Money Smart for Small Business Town Hall


– Welcome, and thank you
for standing by. All participants will be
on a listen-only mode until the question and answer
session of today’s call. If you’d like to ask a question,
please type it in the question and answer pod
through the WebEx. I’d also like to inform
all parties that this call
is being recorded. If you have any objections,
you may disconnect at this time. I would now like to turn
the call over to your host, Miss Lessie Evans. Thank you, ma’am.
You may begin. – Thank you. Good morning,
and good afternoon, and welcome to the FDIC’s
Money Smart for Small Business Town Hall Webinar. I am again Lessie Powell Evans. I’m Chief of the Community
Affairs section here at the FDIC. We are very excited
to provide this webinar as an opportunity to showcase Money Smart for Small
Business Alliance members that represent
two important segments of the Money Smart
Alliance membership, Community Development
Corporations and Chambers of Commerce. So, by the way, we will primarily be using
the acronym MSSB to refer to our Money Smart
for Small Business products. So our two speakers today
will describe how and why they use the MSSB curriculum, but more importantly,
they will share practical information about
successful partnerships and collaborations
in their communities to enhance the impact
of the MSSB program. As a reminder,
today’s program is intended for intermediary organizations
who are using or considering the use of MSSB. As you may know,
MSSB is co-branded with the US Small Business
Administration, and we are thrilled
to work with SBA in providing business training
and other resources for aspiring and
existing entrepreneurs. Today we have Donald Smith, Director of the Office
of Entrepreneurial Development at the SBA office
here in Washington D.C. I’m going to ask Donald
to introduce himself and share any SBA program
updates with us. Donald, please join us in
welcoming our attendees today. Hi, Donald. – Hey, Lessie.
How are you? – I’m great. – Thanks so much
for the warm introduction. I just wanted to say that SBA
is committed to ensuring that entrepreneurs
have access to trusted advice and the financing
to grow their businesses. The foundation of making sure
that happens is being financially literate
and capable. That’s why our partnership
with the FDIC is so important. The Money Smart
for Small Business curriculum not only provides the foundation
for entrepreneurs to work through the entrepreneurial
development process and cultivate their ideas,
but it also lets them know how important
financial management is to a successful
business venture. Each year across the country, thousands of intermediary
organizations use Money Smart to reach entrepreneurs
in their communities. Similarly, the SBA
implements an initiative for mid-stage entrepreneurs. Each year, 700 entrepreneurs participate in SBA’s
Emerging Leaders program. For those entrepreneurs that have revenue
of $400,000 and above and have
three or more employees, we would love to
have them participate. So please take a look at sba.gov
and search for Emerging Leaders and let us know
whether or not an entrepreneur
that you work with or that you serve
is interested. Together we can pair
entrepreneurs with trusted advice and guidance
to help them be successful, and that will help us
create jobs and generate revenue and transform communities
across our country. Thanks so much. – Thank you, Donald. So, at this point, I will
turn it over to Paola Diaz who is the MSSB senior
community affairs specialist responsible for
our MSSB effort. Paola will moderate
our presentation today. – Thank you, Lessie. As Lessie explained, I also work based in
the Washington D.C. office, and I usually coordinate
national outreach. I also support our staff
in helping organizations that are using
or considering to use Money Smart
for Small Business and working on other
small business initiatives. For example,
in collaboration with the SBA and other federal agencies and other small business
development organizations. Again, welcome, and thanks
for investing this time to learn about how
two organizations are using this free resource for aspiring
and existing entrepreneurs. The chat function is enabled so that you can make connections
with other participants and ask any questions
that you might have as they come into mind, or during the designated times
for questions and answers. This webinar platform
should appear in the browser window
in your computer, and if at some point, you lose
the PowerPoint presentation, you should look for
a circle icon that is green and blue
in your taskbar. The taskbar is usually
