Lending for Evanston and Northwestern Development Lend For America Summit 2014 Get to Know LEND Who We Are Community Partnerships What We Do Who We Are Lend For America Summit 2014 LEND History Founders: Adam Whittington (10) Ravi Umarji (10) Founding Date: June 2009 Location: Northwestern University Evanston, Illinois Meet LEND Staff: 21 Northwestern Undergraduates Board of Directors: 7 members Cofounders Business Professionals LEND is devoted to connecting the Northwestern and Evanston communities under the shared objectives of aiding businesses, economic development, and social change. Services Microloans Loans between $500 - $10,000 9% Annual Interest (Compounded Monthly) Microloans Loans between $500 - $10,000 9% Annual Interest (Compounded Monthly) LEND Business Training Finances Operations Marketing Business Training Finances Operations Marketing 200 300 self-employed Evanston residents below the federal poverty line What We Do Lend For America Summit 2014 Lending Microloans: 9% Annual Interest Compounded Monthly 4.5% with timely payments Loans between $500 - $10,000 Total Capital: $50,000 in lending capital Total Amount Dispersed: $48,100 over 12 loans Clients 10 Evanston business owners Repayment 5 loans outstanding 100% repayment rate Business Training Program Business Training Personalized face-to-face 10-week sessions Charge: $ Staff Members per client 25 clients served Content: Finances Income Statements Tracking Sales & Costs Balance Sheets Operations Price/Cost Structures Revenue Streams Investment Decisions Marketing Channels Logo/Website Print Materials Brand Recognition Community Partnerships Lend For America Summit 2014 Community Partners First Bank & Trust Partnership Community-owned and operated bank in the Chicagoland area Founded in 1995 Fully service bank in Evanston focused on the community Mission To be the most responsive and the most responsible bank for the businesses and communities we serve. First Bank & Trust Partnership $10,000 in additional lending capital Capital used on a 1-1 matching ratio One LEND board seat given to FBT senior member Training Underwriting Due Diligence Client Referrals Community Outreach It's a natural fit for us to be working together First Bank & Trust has a vested interest in the Evanston community, and by partnering with these students, we can reach businesses that are not qualified for traditional bank financing Michael Corr, Senior VP of Commercial Banking FBT, LEND Board Member First Bank & Trust Partnership Expectations & Agreements LEND Coordinate workshops for NU undergraduates on community banking Organized workshops for business owners on financial literacy 1-1 matching ratio on loans Market FBT as a LEND partner First Bank & Trust Provide potentially renewable gift in lending capital Bank senior representative sits on board to advise on loans Provide workshops for LEND members in fair lending Promote LEND to community contacts and potential clients First Bank & Trust Partnership Evaluation Metrics Fund balance report submitted quarterly to FBT More than 75% of investment dispersed before agreement maturity At least 2 highly attended training sessions with representation from Northwestern, City of Evanston, and FBT Increase in number of loan applicants compared to the prior year Qualitative analysis of loan and workshop impacts Double number of individuals benefitting from lending or BTP Q & A