Community Capital New York
December 2014

Agency Newsletter
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Welcome to our Agency-Wide newsletter!

So far we have been sending you mostly small business news in our monthly newsletter.
But did you know that Community Capital does much more than Small Business lending? We also provide loans to affordable housing developers, we have programs that support businesses with a wealth of technical assistance and coaching in addition to capital, and provide assistance to new Americans so that they can access the financial system in the US.

We are an economic catalyst working to strengthen the prosperity of our communities and the lives of the people who live in them.  By leveraging education, human and civic resources and through flexible, innovative and responsible financing, we enable traditionally underserved people to become stake holders in a more inclusive economy. - We hope you enjoy the variety of topics in this newsletter. Going forward we will send out this comprehensive newsletter throughout the year to keep you apprised of the range of wonderful events that are occurring in our communities.
"Pathways to Prosperity" launched at Neighborslink Mount Kisco
Financial workshops for New Americans

Community Capital is collaborating with Neighborslink Mount Kisco to provide immigrant families with information and tools to navigate the U.S. financial system.

 

Workshops were held for two groups and consisted of four sessions each. The topics ranged from budgeting, savings and basic banking, to information about the credit reporting and scoring systems in the US and finally responsibly managing debt.    

 

Hand in hand with the workshops, Community Capital developed programs to allow participants to apply the acquired knowledge in the real world.  We are proud to announce an incentivized savings program (Ahorra Y Gana), credit builder loans (Constructor de Credito) and opportunity loans (Prestamos de Oportunidad) which are all open to participants in the Neighborslink programs.  

 

Community Capital would like to thank the Elias Foundation, Citi Bank and Morgan Stanley for generously supporting these efforts!  

$100,000 Loan Backs Rehab of Abandoned Home by YouthBuild Students

Community Capital recently celebrated the transformation of a blighted property into a newly renovated, energy efficient house at 206 Winnikee Avenue along with U.S. Senator Kirsten Gillibrand, U.S. Congressman Sean Patrick Maloney, New York State Senator Terry Gipson, Dutchess County Executive Marcus Molinaro, Poughkeepsie Mayor Johan Tkazyik and Nubian Directions II Executive Director Robert Wright.  

The house was rebuilt by students in the Poughkeepsie YouthBuild Program, sponsored by Nubian Directions II, Inc.  Working alongside seasoned professionals, YouthBuild trainees converted a dilapidated, abandoned property into a beautiful, affordable home with two apartments for families earning up to 60% of Area Median Income.  In total, reconstruction of the house provided 67 students with green-building and job training skills.


 Click here to read the full story on this wonderful transformation. 

Entrepreneur of the Month
Eduardo and Darwin Alvarez
The Landscaper Corp

If your horticultural efforts are wilting on the vine, let brothers Eduardo and Darwin Alvarez of The Landscaper Corp. lend a hoe. The Guatemalan immigrants do the weekly mow, spring clean ups, tree removal, and mulching, but they can also dig through years of experience to landscape with perennial sedums, heirloom seeds from the Hudson Valley, and native woodland species to put your suburban garden into the perfect vegetative state of mind. And, yes - they do snow plowing as well!!!  

 

Thanks to a loan of $30,000 from Community Capital, the Alvarez brothers were able to purchase a truck, a wood chipper and a snow plow to create a more competitive menu of services for Westchester clientele; provide workers compensation for the two Hispanic workers the business now employs full time, and obtain liability insurance.

 

The Landscaper Corp., which the duo started three years ago by providing maintenance for three houses, now maintains between 35 and 40 homes in Chappaqua, Mount Kisco, Pleasantville, Bedford, Pound Ridge and New Canaan. And Eduardo, a single parent, was recently able to move to a much nicer apartment along with his six year old daughter Sofia. "I never thought I could feel this happy," he says. "Now I'm able to offer my customers more services, support my family much better, grow my business and provide the best for my daughter. It's the American Dream. I'm so grateful."


Click here to read the full story on how Community Capital helped the business grow. Then visit the business' website here and or call them at 914-384-4317 for more information and a free estimate! 

Rent reporting workshop
Get credit for your rent payments!

 

On November 19th, Community Capital  and Credit Builders Alliance talked to Connecticut nonprofit housing agencies  and  social services providers about a breakthrough development that allows renters to establish and build credit by reporting their rental payments. 

 

The workshop, entitled "The Power of Rent Reporting," was held at the Wilton Library and began with a discussion about the importance of credit building for asset creation and financial stability.  Sabine Werner of Community Capital discussed how in today's economy, it is not just potential lenders who look at credit scores when approving a loan or determining an interest rate.  "Employers look at credit scores when deciding if they want to hire you.  Landlords look at credit scores to see if they want to rent to you.  A phone company looks at your credit score to determine how much of a deposit you need to provide.  Even dating sites are looking at applicants' credit scores to determine their desirability as a mate... Rent reporting empowers renters to build their credit profile through their monthly housing payments, just like homeowners do."  

Carolyn Schulte, of Credit Builders Alliance, talked to workshop attendees about the benefits of rent reporting for landlords and tenants, the positive impact rent reporting has had so far on the credit scores of subsidized housing residents and the various ways rental payments can be reported.   

 

To learn more about rent reporting, please contact Sabine Werner at [email protected] 

Support

 
Consider shopping  on Amazon Smile and support Community Capital by doing so. 0.5% of your purchases are automatically donated. Click here to find out more



Opportunity is our mission.

Creating Opportunity is our mission. Community Capital is an economic catalyst that strengthens the prosperity of our communities. Through education and innovative financing we enable underserved people to become stakeholders in a more inclusive economy.

We believe:  

Access to opportunity is a path to prosperity and successSafe, decent, affordable housing create stronger communitiesFinancial and business education fosters economic independenceHardworking people willing to invest in their businesses deserve our support.
Community Capital New York
Wells Fargo
SBA
Empire State Development
  914 747-8020| 914 747-2049| www.communitycapitalny.org
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