North Country Federal Credit Union Supports Entrepreneurs
June 26, 2018
Burlington, VT — NorthCountry Federal Credit Union has announced their support of Financial Futures’ Micro Business Development Program at Champlain Valley Office of Economic Opportunity (CVOEO) in Burlington, Vermont.
The $3,000 donation will be used to support the Peer Networking Group, a cohort of entrepreneurs that meets monthly to share experiences, knowledge, and questions about small business ownership and connect with small business resources on topics they want to learn more about.
“We feel that the work of the Peer Networking Group and the work of the Financial Futures Program meets a critical need for low-income Vermonters working towards a path to financial self-sufficiency” said Bob Morgan, NorthCountry Chief Executive Officer.
“The Peer Networking Group was born out of a semester long service learning project in partnership with students from UVM’s Community Development and Applied Economics program” said Kate Larose, Financial Futures Director. “A generative theme named by microbusiness clients in focus groups was a desire to connect with peers. Being an entrepreneur can be lonely and this group is a way to build community while also building small business success.”
Financial Futures helps people with low and moderate incomes to learn, earn, save, and own in Chittenden, Franklin, Addison, and Grand Isle counties through microbusiness counseling, matched savings accounts, and financial capability coaching and classes.
In the last year, Financial Futures worked with 758 individuals seeking to increase their financial wellness. Participants working on savings goals reported an average of a $2,530 increase in savings, 49% of participants reported bringing past due bills more current, 83% created financial goals. Among the 213 clients accessing business counseling, 6 new businesses were started, 44 were expanded or enhanced, 17 full time jobs were created, and businesses leveraged more than $700,000 in capital.
“I have listened and watched meetings of the Peer Networking Group. It is exciting and inspirational to see these business ventures come alive and to hear new entrepreneurs sharing their experiences with each other. We are grateful to NorthCountry Credit Union for enabling this good work”, said Jan Demers, CVOEO Executive Director.