at the bottom of your screen or wherever you can
visualize your start button. In the case of Microsoft users,
the start button looks like a blue circle that has
a four-color flag inside. The slides are projected
as a smaller window. There’s a box next to the slides
where you should be able to find menus to chat
or questions and answers. You should use the chat function
to communicate with the audience or the panelists, and you should use
the questions and answers to submit questions
to the panelists. Given the large audience
that we have today, we may not be able to address
all questions that we receive during the registration process
or during the webinar. All questions that are relevant
to the audience will be published in the
questions and answers document that will be posted along with
a recording of each town hall just like we did for the
Town Hall Fourth Quarter 2016. All other organization-specific
questions can be handled by your local FDIC
community affairs specialist. If you don’t already know
your FDIC community affairs specialist in your area,
you can go to the FDIC website, www.fdic.gov/moneysmart and go to the contact tab to find who to contact
in your geography. My contact information and a direct link
to the FDIC points of contact is provided
in the last slide. Also, please know that all the
participants’ lines are muted. In today’s agenda,
we will cover Money Smart for Small
Business flash news, so I will be very brief. They will be followed
by a presentation by the Martindale
Brightwood Community Development Corporation
in Indianapolis, Indiana and the Atlanta Metropolitan
Black Chamber of Commerce in the state of Georgia. I want to remind everyone that we have recently
updated our MSSB web page by adding records from
previous town hall meetings, as I explained. You will find the MSSB
town hall information within the Money Smart
for Small Business web page. Also, our Money Smart alliance
is really growing, and if you have not
already joined, please do so
after today’s webinar. We recently completed the
Money Smart for Small Business Train-the-Trainer Curriculum that is intended to be
a self-help tour to assist Money Smart for Small Business
Alliance members to train their staff
and volunteers to become MSSB instructors. Also, we are sharing
that we will be updating our banking and credit modules. So, if there are organizations
in today’s meeting that have experience
using both of these modules and you have feedback
that you want to share with us, this would be
a great opportunity. Finally,
I want to remind everyone that all Money Smart’s modules
are available for download, and most of them are available
in English and Spanish, and I have provided
the two-web links where you can download
all of the modules and you can find icons
to join the Alliance and other references
that I mentioned today. So, at this time, I’m going to
turn the presentation over to Josephine Smith, and she will tell us
about her experience using Money Smart
for Small Business at her Community
Development Corporation. Josephine,
you have the presenter role, and we welcome you
to get us started anytime. – Thank you.
Good afternoon, everyone. As Paola mentioned, my name
is Josephine Rogers-Smith, and I am the executive director
at the Martindale Brightwood Community Development
Corporation in Indianapolis, Indiana. I have been in this position now
for 11 years. In some cases,
that has been a long time, but to me, I don’t think
it has been long enough because we have
a lot of work to do in our Martindale Brightwood
community. I have been involved
with business development from various aspects and have over 30 years of
nonprofit management experience, working with nonprofits such as the Madame Walker
Theater Center, Indianapolis
public school system, then a township trustee
and many others. I have been
an entrepreneur myself and own two businesses
here in Indianapolis. One was a childcare center
for infants and children, and also another broad
spectrum from that was owning a beauty salon,
and what helped me out was that my daughter
was a hair stylist. So that helped us tremendously
with that business. Martindale Brightwood CDC is
now moving into its second year providing the Money Smart
curriculum for our community. This curriculum in my opinion
is very well developed, and I was really excited when I went to the first
train-the-trainer program to see that such a tool
was out there for our community. – Josephine, I’m sorry.
This is Paola. I just want to remind you
to please move the slides. We’re under the impression you’re not
moving the slides yet. Thank you.
– I’m trying. I’m trying to move the slides. – You can go on.
