Additional Links:
WECO Fund, Inc. could not carry out its mission without the skills, support and commitment of many talented and very hard working community partners. Below are some examples of current partnerships in which WECO is fortunate to be involved.
Key Financial Education Center
As part of its Urban Initiative, KeyBank operates a full service Financial Education Center adjacent to its branch in the Buckeye Plaza in Cleveland's Buckeye neighborhood. The Center consists of a computer lab and a classroom. Two fulltime WECO employees manage the Center, teaching financial education classes both at the Center and in the community, providing one-on-one financial coaching and promoting financial awareness at neighborhood events.
WECO Ohio Homeownership IDA Program
A partnership between WECO, KeyBank, and the State of Ohio Department of Job and Family Services (ODJFS), this initiative provides matching funds for low income individuals who wish to purchase a home anywhere in Ohio. Participants take financial education and homebuyer education classes and save $750 in an Individual Development Account (IDA), at which point the savings is matched 2:1 towards the home purchase. In counties where KeyBank has a presence, the accounts are opened at Key branches. WECO staff members receive and review all applications, screen for eligibility, coach applicants, work with realtors and title companies and manage the cashout process. The match dollars are provided by ODJFS.
Euclid Corridor Project
A $250,000 loan fund created by the City of Cleveland and five local banks offers loans up to $20,000 to Euclid Avenue merchants whose businesses have been adversely affected by ongoing construction. The WECO Microenterprise Center manages the fund by meeting with merchants, evaluating applications, approving loans, distributing funds and monitoring progress.
City of Lakewood Loan Fund
A $100,000 loan fund created by the City of Lakewood provides loans for the buildout of new and established storefronts and other small businesses on Detroit Avenue, Madison Avenue and Berea Road. The City of Lakewood promotes the program, while the WECO Microenterprise Center reviews and evaluates applications, coaches applicants on business plan development, approves loans, distributes funds, provides ongoing coaching and monitors progress.
The Charter One Bank UPtown Initiative
Charter One Bank has created a $250,000 loan fund as part of its 3-year $150 million dollar initiative to help develop and enhance Cleveland's University Circle neighborhoods - University Circle, Little Italy, Hough, Glenville, Fairfax and Buckeye. Existing small businesses or startup entrepreneurs can apply for loans from $500 to $35,000. A special Charter One loan committee reviews applications and makes final decisions; the WECO Microenterprise Center provides training and support for business plan development and post-loan technical assistance.
Key Foundation
The Key Foundation is working with WECO to establish financial education initiatives in several cities in its footprint around the country. At present these cities include Portland, Denver, Albany, Syracuse, Seattle, Cincinnati and Akron. WECO staff helped develop a Request for Proposals and select final candidates; created the training curriculum; and is training the representatives from the nonprofits chosen in each city to implement the program.
Financial Education and IDAs
WECO partners with several area organizations to teach financial education and manage IDA programs. These include the American Red Cross, Greater Cleveland Chapter; UCIP-ASIP (a union pre-apprentice program); Cleveland Central Catholic High School; St. Martin De Porres High School; Rhodes High School; Villa Angela-St. Joseph High School; Goodrich-Gannett Neighborhood Center; Free Hand Ministries at St. Philip Neri Church, Cuyahoga County Building Hope Program; and the Marianist Urban Studies Program. WECO staff are able to offer a variety of standard and customized financial education classes and workshops.
Community Wealth Ventures
Supported by the Cleveland Foundation and the William J. and Dorothy K. O'Neill Foundation, WECO was selected in August of 2006 to participate with six other area nonprofits in a 10-month program to help develop earned income streams that enhance organizational financial stability. The goal of the program is for each nonprofit to complete a comprehensive business plan related to its particular venture. WECO's plan focuses on building on the strengths of its existing microenterprise program so that the
WMC becomes self-sustaining by 2010.