CommunityWorks has served 3,612 families and invested $5,109,220 in housing loans since 2008.
This organization had its beginnings as a local housing trust fund created by United Way of Greenville County, Greenville County Redevelopment Authority, and The City of Greenville and over the years, turned into a Community Development Financial Institution (CDFI).
CommunityWorks saw a need to help people through educating them about managing finances, lending, and investing processes. They met these needs by providing financial coaching, varying types of consumer loans (such as small businesses and first-time homeowners loans), and programs to build credit to unbanked (low-wealth) families and individuals.
The organization was founded as a local housing trust fund but, following the economic downturn that same year, they quickly found championing affordable housing was only the first step toward providing financial opportunity for underserved communities. Since that opening their doors, CommunityWorks has become a Community Development Financial Institute (CDFI) and expanded its services to include financial education, lending and investing.
Q&A
What demographic do you serve?
For our one-on-one financial coaching, we typically serve low-wealth families and individuals who have subprime credit and fall into the 50-80% Area Median Income level. However, lack of financial education crosses demographic lines so we are happy to offer our services to anyone in need of guidance. In our small business lending program, we serve existing small business and start-ups as well. These entrepreneurs are typically underserved by traditional banks due to having a lower credit score or not needing large enough loans. We offer loans as low as $5,000 but we are designated as a Community Advantage Loan provider by the Small Business Association so we can provide up to $250,000 in capital. The affordable housing arm of the organizations provides funding to large developers working to provide workforce or low-wealth housing as well as to landlords seeking to upgrade their properties to need Section 8 housing requirements.
What is the biggest success story you have seen?
For each of our major areas of focu,s we have some amazing success stories. One that jumps to mind is the story about Chelby Fouts, a single mom that wanted to buy her first home. Chelby and her four year old daughter were sharing a single bed in Chelby’s parents’ place for years while she saved for a downpayment. In spite of having a full-time job that could easily cover a mortgage payment, Chelby was having difficulty putting together enough forthe downpayment and closing costs. Through our Homebuyers Assistance program, we were able to match $4,000 of her savings to cover those costs. Not only did Chelby get a new home, she had savings left to provide a safety net in case of emergencies or unexpected household expenses. In the end, CommunityWorks is seeking to help families to build the savings and assets they need to thrive.
What are some of the ways the organization has grown?
CommunityWorks was founded as a local housing trust fund supported by United Way of Greenville County, Greenville County Redevelopment Authority, and The City of Greenville but supporting affordable housing was just the tip of the iceberg. CommunityWorks is always working to make sure we are best fulfilling the needs of the communities we are trying to serve. Often that means changes and growth. In our ten years of existence, we have opened a credit union to provide the banking products that are often unavailable to low-wealth families and business owners. We have sought and received the backing of the Small Business Association so that we could grow with our small businesses and have larger amounts of capital available to them. We recently returned to our roots when we asked by the City of Greenville to house the new $2 million Greenville Housing Trust Fund under the CommunityWorks umbrella.
How can people get involved?
While we don’t have a tremendous amount of volunteer opportunities, there are a number of ways people can get involved. One way is by becoming a social investors. Social investors deposit funds as savings or in CD in our credit union. This is not a donation. The social investor retains all of their deposit and CommunityWorks has funds available to loan to individuals and small businesses in the community. We are also always on the lookout for volunteer business mentors for our small business partners. Those seeking to get involved in a more hands-on way, can explore the possibility of becoming a member of our Board of Directors. Finally, we are always grateful for those willing to donate to support our mission. CommunityWorks is a 501(c)3, so all donations are tax deductible.
What resources are there for small businesses? First time home buyers?
We offer coaching, training and lending for existing and start-up small businesses. Whether entrepreneurs are just getting started or are looking to grow their current operation, we have experts available to help them accomplish their goals. For first-time homebuyers who have eligible income requirements, we offer up to $4,000 in matched savings to assist with closing and downpayment costs. Often prospective homebuyers need advice on how to budget and plan for the home buying process or need some guidance on the responsibilities of homeownership. We provide coaching that can help first-time homebuyers navigate the home buying process.