Until we figure this out, participants should know
that we are currently at slide number 6 where
we can see Josephine’s picture, and from there, you should be
able to move the slides at the pace at which Josephine
is making her presentation. Thank you. – Okay. Thank you. I’m not quite sure
what’s going on right here. So, the Martindale Brightwood
CDC, our organization, we started in 1992,
and our organization was formed by five neighborhood
associations and Martindale Brightwood, and the CDC was formed to
provide a wide range of services that you see here,
and the services were to help residents
living in the community to have
a better quality of life. Our organization
is only five miles from downtown Indianapolis. We have done a number
of housing projects from 67 scattered sites,
rental units. We have developed
25 homeownership units, and homeownership units
are still a very good showcase for our community. I have to say we did sell
our scattered site units in 2012 to an investor that has
renovated and now rented out all 67 of those units. Some of the areas that we have
to address in our community include the fact that we have a lot of vacant houses
in the area, and environmental justice
is also a critical issue because our community
was high industry. We had railroads. We had a lot of chemical plants
in the area. So, we have found,
as a matter of fact, that a lot of the soil
in the community was contaminated with chemicals,
contaminated with lead, and even now we still have the
Environmental Protection Agency and the state
Environmental Management working to clean up some of
the soil in the neighborhoods. The geography that we serve
includes about 10,000 residents, and our Community
Development Corporation as we became known in 1992, we were part of the trend
with the city and other states that developed community
development corporations to address unique needs
in the community from housing development
to employment as well as
economic development. And so now as a CDC,
we’re trying to make sure that we stay relevant
and we stay current so that we can still provide
services to our community. In 2016, we presented
seven modules. But prior to that, in 2015
third quarter, we also… I guess you could say it was
kind of like a pilot program where we did
about four classes in 2015, and they were very successful. And our numbers in 2016,
we had about 81 participants that went through
all of those sessions, and each one of the participants
received certification for attending those sessions. Partnership, collaboration. You hear a lot about that, but we have found
that that is really key to having your programs
and your modules and attendance for those to be successful. We were able to generate
funding for our program from Fifth Third Bank
to help cover such costs as space and materials
as well as, you know, helping to promote
and market the event. It has been really amazing
for me to see the businesses that have come to our sessions, the type of business
that they have started. Some are still
in the exploration stage. But we’ve had people
that one of our participants, she had gone
to a culinary class, and she got the chef there
to help her blend her spices, and from there she started
coming to our first class. She came to every class
that we had last year, and now she is distributing
her spices all around town. She sends some
even out of town. We had one gentleman
who was manufacturing and making parts
for motorcycles. We had someone
who was a truck driver, and she wanted to start
her own trucking company. We’ve had jewelry makers, a number of
interesting businesses that I don’t think
we would have heard about if we had not presented
the modules from Small Business. We had two businesses that were successful
in getting loans from one of
our banking partners. So, all in total, those two loans
added up to over $200,000. That was really exciting
to hear and to know about. We have brought together
a number of partners that have assisted us
with our Money Smart program: the Indy East
Business Association which was formed in 2010,
we had two bank representatives that work with us,
and from our community, we have an organization called Community Resurrection
Partnership which is a faith-based group
in our neighborhood that works with
churches, pastors, to help them understand and
be involved in the community. The local
Small Business Council. We’ve had them participate in
some of our training sessions, and we are looking
to have four this year to also participate
with us in some way and provide information
to our small businesses. Money Smart, the workshops
offered, you know, like in a series
or very succinct manner. We like for the information to,
you know, build up from one session
to the next. SBA serves as the facilitator
for a lot of our sessions, and this year,
we will get started with finding out
from individuals whether owning a business
is right for them. Mama Rae’s, which is the spice
company I was talking about, she will be one of
the presenters at this session, and she will talk
about her experience, how she attended the classes
and some of the challenges she had in getting
her business started and just providing
a roadmap for the individuals that will be
in our first class. For our training, well, we try not to be
too much of a stick in the mud, if you will, on requirements
for our training. We do ask people to, you know,
pre-register for the sessions and we wanted people to come that would either they
had started a business or were thinking about
starting a business or they were already
in business. We are considering, you know, establishing a graduation
for our program where we will provide
certificates again for the people who attended. One of the things
that we were able to do, like I mentioned earlier
about the two loans, our banking partners
like for our CDC and our partner organizations to refer people to them
for assistance. So, we do that and as you see,
we’ve been successful. With our SBA partner,
we have a… this came about in 2016. We have a strategic
alliance with SBA, and in this, they have
committed to our community to help us provide educational
training and resources to our small businesses. So, this has been
very, very successful. We have been working
with SBA now for almost two years
on this program. The deputy director,
Martin Anderson, is our go-to person. He knows the FDIC/SBA curriculum
front and back, and he is part of our team
to help guide us in the selection
of our workshops. One of the other things
that has helped us is that we’re also able
to select businesses from the community
who participate and service facilitators in our sessions, and that helps
individuals in attendance to recognize people
that they know, may be familiar with,
to understand and see that they have given back
to the community. We plan to use,
and I’m glad to see that FDIC has
a train-the-trainer curriculum, and we will use that
for our staff and for our facilitators for our upcoming
program and training. So, we will take a moment now to see if anyone
has any questions. – Thank you very much. We’re going to be
moderating the questions as they come in
via the question and answer tab, or the chat feature,
but in the meantime, I did have a number of questions
that came as you were speaking, and the first one
is whether you charge any fees to your participants
and if you could provide a few more examples about
how you raise funds to be able to provide
this program in your community. Thank you. – The banks have been
very helpful and supportive of this program. As you may know,
they have certain requirements that they need to meet for the Community
Reinvestment Act (CRA), so that always helps. So you can develop
your programs, develop a grant based on
the bank requirements and submit that like
in the fall of the year prior to your next season. So that has been
our main source of funding. – Excellent. I think we’re going to let
people figure out what additional questions
they have, but in the meantime, we’re going to turn it over
to our next speaker. I know that Josephine
is going to stay with us until the end of the event and might be able to address
any other questions that we get in the next
few more minutes. But before I transfer, I do have
one question in the chat, and that question
is for you, Josephine. They are asking
who do you use as trainers and where and how
did you find them, and with your answer
of that question, we will turn it over
to our next speaker. Thank you.
