they. Provide, free business. Mentoring, to. Entrepreneurs, throughout the business life cycle and they, also provide low-cost, training. They're, more than three hundred score, trap chapters, across, the country and they. Also provide virtual mentoring. I'm feel, free to visit. Wsq. Org. To. Learn more about the organization and.

Can, Connect. To one of SBA's, most, valued, resource, partners. Fantastic. Thank you. Okay. How. Do you advertise the, program, and what, is the best outreach, methods once. Again I think that's for the both of the banks and Liberty. Bank can go first this time okay. Thank. You so. Our advertising, is we, always provide, a press release and the communities, and the markets that we're hosting, the program so we'll do a press, release probably, 30. Days prior, to the start of the program and we'll just continue to run that in local media and, we're, always working, with a local, community partner, on the ground so whether it's a CDFI, or. Some other nonprofit we're. Engaged with, them and we, will prevent to actually do much, of the on-the-ground, marketing. Of getting. The, word out to their respective. Clientele. And then, we also wanted, a branch, network. Thank. You Cafe Bank yes, we, actually work, closely with our community partners to provide, posters, so photos are posted, in the different locations we. Also advertise on our website and some digital marketing, so it's both in print. And also, digitally, that we advertise. Promote the fact that we will be hosting these. MSSP. Workshops, going forward, to it we'll be working with for instance I've city of El Monte and they have they actually blood, so some of these organizations he, blasts the. Fact that these muscles be held in the coming weeks and months so that is also be very helpful but nobody does go out and I, actually one candy told me that at one time a. Council. Member actually, it started and put on his Facebook, I think and that, actually helped to bring attendees, to to the workshop so the more people know about it the better for the, workshop. Thank. You and there's, another question that just popped up and I'm not sure whether this applies took it to Liberty, Bank but it is, to. Ask more information, about the gifts, or incentives, that are provided to, the MSSP, participants. I believe. I heard, a cafe, back talking specifically, about that but if Liberty Bank also provides something similar, please feel, free to answer. The question - after cafe banks thanks oh okay. We. Thought that'd be a good way to keep the audience. Excited. Well you know what we're teaching the day so we actually would ask questions and, then those are answer. With an importantly, will most provide, them with all surprises, so give, items, that useful to them like it can be a mug or could be a um, an. Adapter, for a cell phone all those things like that but instead it keeps the energy level high in the class and the, participant if you welcome the fact that they get they get to go home with little gifts so I think it helps to kind of you know, keep. Up the momentum in the program. Liberty. Do you work. We. Do not offer any specific, gifts are doing, for the participants because they take the class that. It would be probably, naive, for me the things that many of the participants really come to the class well, clearly, they have a legitimate business, need. An appetite, for learning but. Clearly the fact that we offer. The, five thousand, dollar line of credit is, full, I think. Without question of, big impetus why many of these individuals, join. The class and, maintain. A participation. Oh, yeah. That's a little any like, pretty. Much every, participant, gets a line of credit so that's wonderful that's, correct the qualifying, criteria you. Know they get, qualified, or pre-selected. At the, beginning of the class during orientation. So. For the most part if you just. Attend, all ten classes, you. Essentially. Will receive, $5,000.

Line Of credit. Notwithstanding. Your, personal, credit score. Thank. You once, again I want to thank the participants for, the interest, we're getting lots of questions in many of them we won't be able to address but here's, one more one one, more question for Kappa Bank do. You deliver the trainings with bilingual, staff, or English, speaking presenters, who are assisted, by interpreters. We. Provide this bilingual, staff. Okay. Thank you we. Have another question and. Participants. Want to hear just a few more details about, some. Of the community. Partners that could pay Bank is using, I'm, in Liberty I could just. Restate. It I know you had a slide, specifically. Listing, those partners, but I would, ask the both of you to restate it thank you how, you went about also, how you went about selecting. Those partners thank you so. To restate, the partners. Yes. And you, could and also tell us whether, the back have a specific, criteria, to select those partners, thank you the. Purpose of a work with are really, organizations. You know there could be CDF, eyes or DBT disease but they they, are actually they. Actually provide training. Tensor assistance, to small business owners so many of them with both with with come to meet through, the AI platforms. And the like and so, we form friendships and, when, we first start with MoneySmart for instance of, the. Program I first started we, actually both Chinatown, service center because we wanted to be able to be out there delivering delivering. And teaching, MoneySmart, but, we wanted to be sure that there was going to be a good core, attendance at the workshop so we will channel service center because they have really a captive, audience so and that's why we translated, MoneySmart. Into, in Chinese so. On that basis, reishi a very strong attendance each time with Chinatown service center becomes a service center SC, would, host pro training programs for small businesses, simply, Asian Posada small business program does that so all the organizations. That we work with actually, out there helping, small business owners or folks. Who want to study on businesses, so the full gamut with ranges at HP other small business program, Chinatown. Service center, operation. Whole. Los. Angeles LDC, and Bethel, LA CDC. And also this year Pacific Coast Regional because of it Oh through. Our friendship, and working with them in providing services, community, to get to know them and what they do fully for, the small business owners, and as. A Cedillo will it do more and because of the support we provide we're, able to work with them. Excellent. Liberty back. Yes. The process that we use to select many of our community.

