The Need
There are many types of credit that people take for granted, including credit cards, auto loans, student loan, and investing in a business. CEO's origins in serving refugees uncovered some unique challenges for that population, as they have no credit history and have to overcome language and cultural barriers while learning a new financial system. And while working through all that, they are constantly being asked to fill out burdensome paperwork. All of this leads to distrust in and disconnection from the financial system, a cycle of poverty, and a lower quality of life.
The Solution
CEO operates through a "B2B2C" model where all loans are made through a referral from partnered community-based organizations – including through all offices of our parent organization, the IRC. The model allows partners to effectively function as “local branches” of CEO. These non-profit partners offer credit training and have the linguistic and cultural competence to serve their communities effectively. Loans are accessed alongside related services, like workforce development or case management, helping to increase the impact of existing programs.
