FINANCIAL LITERACY            

The Foellinger Foundation report revealed that access to credit has been a challenge for refugees in Allen County.  Since most come from countries without a credit system comparable to that in the U.S., they do not have a credit history. Most refugees arrive here with what they can carry. Banks and credit card companies classify refugees with no credit experience in the same category as bankrupts. Refugees do qualify for federal housing programs that make “no down payment” mortgages available to first time home buyers. But then they cannot get money to furnish the homes. Limited success in finding jobs makes paying monthly mortgages difficult.

AISEDA is partnering with Wells-Fargo Bank, which has formed a taskforce to reach out to the refugee and immigrant community, in order to teach about credit, help individuals develop a good credit history and encourage them to begin Individual Development Accounts for savings for homes, education or starting a business

1.      Financial Literacy

a.       This program is taught by staff of Wells Fargo Bank, who will use either the regular class room or the computer room, depending on the particular topic.

b.       classes are offered once a week, for 1 hour, on  Wednesdays .  The slower-paced Limited English client has translation services

c.       Expenses of this program is covered by Wells Fargo Bank.

Key Benefits

• Benefit: Financial competency
• Benefit: Home Ownership
• Benefit 3