First Federal,
NeighborWorks, LISC Announce Local Matched Savings Program
To Build, Repair Credit
First Federal Bank, NeighborWorks Toledo Region, and Local
Initiatives Support Corporation (LISC) Toledo gathered at
1:00 p.m. on Thursday, June 13, to celebrate the launch of
the Gateway Loan Program. The event was held at the First
Federal Bank branch inside Seaway Marketplace, located at
1707 Cherry Street.
“We are thrilled to partner with LISC and NeighborWorks to
make this program available in the communities we serve,”
said Reginald E. Temple, director of Community Development
for First Federal Bank. “Individuals who choose to enroll in
the Gateway Loan Program will have the full support of the
partnership as they work to achieve long-term financial
stability,” he added.
“We know the lasting impact of financial stability can have
on families and the community. With this program, we are
proud to continuously reinvest in our communities as part of
our Better Together philosophy,” said Martha Woelke, First
Federal Bank director of Retail Lending.
The program is designed specifically for individuals with no
or low credit scores.
Participants in similar programs have seen credit score
improvements of 100 points in just six months.
“People with no or low credit scores pay higher interest
rates and have a harder time accessing credit for large
purchases like vehicles or homes, which makes it an uphill
battle to financial stability,” said LISC Program Assistant
Shaulonda Jones explaining why LISC is establishing
pertnerships with local banks. “That’s why building credit
is such a major focus of LISC’s FOC model.”
A key component of the Gateway Loan Program is the
relationship between participants and their FOC coaches.
Throughout the program, participants will continue to meet
regularly with their coaches to develop strategies for
increasing income and accessing additional supports and
resources as their credit improves.
“Gateway is another tool in our arsenal to help people build
credit,” said Mandy Jacomet, director of finance at
NeighborWorks Toledo Region. “It will help our clients
achieve financial success.”
“Participants will form and maintain crucial partnerships
with their financial coach and First Federal Bank during the
program,” explained Nicole Reno, Financial Opportunity
Center manager at NeighborWorks Toledo Region. “Many people
with credit problems feel stuck with them, and do not have a
positive relationship with any financial institution. The
Gateway Loan partnerships ensure that participants are
educated, empowered, and connected to develop healthy
financial habits and build long-term financial stability.
It’s very exciting to be in partnership with First Federal
and LISC.”
Individuals interested in participating in the Gateway Loan
Program should contact the NeighborWorks Financial
Opportunity Center at (419) 776-2103.
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About First Federal Bank and First Defiance Financial Corp.
First Defiance Financial Corp. (NASDAQ:FDEF), headquartered
in Defiance, Ohio, is the holding company for First Federal
Bank of the Midwest, First Insurance Group. First Federal
Bank operates 44 full-service branches and numerous ATM
locations in northwest and central Ohio, southeast Michigan
and northeast Indiana and a loan production office in Ann
Arbor, Michigan. First Insurance Group is a full-service
insurance agency with nine offices throughout northwest
Ohio. For more information, visit https://www.first-fedbanking.com/.
About LISC
Together with residents and partners, LISC forges resilient
and inclusive communities of opportunity across America –
great places to live, work, visit, do business and raise
families. It combines corporate, government, and
philanthropic resources. Since 1980, LISC has invested $20
billion to build or rehab 400,500 affordable homes and
apartments and develop 66.8 million square feet of retail,
community and educational space. In Toledo, LISC has focused
on a comprehensive approach to community development,
investing $160 million to fuel economic opportunity and
build stronger, healthier neighborhoods. For more
information, visit www.lisc.org.
About NeighborWorks
NeighborWorks America is the country's preeminent leader in
affordable housing and community development. They work to
create opportunities for lower-income people to live in
affordable homes in safe, sustainable neighborhoods that are
healthy places for families to grow. The NeighborWorks
Network delivers many of its community-focused programs and
services through the National NeighborWorks network - 235
independent, community-based nonprofit organizations
servings more than 4,500 communities. Together with its
national and local partners, NeighborWorks provides grants,
programmatic support, training and technical assistance to
its national network. For more information, visit https://www.neighborworks.org/.
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