FINRA, a national research organization, reports that 62% of Vermont households lack a rainy day fund to cover unexpected emergencies like loss of income or major car repair. Merchants Bank is making a $5,000 grant to the Champlain Valley Office of Economic Opportunity’s Growing Money Program to address just such vulnerability. The grant will help Growing Money staff to continue to deliver financial classes and personal financial coaching in Vermont’s four Northwest counties.
Since 2005, the Growing Money Program has linked financial education and skill-building with opportunities for participants to take concrete action that improves household financial stability. The result is more people catching up on their bills, using budgets to get control of expenses, opening banking accounts, starting to save, paying down debt, building their credit scores, and so forth. Of course, they are also establishing those all-important rainy day funds. Financial coaches draw on other CVOEO services, such as IDA matched savings accounts and microenterprise development counseling, in addition to a wide network of community resources, in helping people to create and implement financial plans. The services, free of cost to income eligible people, have been called one of the “best kept secrets in Vermont.” Growing Money serves over 650 households annually in Addison, Chittenden, Franklin and Grand Isle Counties.
“The support of Merchants Bank means a lot to us. There is a huge need in many of the region’s households for basic financial tools and the skills to use them, in conjunction with clear, individualized plans that allow them to define paths forward in this confusing and unsettled economy. Growing Money’s mission is to address that challenge, but, of course, we need funding resources, also. Merchants’
contribution allows us to do the practical work of building households’ financial capability, but it’s also about creating and nurturing hopefulness. Dealing with money issues is very practical for that purpose too,” said Jim White, who directs CVOEO’s Financial Future’s Program.
Cheryl Houchens, Compliance & CRA Officer at Merchants Bank, said, “As a bank, we understand the critical need for financial education in the face of a financial system that changes constantly. We see Growing Money as an important community partner. They help their participants transform day to day financial challenges into opportunities for learning and increased confidence. They help people make the small, daily financial choices that amount, over time, to changed lives. We all need this kind of support at one time or another, but it is vital for more vulnerable households.”
For information about Growing Money Program classes and financial coaching, visit www.cvoeo.org, call 802-860-1417, ext 114, or email [email protected].
About Champlain Valley Office of Economic Opportunity
CVOEO is a non-profit Community Action Agency, one of five in Vermont that originated in 1965. Serving Franklin, Grand Isle, Addison and Chittenden Counties, CVOEO reaches over 11,000 low income households each year through a variety of services. Growing Money is a service of CVOEO’s Financial Futures Program, which assists Vermonters to achieve financial stability through financial and credit education, microenterprise development, asset-building opportunities, and Vermont Health Connect Navigator services.
About Merchants Bank
Established in 1849, Merchants Bank is Vermont’s largest and sole remaining statewide independent bank. Consumer, business, municipal and investment customers enjoy personalized relationships, sophisticated online and mobile banking options, and 32 branches statewide. Merchants Bank (Member FDIC, Equal Housing Lender, NASDAQ “MBVT”) and Merchants Trust Company employ approximately 300 full-time employees and 40 part-time employees statewide, and have earned several “Best Places to Work in Vermont” awards. American Banker ranks Merchants Bank a “Top 200” in America among 851 peers. www.mbvt.com