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. Our program has been carefully designed to ensure we capture required data to quantify  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

As of the end of FY2020 (6/30/20), CWC has served 14,000 clients from  referring partner agencies with Financial Empowerment Workshops and Credit Seminars, and more than 3,000 clients with more intensive Advanced Education (one-to-one financial counseling services).  For FYE 2020 alone, CWC served 4,700 clients in its Financial Empowerment  Workshops, along with 1,200 clients in Advanced Financial counseling sessions.

Our efforts to date have resulted in more than 2,500 clients becoming banked who were previously unbanked.  CWC clients enjoy an increased savings (on average) of $550 over a 12-month period and over $1,000 after a 24 months. In addition, CWC serves as the exclusive financial education and asset building collaborative partner for more than 60 human service agencies and workforce development organitzations. These include Habitat for Humanity, Charlotte Rescue Mission, CharlotteWorks, Goodwill, Center for Community Transitions and housing programs such as Charlotte Family Housing and Roof Above. Teen-oriented efforts include The Relatives and Right Moves for Youth. CWC also enjoys contractual working relationships with Mecklenburg County and the City of Charlotte.

Finally, CWC to date has made more than 500 CWC Opportunity Loans to very low income families for various emergency needs, and made 670 COVID-19 Income Gap Loans for more than $500,000 in loan assistance in 2020. 95% 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 40-120 points to 570.

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 low-income wage earners 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 economically-vulnerable families to avoid predatory fringe banking and, as a result protecting 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