Wendy Hanson, Community Impact DirectorUnited Way of Southern Cameron CountyBrownsville, Texas November 2011

2

A wholly owned subsidiary of Rio Grande Valley Multibank

3

Details

Loan Size $300-$1,000

Term 3 month-12 months

Interest Rate and Fees $20 Administrative Fee & 18% Interest

Qualifications • Employed minimum 3 months

• Bank Checking Account• Valid ID & Social Security

Card• Minimum Monthly Income of

$900• Minimum Age of 18• Loan estimated at 50% of

monthly income.

Target Customers Employees at Companies with over 50 employees.

No Credit History Needed

No Collateral

No Prepayment Penalties

4

Online application through HR

CLC Coordinator Verifies

Employment & Approves Loan

Loan is funded through Direct

Deposit & Repaid Through Payroll

Deduction

5

The Process

•Original grant December 2009

Started October 3,

2011

•Total 42 Loans Made

Average Loan size: $921

•Serving 1,530 employees

3 Employers

6

Progress To Date:

7

Challenges:

Community Loan Center

Web-based Vendor

Licensing

Default Rates

Number of Loans and Amount of Money Needed

Unknowns

8

Thank you