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Innovative Change$ Email Newsletter
News from Innovative Changes
August 2010


We're taking the summer in stride here at Innovative Changes:
  • On July 21st, President Obama signed the financial reform bill, the most significant and consumer-friendly financial reform enacted since the 1930s.
  • We've started three exciting new partnerships: CASA of Oregon, Goodwill Industries, and Wells Fargo. We've also signed Memoranda of Understanding with Hacienda CDC, REACH Community Development, and Africa House.
  • Banking Matters, Oregon Bankers Association quarterly publication, ran an article about us in their summer issue (page 28).
  • We received an $8,000 operating grant from the Hoover Family Foundation. Thank you for your generous support!
  • Our AmeriCorps VISTA volunteer Charles Thompson is ending his term with us, and we'll be welcoming Talia Kahn-Travis.
Read more about these developments in this August newsletter.

The middle of the summer is also a great time to pause and reflect on our progress. It's been less than 8 months since we started providing services. We have served over 100 individuals and families since the beginning of the year! We have made 66 loans, 7 of which have been repaid in full. The average size of our loans is $471.00. We have trained 102 staff members from 30+ nonprofit agencies to refer loan clients.
Of course, more than numbers, our clients come to us with their life stories. We love becoming a part of those stories. Beginning with this issue, we'll be bringing you client stories demonstrating the difference we make in the community.

As always, we appreciate your continued readership and support!


Sarah Chenven
Program Director
Desiree's Story

Desiree J.Desiree J. started working with Innovative Changes 6 weeks ago, in mid-June 2010. Her pay and rent cycles misalign, so for months she'd been forced to pay her rent late, accumulating late charges. The $500 Opportunity Loan and financial education provided by Innovative Changes will help Desiree stabilize her finances.

"My last loan was a car loan, they never told me the terms," Desiree said. "[Innovative Changes] explained everything about interest, payments, and credit."

With the loan, Desiree can pay her rent on time again and use what she was spending on the late fee for other expenses.
Financial Reform and Innovative Changes

U.S. CongressOn July 21st President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (CFPA), the most significant and consumer-friendly financial reform enacted since the 1930s. The new law is intended to stabilize the U.S. financial system and creates a new Consumer Financial Protection Bureau (CFPB)-housed within the Federal Reserve-to prevent unfair and deceptive consumer finance products and practices.

As a consumer finance company and an emerging CDFI nonprofit loan fund offering responsible small dollar consumer loans, Innovative Changes is regulated by the CFPA and the CFPB.

Goodbye Charles, Hello Talia

Charles Thompson August brings an important change to Innovative Changes staff. On the 20th, Talia Kahn-Travis will replace Charles Thompson as our AmeriCorps VISTA volunteer.

Charles has been an integral part of the team and has helped establish Innovative Changes as a viable and valuable organization in the Oregon nonprofit community.

"I liked that [Innovative Changes] was a brand new program," Charles said. "It also fit with my interest in finance and community development."
In This Issue
Desiree's Story
Financial Reform and Innovative Changes
Goodbye Charles, Hello Talia
New Partners
Upcoming Events
Quick Links

New Partners

CASA of Oregon

To provide small loans to survivors of domestic violence.

Goodwill Industries

To provide loans for employees.

Goodwill Industries and Wells Fargo

To provide workshops to Goodwill employees with Wells Fargo staff, and follow up with 1-on-1 credit coaching.
Hacienda CDC
REACH Community Development
Africa House

Upcoming Events

No events scheduled in August.

For more information, email Carmina Lass or call her at (503) 943-5645.

Our Mission
As an emerging, nonprofit community development financial institution, Innovative Changes helps struggling individuals and families manage short-term financial needs in order to achieve and maintain household stability.