Our Impact

common wealth charlotteCWC's definition of success is our clients' attainment of financial stability through the mastery of important financial concepts, access to affordable financial services, improvement of credit scores, and growth in assets.  We carefully designed our program to ensure that we are capturing required data to quantify our impact in each of these areas.   The outcomes measured by CWC are: 
  1. Credit Scores and Asset Poverty (Savings) pre- and post-financial capability services
  2. Unbanked rate pre- and post-financial capability services
  3. CWC-Opportunity Loan repayment / default rates

On June 30, 2016 (FYE of our first year of operations), CWC had served 1,600 clients from 12 referring partner agencies with Financial Empowerment / Tool Kit workshops, and 234 clients with more intensive Advanced Education (one-to-one financial counseling services).  For FYE 2017, CWC served 2,293 clients in its Financial Empowerment / Tool Kit workshops, along with 358 clients in Advanced Financial counseling sessions.

Our efforts to date have resulted in approximately 500 clients becoming banked who were previously unbanked.  From a sample size of approximately 288 clients, CWC clients increased their savings an average of $375 over a 9 month period.  In addition, CWC serves as the exclusive financial education and asset building collaborative partner for more than 20 human service agencies and one major employer.  These include workforce development agencies such as Goodwill, inmate release agencies such as Jail Central and Center for Community Transitions and housing programs such as Charlotte Family Housing, Renaissance West and the Men's Shelter.

Finally, CWC to date has made more than 100 CWC Opportunity Loans to very low income families for various emergency needs. Almost 90% of CWC borrowers have repaid or are current on these loans.  The average beginning credit score for CWC borrowers was 450.  On average, credit scores for Opportunity Loan clients over a 9-month period increased 100 ppints to 550.

General outputs such as client understanding of important financial concepts, budgets and credit building concepts, number of re-banked clients and CWC-Opportunity loans made will be tracked as well.  Benefits to our important stakeholders include:

Low-Wage Earners Community Employers Referring Partners Donors
Mastery of important financial concepts to enable behavioral and improve upward mobility for working poor Social & economic capital provided to promote upward mobility Increased employee productivity due to less time spent on financial issues Can focus on key areas of their expertise More impactful giving that results in long-lasting behavioral change and empowerment
Improvement of credit scores critical to upward mobility Enable working poor to avoid predatory fringe banking thus increasing incomes Potential for higher employee retention rates Higher impact due to critical integration of financial capability services Detailed outcomes vs old charity model of outputs only
Access to re-banking and non-predatory emergency loan services       Collateral pool allows donor contributions to be recycled multiple times