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Jubilee Initiative for Financial Inclusion (JIFFI)

Jubilee Initiative for Financial Inclusion (JIFFI). Introductory Meeting February 17, 2012. Basic Question.

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Jubilee Initiative for Financial Inclusion (JIFFI)

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  1. Jubilee Initiative for Financial Inclusion (JIFFI) Introductory Meeting February 17, 2012

  2. Basic Question How can we, students of the University of Notre Dame, channel our knowledge, passion, talents, and relationships to extend financial inclusion to the un-banked and under-banked population in South Bend, IN and strengthen the economic health of the city?

  3. Context • Post WWII decline in Rust Belt economies • Studebaker plant closes 1963 • South Bend Demographics • 24.61% Black or African American • 8.45% Hispanic or Latino • Median income: $32,778 (2009; from $32,439 in 2000) • 9.5% unemployment rate • 18+ payday lending stores • 12 million Americans in payday loan debt cycle • Most borrowers have 9 repeat loans/yr @400% APR • $4.2 billion in fees per year

  4. Context: Payday Lenders

  5. Working Vision Statement The Jubilee Initiative for Financial Inclusion (JIFFI) seeks to promote equal opportunity for all to make full use of their God-given potential by providing a relevant and respectful platform for social and financial partnerships among members of the South Bend community.

  6. Working Mission Statement • Our first responsibility is to the people of South Bend—to love, respect, and dignify them by serving them with excellence. • We are responsible for developing and maintaining strong relationships with partner organizations to offer the best solutions for our common clients. • We strive to raise profits fairly, which will always be reinvested into the local, and, if need be, global communities. • It is also our aim to encourage a deeper integration of the Notre Dame and South Bend communities.

  7. Criteria for Success: 2 year-term • Recruit 100 clients who… • stop visiting payday lenders • regularly save money • finish personal finance courses • Raise $150,000 in funds available for lending. • Stay afloat for 2 years.

  8. Criteria for Success: Long-term • Raise $1.5* million in funds available for lending. • Eliminate payday lending stores in South Bend, IN through competitive positioning. • Serve 4,250* clients. • Cease to exist. • Eventually * Rough estimate that 4,000+ people regularly visit payday lending stores in SB to take out loans that range from $100 – 500.

  9. Initial Service Offerings • Short term loans • Groceries • Utilities • Car & Repairs • Citizenship • Education & Technology • Financial Accountability • Voluntary spending habit correction program • IDA program • Tax Assistance • Education & Consulting • Personal Finance • Credit Building • Consumer Laws • Entrepreneurship & Management NOTE: The list will be streamlined as we learn more about other organizations’ scope and work.

  10. Rough 2012 Timetable Spring ‘13 Launch

  11. Leadership Activities & Needs • Research Team • Market • Business • Legal • Education • Outreach • Student groups • Community organizations • Grants • Communications • Marketing & Media • Web & IT • SUMMER TEAM • Research • Business Plan • Outreach/Recruiting

  12. To-Do: Next 1 Month • Visit and learn from community organizations • St. Margaret’s House, SJC Bridges, Downtown South Bend, Center for the Homeless, etc. • Prepare “Market Research” • Individual readings • Find and meet relevant professors • Design research • Visit LEND for Evanston at NU • Continue evangelizing

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