With founding support from the JPMorgan Chase Foundation, Catalyst Miami announces that it will soon launch an innovative social lending program which will help financially excluded communities of Miami-Dade County gain access to the financial mainstream. Catalyst Miami’s Lending Circles program will help consumers under-served by traditional banking institutions build credit, develop sound spending habits, and receive financial coaching.
The Lending Circles program will focus on formalizing social lending circles popular in many of the immigrant communities of Miami-Dade County. Participants in the program will have the opportunity to connect to the formal banking sector while building savings, establishing credit scores, or repairing damaged scores. By the end of the program participants will have both credit histories and savings which can be used for anything from the seed capital needed to form a new business to a simple desire to build savings.
Catalyst Miami will work closely with participants to help them reach their financial goals by offering financial coaching services such as credit counseling and family budgeting, in addition to benefits enrollment, tax services, and career services.
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