Partners It's one. We. Have a, kind. Of a cadre of. Nonprofit. Organizations that. We really, deliver on the, reverse. Side we deliver the financial. MoneySmart. Force was. Money smart for excellence for adults. But, will have financial literacy, or first-time homebuyer, programs, with these organizations, and so, those. Relationships. Were. Kind of a natural, alignment, for us so, we use we utilize that as an extension, and a. More comprehensive, relationship. To. Really look to them to deliver the academy, for small business, and then. Naturally. We used to score and we, have bbc's. Because. Of our relationship, with small, business lending, and it would be sba, we. Also had a, non-profit. CDFI. That we were linked. In either we had CRA. Investments. In some of these PDF eyes and so that was a natural. Take. Off from, that you, know investment, relationships, so that was really fun to be on, a rationale, that we use to sourcing, those relationships. And then, you know primarily those, relationships. That had, great. Credibility. Wouldn't, unity many, of our, non-bank. Lenders. Non-bank. Small business lenders we. Connected, with them and and you, know they. Really were. In line with that because they offer some, post loan technical, assistance, and that was really another component, of, the program. Another. Thing too is a lot of our customers. Are, business, owners CPAs, attorneys. We. Reached out to them to teach some of the classes, and they were really happy to participate, to. Help other businesses. So. That was also a great way, to get them involved with. Great. They're thank, you so much for answering those questions that. You generated, a lot of interest with, your presentations. And I. Do want, to devote, just a couple of minutes to. Get, some instant feedback from. Today's. Participants about. Today's webinar. What they learned whether they're going to be able to use it in the short term and. Also. Hopefully. Gathering, a few ideas for. The. Next town halls in the year so I'm going to open the poll and you, might recall I had indicated that the poll questions. Will appear on your right hand right hand side and. You. Can answer all, the questions at the same time but just putting, your courses in there and I see that a, number. Of participants are already answering, those questions we're, going to keep, the poll open for just a few more seconds and in the meantime I'll take a question that's.

For The FDIC, and please. With the question are, there plans to release virtual. Trainings, for the general public so. Thank you for that question this gives me an opportunity to remind you all once again that, we, have, made available the, MoneySmart for small business, during the training curricula, which, allows you to host. An. Event in any format you wish any time, however. We always encourage, particularly. Organizations. That are MoneySmart. Alliance members to, reach out to us specifically. To me you. Will have my contact, information in, the, slide and. You. Can always. Let. Me know if you need help in organizing one, of these events, and. Depending. Upon our, schedule, we might be able to come to your town and help you co facilitate, an event particularly, if. You. Have at least, 40. To 40 to, 50 attendees. So. Thank. You again I am analyzing. The results of the poll so, it. Seems that a. Lot, of people are. Hopefully. Are inspired, enough that they will be able to implement, some of some, of the ideas they learned today in, the next 1 to 6 months so that's fabulous and. Most. Of them still don't know or have. An answer but if. You question. Questions, remain please, feel. Free to reach, out to me, or also. To the speakers they were so generous to share their. Contact, information in the corresponding is life and they. Have I've, asked them and they've, said yes they are happy to take questions if. If. You're interested, in going, following, up with them after. And the event. Finally. In. The last slide you can find my as I say my contact information, I. Focus. With. With, Nash I focus to assist. National, organizations. But as I said you, can feel free to contact. Me if you have any questions, about the product, and if. You want to identify who you might, be able to work with at the local level, please. Go, to the FDIC that. Go forward, slash communion, fairs website, to find information, about your local contacts, and. I. Am happy to facilitate connections. As well if you write me an email and, for. More information about Manas. March you can go to both the FDIC. And the SBA websites. If, they I see that go up forward slash MoneySmart or Forward. Slash money. Smart, so, with. This I am actually, going to conclude the webinar, by, thanking. Our presenters one. More time and for. All the, hard, word, they put towards putting. Together these excellent, presentations. Today and. Thank. Everyone for their very active participation, throughout this the webinar, and. You. All get one free, minute but. Before. We we, go I just want to ask one more time our. Two. Organizations whether, they, have any final. Thoughts. Thank, You Paula but I just want to thank you again for this opportunity and. I want to say to the. Nonprofit's, Emory out there we have a protocol money a smart micro loan which provides most, of the $10,000, for anyone who's been in business for one year so anyone. Interested, in healthy small businesses, in your area these fields you can feel free to contact us, oh thank. You so much that's a great offer Liberty. Burke thank. You very much for having us and yeah. Just my, words of advice or, just to go out there and do it and the. More that you keep, on offering the classes the. Better, technique. You will have and the more, effective. Your base, thank. You this an excellent Luther advice to close the event today so, with this, thank. You everyone and. Operator. You can end the call thank.

You Thank you for your participation you, may disconnect at this time speakers, please stand by for the post comp.

2018-04-15 04:08

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