– Okay. We use people who are a part of
our Business Development Council and they are volunteers who are
either businesspersons or from our local community
churches as facilitators. We have engineers. We have someone
from Indiana University on our council. We also have two bankers who are also facilitators
in our sessions, especially on the ones
with banking and credit. The marketing tool that has been
most successful for us is our social media. Right now, we already have
38 registrations for our first class
which is tonight. – Do you want to share your last
final piece of advice and then we’ll turn it over
to Michael? Thank you, Josephine. – I would say
for anyone thinking about or has started the modules
is to be flexible, understand
who your facilitators are, allow them the latitude to make
adjustments in the curriculum, and utilize
your community leaders, people from
your community organizations, from your churches,
and if you have an association that provides training
and technical assistance in your community,
get them involved as well. And again, utilize the banks
that are in your neighborhood. – Thank you very
much, Josephine, for those excellent suggestions. Next, we have Michael Hill,
president and CEO from the Atlanta Metropolitan
Black Chamber of Commerce. He will be introducing himself
and then talking about how he implements the Money Smart
for Small Business program. Thank you. Do we have you
on the line, Michael? – Yes. Can you hear me? – Yes. Thank you. I will make you
the presenter just now. – All right. Thank you.
Thank you so much. All right. First of all, I’m excited
to be on the call. I am President Emeritus, president of the Atlanta
Black Chamber of Commerce from 2005 to 2015,
and I’ve been in the financial sector,
in my employee days I would say, for about seven years
in the financial sector and 12 years
in the sales sector. Of course,
over the last 10 to 15 years been in the business
and economic development arena with the Atlanta Metropolitan
Black Chamber of Commerce, and today I’m more so focused
on mentorship and funding and purchasing
underserved businesses and underserved communities. Currently I am doing
a coordination project with the US Black Chamber
of Commerce, and we are mentoring
and expanding chambers throughout the southern region. We first got exposed to
the Money Smart program in 2010 with the basic curriculum, and we were primarily
using this curriculum to our small businesses. So once the FDIC adopted the Money Smart for
Small Business program, we quickly jumped on
that particular opportunity because we thought
it was a better fit. We still are using the Money Smart for
Small Business curriculum particularly when we go
into faith-based institutions. We do have faith-based
institutions as our membership base,
and that has served well, and I’ll talk about that later
on the slide in terms of how we’re using
the program in the faith-based institutions. But over a period of time,
we’ve graduated well over 500 different
students and members to date. Our goal in 2017 is to expand the program
throughout the state of Georgia as well as throughout
the southern region. Our methodology for getting
involved in the program is that we strongly feel
that financial education fosters financial stability
for individuals and families, and a lot of individuals wonder,
why did we, as the Chamber, get involved in it. Our membership composed of
not only business owners but those business owners
have employees. Those employees and owners
also have families, and that’s what
we really emphasize in terms of
legacy building of both as we roll
this particular program out and has been received well
by the business owners as well as their employees
and families. So we’re very excited about that and as we reach out
into the community, we are also doing research
in the various regions. As you see on this slide
for our presentation, we actually set where
the banking institutions were in various communities
like HUD communities, targeted communities
that were underserved, and we try to zero down
and make sure that we are targeting
these particular communities that surround
the Atlanta Metropolitan area. It helps the different
banking partners stay aligned with their Community
Reinvestment Act credits, and then we also
want to make sure that we’re holding them
accountable because we know that certain banks
do have existing programs. So, we want to make sure
that those programs are actually being educated
to the community. One of the biggest challenges
with small businesses is access to capital. Many of the businesses
that have matriculated through the program
are businesses that we see that have sales pretty much
under $50,000 in annual sales and $30,000 in annual sales. That’s been
the traditional audience that has been coming
and actually taking the program. But as we have
expanded the program, we noticed that more high-end,
more businesses with capacities that have more advanced
financial service needs are now signing up
for our program and we changed the format from
more of a general presentation. So now we are implementing more of the industry-specific
presentations. I want to say
industry-specific, for example, if someone is in
the haircare industry, their needs would differ for somebody that may be
in the transportation industry. So, due to the flexibility
of the program, it allows us to really present
industry-specific solutions in terms of how
we can meet their business and cashflow needs. So, we’ve really, really
implemented the program in that way. Now when we do the program, just to kind of
give you guys an idea, we kind of experimented with different variations
