The Money Works: Credit and Savings Plan is a program developed by the Louisville Urban League in cooperation with Making Connections Louisville and Republic Bank. Making Connections is a community change initiative of the Annie E. Casey Foundation.

Making Connections Louisville is a commitment to four Louisville neighborhoods: Smoketown, Shelby Park, Phoenix Hill and California. It is a partnership of local leaders, residents, faith-based organizations, government, schools and many others, working to show how better connections to economic opportunity, social networks, and effective services strengthen families and neighborhoods.

The goal of the program is to address barriers to Network members as they navigate toward savings and financial stability. The Money Works: Credit and Savings Plan will address these goals by providing credit repair and assisting the member establish a savings account.

Residents of the Making Connections neighborhoods may qualify for a loan to pay off bad debt or pay day loans. To participate in the Money Works: Credit and Savings Plan, a Network member must meet with a counselor at the Urban League and enroll in the program. They must be able to clean up credit and get on the right track financially. The loan product ranges from $500-$1500. The loan will be financed by Republic Bank. An additional $250 will be added to the loan and put into a savings account. Once the loan is repaid, the Urban League will match the account, creating a $500 savings account.

The counselor will conduct an evaluation of the member’s credit at the first appointment. After pulling the credit report, a financial plan will be developed to address negative credit and put the member on the path to qualify for the loan, thereby improving their credit scores. Members will meet monthly with their counselor at the Urban League to track progress. They will also attend classes on budget, credit and avoiding predatory loans. Once counseling and education classes are completed, the loan will be reviewed and referred to Republic Bank.

If you live in one of the target areas, call the Louisville Urban League today at (502) 566-3363 to enroll in the Money Works: Credit and Savings Plan.

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