SBA STL District Awards Justine PETERSEN “Microlender of the Year for 2019″
A new report published by the St. Louis Federal Reserve Bank highlights the roles of local CDFIs (Community Development Financial Institutions) in creating a dynamic ecosystem ripe for impact investing. Titled “Innovative Approaches to Investing with Impact in St. Louis,” several local CDFIs, including Justine PETERSEN, offer case studies and success stories on how dollars can be channeled for social impact, allowing a return on investment that is both monetary and social in nature. Authored by Mariah Byrne and Heather Cameron, both of the Brown School of Social Work and the Olin School of Business at Washington University in St. Louis, along with Theodore Floros of the Brown School (and now with Justine PETERSEN) and Michael Eggleston of the St. Louis Federal Reserve, the report comprehensively sheds light on the local impact investing landscape and probes emerging financial structures. Read the entire report here: https://www.stlouisfed.org/community-development/publications/research-reports/impact-investing-st-louis
Justine PETERSEN Rolls Out Save2Build Credit Building Loan in St. Louis Market
After a successful rollout in a 17-state service footprint, Justine PETERSEN is poised to bring our “Save2Build” credit building loan product to local St. Louis residents. Partnering nationally with LISC (Local Initiatives Support Corporation), JP offered the innovative product through Financial Opportunity Centers (FOCs). Here in St. Louis market, JP staffer Ben Feimer will lead the effort by providing outreach presentations to local organizations and partners.
Save2Build is both a credit building and savings product where clients pay under $30 a month for 12 months. Justine PETERSEN reports the timely payments to credit bureaus and, by year’s end, the client has not only built his or her credit report, but built a savings of $300! The savings yield can then be used to perhaps open a secured credit card, pay off a collection or pay down a current credit card – all great ways to further enhance your credit score!
Simmons Bank and SLEHCRA Announce Community Benefits Agreement
Simmons Bank and SLEHCRA (St. Louis Equal Housing and Reinvestment Coalition) announced the details of their Community Benefits Agreement (CBA) to a standing room only crowd at the Urban League in Ferguson, MO last week. The agreement will address several pressing banking concerns as it relates to serving low-to-moderate income areas. Simmons Bank has committed to opening a new bank branch in a currently under-served neighborhood, hire a full-time Community Reinvestment Act mortgage lender, and participate in a range of financial literacy efforts. Moreover, Simmons has committed to $15 million in qualifying community development investments in St. Louis, including $500,000 investment in the Gateway Neighborhood Mortgage program which aims to address appraisal gap issues in distressed areas of St. Louis.
Justine PETERSEN is a founding member of SLEHCRA, whose mission is to partner with mainstream financial institutions on products and services that can financially transform households and neighborhoods. Alan Ivie, of Simmons Bank, serves on the board of directors of Justine PETERSEN and chairs our organization’s finance committee.
Sweater Weather
JP staffer Galen Gondolfi and Community Builders Network Director of Operations Gary Newcomer model their respective cardigans at the Impact Investing Symposium held last week at the Washington University Olin School of Business. Yes, great minds dress alike.