of the program in terms of how long
should the program actually be implemented
over a period of time. We did it
in a six-weeks type program, and what we experienced when we
were doing the six-week programs is that we may start off
with a class of 35, but by the time we get
to the end of the six weeks, we only have 10 students left, and this is due to
a lot of business owners not having time to come out
on a consistent basis. So, we began exploring
different online, webinar-type opportunities
for them to take advantage of, but what has been
our most successful delivery of the program has been our two-day
boot camp format, and we actually have
one of those formats coming up where we do a 16-hour,
two-day intensive of the program to really introduce
different modules and have them to go home to follow up with
those different modules so they can really get
more insight on it. Our facilitators that actually
present the programs are made up of different
subject matter professionals. So, for example, in the time
management presentations, we try to bring in individuals who have a project-based
management background to actually present
on that presentation. Our banking
and financial partners pretty much take over
the presentations of financial management,
credit reporting, and in some cases,
we’ve even had partners like Equifax to come out
or Dunn & Bradstreet to come out and do the credit reporting
presentation. Risk management,
we reserve that to our insurance partners
as well. They tend to do the risk
management presentation on insurance as well as selling
their small businesses and succession planning. These presentations
via the Chamber have been very beneficial
for our financial sector because it gives them
an opportunity to actually meet future clients
to do business with and really to kind of sit down
and talk more about what they learned
in the individual classes. It’s very important
that as we do the programs that we have strategic partners, and our partners
have been invaluable in terms of presenting
this particular program. Quarterly what we do, we have a meeting of
financial service professionals which consists of
banking institutions, insurance professionals, anyone that’s in
the financial service arena for a period of time. We meet with them quarterly. We just actually had our first
quarterly presentation as we plan to prepare
for the month of April which is our
Financial Literacy Month. So, we’re gearing up with that. One of the leading agencies that’s going to be
partnering with us on that is SunTrust. Over the years,
we’ve made sure that we align ourselves
with our partners such as the SBA who has been
an invaluable partner with us and the FDIC. We’ve also partnered
with organizations such as the National Association
of Black Accountants, Black Accountants Association,
the Atlanta Federal Reserve. The IRS comes in as well.
We have financial advisers. Fifth Third
has probably been one of our stronger
banking partners in terms of leading
on this initial effort, and now we have our new partner
that’s coming on, SunTrust bank. We’re excited about that. We’re bringing in micro lenders
and our educational institutions such as Herzing University,
Clark Atlanta University. We have a couple
more institutions that we’re going to be
bringing on which provide a great mix
of students actually getting involved
with the program as well as us being able
to extend the program throughout the community. Some of our church programs, anytime that we’re
in a neighborhood with a faith-based institution, we typically get
our neighborhood associations involved as well as
our merchant’s associations. We did that with Cascade
United Methodist Church for three years in a row that worked out
very successfully. As we do the program within
the church and institutions, one of the things that we do
is that we partner with the different ministries
such as the youth ministry or the seniors’ ministry,
and they are able to present some of the other
Money Smart modules while we are presenting
our small business module. That has been
a very successful program. Our funding. Primarily, of course,
our funders are underwritten by the different participants
that we used throughout that, and this is kind of an example
of how we do our funding in terms of what our needs are. They’re sponsoring a workshop, a specific session
that has worked out for us because we want to make sure that we’re still able to offer
the program free for the public, and this allows us to do so, we’re actually having
the individual module sponsors. So that’s been very beneficial. They sponsor the rental spaces
for the location, but typically
when we are doing it with an educational institution,
they donate those spaces. Of course, the box lunch. That’s the best way to actually
keep your expenses down is to do a box
lunch-type thing, and Chick-fil-A has a great
$5 option for us. So, we really enjoyed that, and all of these things end up
covering our expenses as well. Now one of the things that
we are getting and improving on, and this is something
that in terms of once the individuals go
through the program and we want to make sure
there’s some type of reinforcement and accountability
that’s going on, so the industry peer groups
and sessions that follow that are very, very essential
to what we do. That accountability helps us
to really track progress and it also allows us
to create a cohort model amongst the students
so they can stay together in terms of seeing how they’re
doing throughout the years. Our plans for 2017. We’re now looking
at about 20 markets to expand throughout
the region. In this picture,
here you see Larry Holman. I’d like to talk about Larry.
