Vermont Business Magazine When the Champlain Valley Office of Economic Opportunity’s Growing Money Program surveyed participants in September, one challenge voiced by many was “staying ahead of it all.” The “all” they refer to includes paying bills on time, curbing spending, paying down debt, creating an emergency fund, building the credit score, putting money away for retirement and managing new information in our fast-changing financial culture. Staying “ahead of it all” is especially important and difficult for Vermonters with low incomes, the primary target of Growing Money’s financial classes and coaching services. Merchant’s Bank is donating $10,000 to help fund this vital effort.
Since 2005, the Growing Money Program has integrated financial education and skill-building with opportunities for participants to take specific actions to improve household financial stability. The result is more people bringing bills current, learning to budget to control expenses, opening banking accounts, buildings savings, and qualifying for lower borrowing costs.
What it is really about is supporting people to be empowered in making financial choices, rather than to remain caught in the tidal forces of merely staying ahead of it all. 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, are available to low and middle income households in Addison, Chittenden, Franklin and Grand Isle Counties.
“The ongoing support of Merchants Bank is gratifying. There is a huge need in many of our region’s households for basic financial tools and the skills to use them, especially when combined with clear, individualized plans that allow them to define a way forward in this economy. Growing Money’s mission is to address that challenge. Merchants’ contribution allows us to do the practical work of building households’ financial capability, and in that work we are also creating and nurturing hope. Dealing with money issues is very useful for that purpose too,” said Jim White, director of 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.”
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. www.cvoeo.org
About Merchants Bank
Merchants Bancshares, Inc. (NASDAQ: MBVT) is the parent company of Merchants Bank, headquartered in South Burlington, Vermont. Established in 1849, Merchants Bank is the largest Vermont-based bank, independently and locally operated. Consumer, business, municipal and investment customers enjoy personalized relationships, sophisticated online and mobile banking options, with 32 branches in Vermont and 1 in Massachusetts. Merchants Bank (Member FDIC, Equal Housing Lender) has 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