Please describe the goal of your initiative; outline what you are trying to achieve
Our goal is to rehabilitate credit abusers and inform future credit users about the proper utilizations of the tool called Credit in order to start businesses and acquire and rehabilitate low cost housing. Our goal is to help our clients achieve credit scores of 700-750 and using the knowledge gained through our courses to maintain their credit scores throughout the entirety of their lives. Clients who meet this level of achievement will receive for their diligence the lowest interest rates on credit cards, personal loans, business loans and home loans. Lower interest rates will give them an advantage of keeping their payments reasonable in the hardest economic times and provide security to their families for the long haul. Our goal is enhancing Business and Home Ownership Opportunities.
Which barrier(s) to financial inclusion does your solution seek to address? (select all applicable)
The lack of affordable financial products tailored to the needs of underserved and excluded communities,, Powerful incentives for financial service providers to move up-market.
If you selected 'other' above, please specify which other barriers to financial inclusion you solution seeks to address:
For which underserved or excluded communities will your solution create access to valuable, affordable, secure and comprehensive financial services?
Detroit is a large impoverished urban area that is experiencing adverse economic challenges due to substandard education, loss of tax revenue due to extremely erratic high taxation, insurance redlining, sub-prime mortgages and foreclosures. The housing market as it stands in the Detroit is abysmal. It is also experiencing enormous economic hardships due to the downsizing of its major economic source, the Auto Industry, specifically the big three auto companies, Ford, General Motors and Chrysler Corp. The traditional way of handling economic business in this region will not work in this economy.
Economically disadvantaged individuals of all races will be served by our programs. The (C D F) will be setting up a minimum of 400 block clubs, representative of nearly 20,000 households blanketing the city of Detroit, giving them an empowering education of financial literacy, job skills and entrepreneurial training and housing seminars to coordinate our Urban Economic Empowerment Mission.
Could your solution work in other geographies or regions? If so, where?
The Urban Economic Empowerment Program will run for three years and at the end of this time we will perform a performance audit to make sure our target goals are being met towards the transference of this program in Cleveland, Ohio.
Once our program is established and functional and Cleveland we will strive towards building this program in Akron Ohio, Atlanta, Georgia and Washington D. C. Once Established in Washington D. C., the (C D F) will be striving to increase the Urban Economic Empowerment Program in Urban Cities throughout the United States of America and continuance of this program indefinitely.
Once the Urban Economic Empowerment Program has been thoroughly established U.S.A we will begin establishing Economic Empowerment Programs in poor regions of Africa and other parts of the world because Credit rules the Economic Systems of the Entire World. Without the Credit System countries could not trade between one another and the worlds economies would be at a standstill.
If your solution is dramatically successful, how will things be different in 10 years?
The Revival of an entrepreneurial spirit is the key to rejuvenating its work force, providing a stable income to residents, spurring economic growth in Detroit and other urban cities. Within the next Ten Years a progressive plan will have been installed to utilize all available abandoned dilapidated storefronts and blighted commercial buildings in Metropolitan Detroit. The region will have increased the number of employers compared to the population base decreasing unemployment and crime. The formation of new business will generate cash flow and the jobs needed bring the city out of a deficit situation and increase Economic Stimulus Funding from the Federal Government.
Within the next Ten Years large areas of Detroit will be remodel and economically astute, dedicated homeowners will be influxed into these remodeled neighborhoods. Each individual will be responsible for his or her property alleviating vandalism, blight that has devastated and taken over the entire urban city today.
What will have had to have changed to make this happen?
The (C D F) will raise $500,000.00 to support and build a Mega Economic Opportunity Center. This Center will be located in Detroit Michigan, USA and will help economically disadvantaged individuals.
The (C D F) will use the tax deductible Gifts/Donations to:
•Find and Rehabilitate a Commercial Building. This will include all measures need to bring the building up to city and state code.
•Complete two computer centers with 30 computers in each room. Including hardware and all furnishings.
•Complete conference & class rooms including all furnishing and technical support need to instruct clients.
Within this renovated building, we will teach the Urban Economic Empowerment Program, which is geared towards low-income individuals. They will learn how to establish goals, objectives, and how to order, analyze, evaluate, and fix their credit scores. They will receive assistance to help them gain the confidence needed to achieve their goals and change their economic circumstances.
What has been the impact of your solution to date?
The (C D F) has been assisting clients on a pro-bono basis with the assistance of our generous board of directors. Through its credit counseling program they have helped clients learn how to establish goals, objectives, and how to order, analyze, evaluate, and fix their credit scores. Clients received assistance to help them gain the confidence needed to achieve their goals. These goals included learning how to implement Debt Reduction and Saving Development Plans to rehabilitate their credit scores to establish and maintain credit. These savings are used towards Home Ownership and Business Ownership. Also the C D F has counseled more than 50 youths in our community about the importance of graduating from high school and continuing their education through collegiate efforts. We have successfully graduated half of the participants in our program. Finally through our job placement program we have helped clients receive interviews and several of these individuals received employment.
What is your projected impact over the next five years?
Within the next five years the (C D F) will implement the Urban Economic Empowerment Programs entrepreneurial development programs increasing business ownership, employment and decreasing poverty. The restoration of storefronts and commercial buildings will create vibrant business districts increasing employment taxes and funding from the Federal Government.
Within the next five years the (C D F) will implement the Urban Economic Empowerment Programs affordable housing programs alleviating Detroit’s budget crises. The more individuals the city has working and living within its borders, the more house holds the city has to collect taxes from to pay for schools and infrastructure. The increase in population would decrease property taxes and increase funding from the Federal Government.
What barriers might hinder the success of your project? How do you plan to overcome them?
The lack of Government, Corporate and Foundation support and funding for
the Urban Economic Empowerment Program to purchase adequate office space, utilities, furniture, computers, phones, internet, hire counseling staff and build client base.
The (C D F) will be continuously vying for support of the Urban Economic Empowerment program because the cause is great. It’s time to empower people, by moving them from check cashing customers to banking customers, from renters to homeowners, from small business dreamers to small business owners. Converting the economically undereducated to the economically empowered, helping people help themselves, and creating more stakeholders in Urban Cities, America and the World.
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