I’m very excited about Larry. Larry has
one of the few chambers… I like to say he has
one of the most successful minority African-American
chambers in the Southeast. He’s now running
a $3.5 million budget where he’s doing
a micro-lending program out of Buford, South
Carolina, and we are proposing that the regions adopt
the Money Smart program as our regional program
to be used in all of the chambers
within those markets. So that’s what we’re currently
working on for 2017. And this is some of
the network of chambers that have signed on thus far, and we’re looking forward to
getting that over to you, Paola, so you can accept these chambers
into the network. We’re excited about that, and these are some of
the regional cities in Alabama, Mississippi,
Florida, South Carolina, North Carolina,
Georgia, and so forth that we are taking
the program into. So, it has been well received
and we’re excited. Probably we’re looking at
third quarter, we’ll have all these
programs active and running. We’re currently now
going to be doing a series of different
webinars and events to get the subject matter
experts via webinar trained. Through the
train-the-trainer program, we will be coordinating
with our local representatives to help us implement that,
and I can’t say enough in terms of our local
representatives such as Tom Stokes
and Elaine Hunter who are with the FDIC
who have been tremendous in terms of helping us
and supporting us to grow this program as well as our state
representative Terry Dennison who has also been instrumental
in helping us support the Money Smart program. For those who are new
to the program, I can’t emphasize enough
that this is a great program and the flexibility
that it allows for you to be creative
in terms of presenting financial literacy solutions
to the community. It is something
that we’ve been doing for years with the Money Smart
in the beginning combined with the Money Smart
for Small Business. We have really seen businesses
benefit from it, but just keep in mind that as
people enter into the program, you will have businesses that will vary
in capacity and need, and we have found from
a customization point of view, doing it by industry, it has really, really created
great value for our members. Thank you. – Thank you very much, Michael, first of all for highlighting
out staff from the FDIC and the SBA
in the state of Georgia. We’re so glad to hear that you
have a very strong partnership, and we have provided a value
to the great programs that you’ve put together. I have a couple of questions
in the queue for you, and one of them is, how do you and whether
you have changed anything in the curriculum in order to
provide it toward the youth. We noticed that in your slides there was information
about kids’ programs. Can you talk a little bit
about that, please? – The youth component
of the program? Is that what
you were asking, Paola? – Yes. – Okay.
Well, one of the things that… yes, we do provide the
customization of the program. So, for example,
some programs like Time Management,
Starting Your Own Business, Is Starting a Business
Right for You, these are the new modules
that have been added. So, they’ve definitely changed in the timing with which
we promote the program. What we’ve done now
with those particular entities has really made more of
a panel-type presentation around that particular module, and then sometimes we also,
when you talk about the youth, we pull different programs
in and out for the different modules
to present. So, I know that youths
there’s How to Get a Car. I think it’s a presentation
on the car and stuff, and we partner with local
automotive dealers and so forth to come in and talk to the
youth about cars. Our plan this year
[indistinct] to take them down
to a car dealership and make that a part
of the presentation as well. So, incorporating real-life
type situations are great. We also do the youth module,
I think I mentioned that when we do go into
a faith-based institution, it really opens up and allows us
to be very, very creative in presenting the program
by actually having Money Smart going on simultaneously while partnering
with the youth ministry to present the youth aspects
of the module. We are exploring right now
different creative ways that we can engage
the senior community, 50-plus entrepreneurs,
and that’s something that we’ve been exploring
in our conversations with AARP to come in and look at
some things that they’re doing as well as probably piling
an actual special program with a 50-plus
entrepreneurship model. So, what we’re going to do now
is put together an actual team to look at the existing models
and look at ways that we can present it
to make it more age appropriate. You know the youth
have different modules, I think from K through 12. So, we’re looking at, well,
if I’m 40, how does Money Smart
complement me at 40-something, how does Money Smart
complement me at 50-something, how does Money Smart
complement me at 60-something. So those are some things that we are having
discussions about now. – Thank you.
