Financial Literacy

The Foellinger Foundation report revealed that access to credit has been a challenge for refugees in Allen County. Since most come from countries without a credit system comparable to that in the U.S., they do not have a credit history. Most refugees arrive here with what they can carry. Banks and credit card companies classify refugees with no credit experience in the same category as bankrupts. Refugees do qualify for federal housing programs that make "no down payment" mortgages available to first time home buyers. But then they cannot get money to furnish the homes. Limited success in finding jobs makes paying monthly mortgages difficult.

AISEDA is partnering with Wells Fargo Bank, a local Banking group which has formed a taskforce to reach out to the refugee and immigrant communities, in order to teach about credit, help individuals develop a good credit history and encourage them to begin Individual Development Accounts for savings for homes, education or starting a business

Financial Literacy This program is taught by staff of Wells Fargo Bank, using either the regular class room or the computer room, depending on the particular topic, classes are offered once a week, for 1 hour, on Wednesday morning in addition to the ESL classes. The slower-paced Limited English participants are assisted with translation services.