WASHINGTON, D.C. –With the support of leaders from the Online Lenders Alliance the Community Financial Education Foundation (CFEF) has been created to educate micro-loan borrowers on money management and to help them achieve financial independence.
To help turn more consumers into responsible borrowers, policymakers and professionals in the online lending industry are supporting this independent, non-profit organization to deliver educational resources to the industry and consumers directly.
“There is a vacuum of financial education among consumers of micro loans,” said Mark Curry, President of CFEF’s Board of Directors. “Micro-loan borrowers who are underserved by traditional financial outlets are also underserved by traditional financial education programs. CFEF has tailored its programs to speak to the fundamental personal and financial needs of this audience.”
This month, CFEF launched its first educational initiative, Borrow Smart America. This free, Web-based financial education program was designed to teach consumers how to create household budgets, project future expenses, set savings goals and improve personal credit.
Intuit Inc. donated a copy of Quicken Deluxe to the first 500 consumers that complete the Borrow Smart America curriculum on the CFEF website. This initiative allows consumers to make their personal finances a priority long after they have completed the Borrow Smart America program.
In addition to the Borrow Smart America program, CFEF will launch a series of webinars in 2009 based on its financial education curriculum. It will also advocate for financial education instruction in America’s public schools and award grants to community groups, in addition to college scholarships for students who promote financial literacy in their communities.
Leading the Foundation’s effort is Executive Director Miranda Harwell. Harwell received a Bachelor of Science in Journalism from the University of Georgia before beginning a career in public service in Washington, D.C. Prior to joining CFEF, Harwell worked as a finance assistant for North Dakota Senator Byron Dorgan and served as the youngest PAC Director in the Democratic Congressional Campaign Committee’s history. She is a certified educator in personal finance.
“With the state of the economy today, the best investment a company can make is in the financial education of its consumers,” said Harwell. “We have received significant support from the online lending community because they truly understand the need for financial education. Moving forward, we anticipate support for this initiative throughout the industry will grow even more in 2009.”
Launched in 2008, the Washington, D.C.-based Community Financial Education Foundation (CFEF) is the leading provider of educational resources for payday loan borrowers. The non-profit organization, supported by companies in the online lending industry, developed the Web-based financial education program, Borrow Smart America. The Foundation also advocates for financial education programs in America’s public schools and awards grants to community organizations and students who promote financial literacy in their communities, nationwide. For more information, visit communityfef.org.