I have another question. It seems
that you have a wide reach and plans to expand regionally, and the question is
how do you engage organizations that are regional to provide
additional continued support. For instance, if you’re
currently getting support from one financial institution, what approach
are you planning to use or you have used as they expand
their support to other states? – Oh, absolutely. Well, one, we do
no exclusive relationships. That’s been kind of our motto, and the financial service
roundtable component which each of the chambers, business associations
and business roundtables that are affiliated
with our network, we’ve shown them how to
really build key stakeholders within their different regions. So step one before we even
bring the Money Smart program in is that they form that group of subject matter experts
and key stakeholders before we even begin
the train-the-trainer, and one of the things
that we allow particularly when we have
multiple banking relationships is that we sit down with that
particular bank and institution to go over what are their goals
and objectives in terms of what are they
trying to accomplish, and we do that program
with them. So, for example, we have
a partner in SunTrust. So, SunTrust and the Chamber,
we have four programs that we’re doing together
for the year. So, when we sit down
with our other banking partner who is a credit union,
you know, we have four programs that we’re doing
with the credit union as it relates to Money Smart based on their target
demographic. So, when we actually sit down
with the different institutions and financial professionals, we really customize
the Money Smart program based on what are their goals,
what are their objectives, what are their
educational objectives and what type of client
do they want to bring into their particular business. So that allows us to really
kind of create a win-win for everyone. – Excellent.
Good question, and do we still have
Josephine on the line because we have
a question for her? – Yes, I’m here. – Thank you so much. It seems there’s
a number of people who want
a little bit more background about community
development corporations. Can you explain
a little bit more whether community development
corporations are found everywhere
in the United States or maybe regionally, or if you’re interested
in becoming one, how can you become one, and we noticed in your slides
about all of your programs, you have a lot of
problematic areas and how do you think other CDCs
can incorporate entrepreneurship into the wide programs
they already offer? Thank you. – Thank you. Our community development
corporation started as a result of an initiative
by the city of Indianapolis, and through research
I have seen, I have been able to find community development
corporations all around the US, and like I said earlier,
I think it was to address a very unique need
in the communities for developing sustainability within the different
neighborhoods. And so, when the city
did CDCs in Indianapolis, they looked at geography,
and so like in my area, I have a catchment area
of 10,000 people. There’s another CDC that has a catchment area
of 42,000 people. So, it really kind of
looks like how your neighborhood has previously said
that my neighborhood association or my neighborhood
is bounded by this border, that border,
and the next border. So, in other cities
around the country, you’ll see where community
development corporations have carved out
a specific community that they want to serve,
and so that service can come in the area of housing,
economic development which we have dropped
in our small business component under economic development. We feel
that economic development, providing business stability,
developing new business will help
stabilize our community so they can provide jobs, they can provide service
and so on in the community. Community development
corporation. Just go online. You can find a number of CDCs
around the country. They have different missions,
different structures. Some may provide only housing
and economic development. Some will go
as far as education, workforce development. You name it. It can be any number of things depending on the need that’s
in your specific community. We are a 501(c)3
organization, as I said, established in 1992 by five
of the neighborhood associations in the Martindale
Brightwood community. – Excellent. Thank you so much
for that background. – Was there another part
to that question? – Yes, I think
you addressed the question in a very complete way.
