Merchants Bank grant helps vulnerable Vermont households build financial skills and credit

Burlington, VT – November 13, 2013 – (RealEstateRama) — Merchants Bank is making a grant to help the Champlain Valley Office of Economic Opportunity’s (CVOEO) Growing Money Program provide financial education and build financial skills for over 600 vulnerable Vermont households. Although the economy has been slowly mending since the 2009 downturn, many low income Vermonters have yet to experience increased financial stability and asset building. Recent cuts to basic services like 3SquaresVT (formerly Food Stamps) and Head Start, as well as stagnant wages and rising costs, are putting even more pressure on fragile households.

“Money management can be intimidating. The Growing Money Program offers a unique value to the community because it is designed to speak to people in an easy-to-understand way,” said Cheryl Houchens, Loan Compliance & CRA Officer at Merchants Bank. “CVOEO’s program supports people by helping identify and focus on manageable steps toward financial stability.”

The Growing Money Program staff currently provides regular and ongoing trainings in spending and credit management, as well as in saving and beginner investing. In addition, they assist participants in creating individualized financial and credit plans, pull and review credit reports, instruct in effective methods of improving the credit score, and facilitate access to financial institutions and products. All services are free of cost to income eligible people.

“While many people approach us motivated to improve their financial situation, their knowledge base is often lacking or spotty, they have never acquired the basic tools and skills, they don’t have a clear plan, their history of dealing with financial institutions is less than ideal, and, frankly, their household income doesn’t leave much room for mistakes,” said Jim White, who directs CVOEO’s Financial Future’s Program. “We have no immediate solution to the income issue, but we can assist them in developing their financial capability. The contribution from Merchants Bank helps support our ability to offer a path of practical training and actions that will lead to a sound financial foundation.”

The Growing Money Program originated in 2005, a significant expansion of the financial education services CVOEO offered as part of it matched savings account and microenterprise development program. Growing Money Program services reach over 600 households annually in Addison, Chittenden, Franklin and Grand Isle Counties. For information about Growing Money Program classes and financial coaching, visit www.cvoeo.org, call 802-860-1417, ext 114, or email growingmoney (at) cvoeo (dot) org.

About Champlain Valley Office of Economic Opportunity
CVOEO is a non-profit Community Action Agency, one of five in Vermont that originated in 1965. Serving Franklin, Grand Isle, Addison and Chittenden Counties, CVOEO reaches over 11,000 low income households each year through a variety of services. Growing Money is a service of CVOEO’s Financial Futures Program, which assists Vermonters to achieve financial stability through financial and credit education, microenterprise development and asset-building opportunities.

About Merchants Bank
Established in 1849, Merchants Bank is the largest Vermont-based bank, independent and locally operated. Consumer, business, municipal and investment customers enjoy personalized relationships, sophisticated online and mobile banking options, more than 30 community bank locations statewide, plus a nationwide network of over 55,000 surcharge-free Allpoint ATMs. Merchants Bank (Member FDIC, Equal Housing Lender, NASDAQ “MBVT”), and Merchants Trust Company employ approximately 300 full-time employees and 40 part-time employees statewide, and has earned several “Best Place to Work in Vermont” awards. American Banker ranks Merchants Bank #10 in America among 851 peers. www.mbvt.com

Contact:
Jim White
Champlain Valley Office of Economic Opportunity, Inc.
802-860-1417 Ext. 112