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Accessible Financial Services Incubator

Armed with the largest grant in our history—a $700,000, 30-month grant from the Ford Foundation—we launched an accessible financial services incubator in September 2013. Using credit unions as the proving ground, Filene will test, package, and scale innovative, viable financial products in the incubator to benefit low-and-moderate-income US consumers. At least 25 credit unions and 5,000 US consumers will test five products. And we’ll advance the most promising concepts, with the end goal of large-scale implementation and commercialization of at least one product at a large mainstream financial institution.

Browse the five incubator projects below or get in touch with us to learn more.

Non-Prime Auto Lending

Access to reliable transportation allows for increased access to jobs, housing, schools, and activities. But many credit-challenged consumers lack reliable transportation. The National Credit Union Foundation’s Non-Prime Auto Lending program helps lenders fairly price and manage non-prime auto loans, incorporating the LIFT idea introduced by Filene i3. Contact Cynthia Campbell,...

Borrow & Save

Developed by the National Federation of Community Development Credit Unions, Borrow & Save increases consumers’ economic security by providing an affordable small dollar loan with a payment term that makes sense for them. A built-in savings component also enables consumers to self-fund their emergencies instead of borrowing money to handle...

Employer Sponsored Small Dollar Loans

Developed by NorthCountry Federal Credit Union, this small dollar loan program is offered to employees of the Select Employer Groups (SEGs) partnered with credit unions. Loan payments are auto-deducted from direct deposited paychecks. Once the loan is paid, employees may continue making payments into savings accounts. Contact Cynthia Campbell, director of...

Pay Yourself Back

Innovations in Poverty Action developed the Pay Yourself Back product as an add-on to any loan type. By leveraging the habits formed by regularly making loan payments, it encourages consumers to keep making regular payments (or a portion of it) to themselves after the loan is paid off. We’re still...

The Trust Card Debt Reduction Program

We’re still looking for innovative credit unions to test the Trust Card in an 18-month pilot program. Contact Cynthia Campbell, director of innovation labs, to learn more, watch the Trust Card recorded webinar, and peruse the overview sheet and webinar slides on in the right-hand column. Did you know that due...