Thank you for that, and there’s another question
for the two presenters, and it seems some organizations
are struggling to figure out how to offer programs for free, and I think both of you
presented and explained, but is there any
additional piece of advice that you want to offer and why you offer the programs
for free that may be useful. So, you can go first,
Josephine, and then Mike. Thank you. – Well, you know, we always say
there’s no free lunch, but we are very well supported
by the fact that FDIC and SBA have put in the time,
money, and expertise in developing these curriculums
for us to be able to use. So, my time at my organization is spent across
all those programs, and so I’d take it on myself
to provide my staff time and resources that we have
within our organization to make this program available. Now when we talk about
space and promotion, then we’re bringing in
outside resources to help market the programs to make the community more aware
that the programs are here. So, with the banks providing
that additional support, we offer the program free
to the participants because we want them to
get their business right because the end result
will be bigger than charging them
$5 or $25 to attend if they can get their business
established and productive for the community. Thank you. – Mike?
– Yes. I would just like to ditto
on all of those points. The way we are all
able to offer it free is because of the relationships that we’ve built
with the programs. So, for a person
who’s starting out, the first relationship
I would advise you to go develop a relationship with
is the bank because it’s a win-win
for the bank. You know, that whole
Community Reinvestment Act is public information. Do your research. Look at what your banks
are doing in the community. Are they really fulfilling their Community
Reinvestment obligation? Then those banks that aren’t, this will be
a great complement for them to be able to fulfill
those obligations. It’s not that they might not
necessarily want to. It may be that they don’t have
the time or capacity to do so. So, the Money Smart program
is an excellent way for the banking institution
to get out in the community, to brand itself
with your organization. So that’s how we’ll begin
the conversation in terms of who can help me
underwrite our program. Other things that if you look
at each of the modules, each of the modules
presents an opportunity for a subject matter
or industry expert to underwrite that for you. So, we didn’t
just go to the bank. We also with the insurance part,
hey, let’s go to State Farm, let’s go to Nationwide
or whatever insurance company. So, they’re very open to be
a part of this program, too, and by bringing in
those subject matter experts, it creates a win-win. So, you don’t have
speaker’s fees to absorb because all of our speakers
tend to be our members or our partners
and as a service industry. So, it’s a great win-win if presented right to
the right relationships. So that’s what I would advise. – Thank you very much, Mike, and I want to fill the last
two minutes of our town hall to address a couple of
questions that we received during the registration,
and most importantly one that came through the Q&A
about how to provide feedback for the updates of
the credit and banking modules. So, if you have any ideas
about how to improve the credit and banking modules, this is the right time
to provide the feedback even though we’re always open
and eager to hear any ways we can improve it, at this time we’re working
on redeveloping the product and it would be very timely
if you’re able to submit any ideas that you have
to improve the credit and banking modules
directly to me, and my email is provided
on the screen. For those who are maybe having
visual difficulties, it is [email protected] and it will be very timely
if you can send those along before the end of April
or hopefully by mid-May. We would appreciate that. I also had another question
in the registration process about when can we book
train-the-trainer classes. So, as it was explained earlier
when I opened up the program, we have made
the train-the-trainer curriculum available
for any organization to use and host their own
train-the-trainer program. Because we have
limited resources, usually we have at least one
community affairs specialist that covers every state,
but that clearly is not enough, and the first thing
you should do if you’re interested in hosting
a train-the-trainer program, to prepare your instructors of
Money Smart for Small Business is to contact your community
affairs specialist and determine whether
they can provide support, and depending on their schedule
and also the number of people that you’re expecting, please know that we do
give priority to events where the expected attendance
is over 30 people, and if we’re able to provide
the support in a way that meets your needs
and your schedule, we will do so. But we’re also happy to provide
partial train-the-trainers or shorter train-the-trainers
via webinar. So, we can use the same
technology we used today in order to fulfill
more of those needs, but for any of those cases,
it is always best to contact your local community
affairs specialist. Another question that I had was whether we’re going to have
a curriculum for youth. We do not currently have
a curriculum for the youth specifically on
entrepreneurship, but we have a Money Smart
for Youth program that you can check out at
www.fdic.gov/moneysmart which you have
on the slide right now, on the closing slide, and you can see
all the programs that we have. We also have Money Smart
for Older Adults, and we have a version
for adults. So, as you heard from Mike, he usually combines Money Smart
for personal finance with the Money Smart
for Small Business and it seems to work well. Well, at this time, we are
one minute past the hour, and we appreciate
your participation today. Thank you for the questions
you submitted, and until next time, operator,
you can end the call. – This concludes
today’s conference. Thank you for participating. You may disconnect at this time.

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