Cross River, a financial services organization based in Fort Lee, recently announced the mid-year outcomes of their joint initiative, HOPE Inside Cross River, with Operation HOPE.
HOPE Inside Cross River Program
Over the past few years, the two organizations have cooperated to offer financial education resources for individuals and small enterprises. The goal is to deliver transformative financial education and financial planning, enabling local small business owners and individuals to achieve financial stability and independence. Since its inception, the program has successfully impacted numerous individuals and businesses by providing them with essential tools and guidance for managing their finances effectively.
Participants in the HOPE Inside Cross River program have reported improved financial literacy, increased savings, and the ability to develop sustainable financial plans for long-term success.
Mid-Year Findings: Addressing Unique Financial Challenges
The financial counseling program collaborates with hundreds of local small business owners and individuals in New Jersey and New York, many of whom are underbanked, to enhance their financial well-being. The mid-year findings revealed:
- Client revolving debt reduction
- Increased client savings
- Credit scores improved by 30 points
These outcomes show that the program has been successful in addressing the unique financial challenges faced by underbanked communities and providing them with necessary support. In addition to improving access to financial services, the initiative has also bolstered the overall economic resilience of the regions it serves, fostering an environment conducive to growth and success.
Collaboration Impact: Empowering Community Members
Nicole Henderson, Cross River’s Head of Community Affairs, remarked that now more than ever, consumers require assistance in managing their financial health. Henderson said, “We’re proud of the results we’ve achieved through our long-standing partnership with Operation HOPE. Together, we are making a profound impact on the lives of our community members by empowering them to take control of their finances for future financial success.”
This collaboration has allowed both organizations to provide vital financial education and resources to those in need, equipping them with tools and knowledge to make sound financial decisions. By continuing to work hand-in-hand, Cross River and Operation HOPE aim to expand their reach and uplift even more individuals and families, thereby fostering economic growth within the community.
Award-Winning Coaching Model: Long-Term Financial Stability and Wealth
Operation HOPE Founder, Chairman, and CEO John Hope Bryant commended Cross River’s leadership for their dedication to their clients’ financial well-being. He stated, “Our shared goal is to grow the bottom line for every American’s personal business plan by reducing debt and increasing savings. Even in the face of escalating debt and cost-of-living increases, this collaboration demonstrates that our award-winning coaching model works.”
Through this partnership, individuals are provided with essential tools and guidance to enhance financial literacy, empowering them to make informed decisions regarding their personal finances. By combining Operation HOPE’s proven coaching methods with Cross River’s commitment to client success, a strong foundation is being built for individuals to achieve long-term financial stability and wealth.
Participant Testimonials: Transformative Impact
Melissa D.W., a participant and small business development client in the program, recounted her experience. She said, “These sessions have increased my credit score, my understanding of business, and provided me with the tools and resources to make my goals and dreams a reality. As a single mom and woman of color, thank you for helping me to build my confidence, so I no longer see barriers in business but new challenges that I have all I need to overcome!”
Melissa’s journey highlights the transformative impact the program has had on her life and those of others who have participated in it as well. Alongside improving credit scores, the program empowers individuals, especially those from underprivileged backgrounds, to break down barriers, embrace new challenges and ultimately, find success in their entrepreneurial pursuits.
Partnership Goal: Promote Financial Inclusion
Arlen Gelbard, Executive Vice President and General Counsel at Cross River and the Northeastern Board Member of Operation HOPE, stated that providing financial resources to businesses and consumers in need is at the core of their mission to promote financial inclusion. In collaboration with Operation HOPE, Cross River aims to empower underserved communities with essential tools and guidance required to improve their financial well-being. By offering accessible resources, the partnership helps entrepreneurs and individuals alike to make informed decisions and build a strong financial future.
Community Outreach: Transforming Lives of Consumers
This is achieved through responsible credit access, inventive payment solutions, or financial education programs and support. Gelbard said, “Our partnership with Operation HOPE and sponsorship of two HOPE Inside locations (Teaneck and Brooklyn) allows us to put boots on the ground in making this mission a reality and transforming the lives of consumers and their financial health.”
As a result of this collaboration, individuals in these communities are given the tools and resources necessary to improve their financial well-being and ensure a stable future. Through personalized coaching, workshops, and financial literacy courses, the partnership aims to break down barriers to economic success and empower those seeking assistance to take control of their finances.
Frequently Asked Questions
What is the HOPE Inside Cross River program?
The HOPE Inside Cross River program is a joint initiative between Cross River, a financial services organization, and Operation HOPE, a non-profit organization, aimed at providing financial education and planning resources to individuals and small businesses in New Jersey and New York. The goal is to help these individuals achieve financial stability and independence.
What are the mid-year findings of the HOPE Inside Cross River program?
Based on the mid-year findings of the collaboration between Cross River and Operation HOPE, individuals participating in the HOPE Inside Cross River program experienced a reduction in revolving debt, increased savings, and an improvement in credit scores by an average of 30 points. The program has been successful in addressing the financial challenges faced by underbanked communities.
How does the partnership empower community members?
The collaboration between Cross River and Operation HOPE empowers community members by providing them with essential financial education, resources, and tools to make sound financial decisions, improve their financial well-being, and achieve long-term financial stability and success.
What is the award-winning coaching model used in the program?
The award-winning coaching model used in the HOPE Inside Cross River program is a method developed by Operation HOPE. It combines financial education, personalized coaching, workshops, and financial literacy courses to help individuals enhance their financial literacy, make informed decisions regarding their personal finances, and achieve long-term financial stability.
What are some participant testimonials of the program?
Participants in the HOPE Inside Cross River program, such as Melissa D.W., have reported improved financial literacy, increased credit scores, and a better understanding of business and financial management. The program has also helped individuals, particularly those from underprivileged backgrounds, to build confidence, overcome barriers, and find success in their entrepreneurial pursuits.
What is the goal of the partnership between Cross River and Operation HOPE?
The goal of the partnership between Cross River and Operation HOPE is to promote financial inclusion and empower underserved communities by providing them with the essential tools, guidance, and resources required to improve their financial well-being, make informed decisions, and build a strong financial future.
How does the partnership transform the lives of consumers?
Through community outreach efforts, the partnership between Cross River and Operation HOPE transforms the lives of consumers by providing personalized coaching, workshops, financial literacy courses, and more. This helps individuals in these communities improve their financial well-being, break down barriers to economic success, and take control of their finances, ensuring a stable future for themselves and their families.
First Reported on: njbiz.com