Thursday, February 11, 2016
Ford Foundation-Backed Incubator Generates $100M in Loans, Nearly $1M in Savings
A new report details how an incubator created by the Filene Research Institute, with funding from Ford Foundation, generated $100 million in loans and nearly $1 million in savings for previously underbanked families.
Filene received a grant from the Ford Foundation to launch the Accessible Financial Services Incubator.
“Mainstream financial institutions have often failed to help these vulnerable people gain access to affordable credit and other essential financial products,” said George Hofheimer, chief research officer for Filene. “We sought to find alternative financial products that better meet member needs but are also financially sustainable for credit unions.” . . .