Micro-enterprise Success Story: Town & Country Masonry and Tuckpointing
In 2012, a bank consortium led by Reliance Bank worked with Justine PETERSEN to create a fund to address a community need for affordable loan capital for small and minority contractors to bid and accept property development contracts. While minority participation is encouraged and in some cases required, many small and minority contractors lack the financial capacity to successfully bid, accept and carry out the work of large scale property development contracts. The St. Louis Regional Small and Minority Contractor Loan Fund answers this need.
Listen to Jeff White, owner of Town & Country Masonry and Tuckpointing, tell his story.
Homeownership / Credit Building Success Story: Chanta S.
Chanta S. was living in Section 8 Housing, but it was her dream to purchase her own home. Referred by the St. Louis Housing Authority in March 2012, Chanta S. had a 594 credit score. On her credit report, she had no positive active accounts and about $11,000 in collection accounts; however, many of the collections were duplicate accounts and some should have been paid by her health insurance.
Justine PETERSEN Interventions:
- Credit Builder Loan
- Secured Credit Card
- Dispute the collection account reporting errors.
By September 2012, Chanta S. had a 637 credit score. She was paying both new lines of credit on-time and starting to pay down her collection debt. The disputed accounts had been removed.
In December 2012, Chanta S. had a 668 credit score. A 74 point increase in nine months! She still has two outstanding collections, totaling $877. Her plan is to continue to pay on-time her good active lines, finish paying off her collection debt and purchase a home in 2013!
Annual Report 2012
The mission of Justine PETERSEN is to connect institutional resources to the needs of low- and moderate-income families in order to build assets and create enduring change.
2012 Impact on the Community
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812 individually counseled on building good credit in order to access safe and affordable capital.
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$5.7 million originated to 634 individuals and small businesses that were unable to access safe and affordable capital anyplace else.
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203 families purchased homes after participating in homebuyer counseling and education. 253 families in foreclosure and 91 seniors considering reverse mortgage were also counseled.
Credit Building & Financial Education
Partnerships
In 2012, Justine PETERSEN launched a partnership with Local Initiatives Support Corporation (LISC) to expand financial products to LISC clients. Through a LISC Twin Account, Justine PETERSEN's Community Development Financial Institution, Great Rivers Community Capital, originates a $300.00 loan. Client re-payment behavior is reported to the credit bureaus and LISC counselors coach clients to use the loan to build a good credit profile. LISC matches each on-time client payment with $25.00 - assisting the client to accumulate $300.00 in savings over the one year loan term. Seventy-seven LISC clients accessed the product in 2012.
Justine PETERSEN continued to provide training and technical assistance to partners through the Aspen Institute Asset Building through Credit Pilot Program and the Chicago Credit Building Coalition. Collectively in 2012, Justine PETERSEN and partner organizations surpassed 750 applications to the Banamex USA Secured Credit Card Program.
Micro-Enterprise Lending and Technical Assistance
Expanded Geography and Lending
2012 was a year of geographic expansion in Micro-Lending. With robust partner support, Justine PETERSEN originated 66 micro-loans to Kansas City Regional businesses.
The City of St. Louis and St. Louis County each renewed their commitments to serving the small business community through donations of loan loss reserve and operating support.
Homeownership and Retention
Home Retention
Loss mitigation services saw more volume with the expansion to include participation in the Illinois Hardest Hit Fund® and National Foreclosure Mitigation Counseling programs. Foreclosure intervention counselors worked with 253 individuals to assist with loan modifications to prevent foreclosures in 2012.
Justine PETERSEN - 2012 Board of Directors
Filomena Angelucci-Dean, President
Matt Ghio, Secretary/ Treasurer
Fr. William Hutchison
Keith Willy
Tasha Pettis-Bonds
Great Rivers Community Capital - 2012 Board of Directors
Richard Torack, President
Matt Ghio, Secretary/ Treasurer
Christopher Bohnert
Robert Boyle
Angela Burrage
Eddie Davis
Michele Watts
2012 Consolidated Financial Statements
Annual Reports (Prior Years)
Annual Report 2011
Annual Report 2010
Annual Report 2009
Annual Report 2008
Annual Report 2007
