Financial Self-Reliance

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“(The Build your Own Business course) provided me with a number of tools to help launch what I hope to be a successful business. Other participants provided great feedback and support. I strongly encourage anyone who is hoping to start a small business to take advantage of what for me was a life enhancing opportunity. Thanks Isles!” Alysia Welch-Chester BYOB3, Founder, Welchester's Concierge, LLC

Isles strengthens family financial stability by providing financial literacy training, homeownership counseling and placement, and microbusiness development for individuals and families. The emphasis is on helping families acquire assets through participation in the following programs:

Financial Literacy Programs
Many program participants have no relationship to traditional banking services, including savings and checking accounts. As a result, they can often incur substantial check cashing fees and charges for money orders etc. The 10-week financial literacy course, Money Smart, is a great introduction to banking, checking accounts and budgeting.

Homebuyers’ Club
Buying a home can be an intimidating process, especially for the first-time homebuyer. The Homebuyers’ Club demystifies this process through individual credit and housing sessions and homebuyer workshops. Depending on the client’s mortgage readiness, three different club options are available. In some cases, clients qualify for programs that can provide financial assistance with down payments and/or closing costs.

Matched-Savings Accounts
For income-qualified participants, Isles offers individualized development accounts. These specialized savings accounts match a participant’s savings dollar for dollar when the savings are used for the purpose of a first home, higher education or vocational training, and starting a business.

Microbusiness Development
Microbusinesses create jobs, build assets and enhance skills. The comprehensive microbusiness development classes provide training, small loans and business consulting to women, people with disabilities, ex-offenders, immigrants and other economically disadvantaged people. Isles now offers business development courses for both new and existing businesses to help low-income individuals, women and disabled persons succeed as entrepreneurs. Graduates of the introductory business course, Build Your Own Business, become eligible to join group lending programs to access capital to start or expand their businesses.

Credit Counseling/Debt Management
For a nominal fee, Isles offers basic credit counseling services. Increasingly, employers are using credit scores to screen applicants for employment and businesses are using those scores to set interest and insurance rates. Addressing credit issues is often the first step to taking control of one’s financial life.

In 2007, 200 people participated in pre purchase homeownership and/or credit counseling; of those, 64 purchased homes. Thirty-three fledging entrepreneurs graduated from the 10-week business planning course, Build Your Own Business. Five new businesses started as a result.