Financial Empowerment Centers

Financial Empowerment Centers

Norwescap’s Financial Empowerment Centers help people develop the financial habits and assets to achieve their dreams.  We do this by building financial management skills, offer one to one credit counseling, providing resources to help people save money, and distributing small loans to maintain employment for working families and offer saving programs to increase assets and build net worth. Our team of Financial Coaches work with participants to understand their goals, set priorities, and put in place practices to help them grow.

Key services include:

• Financial coaching and workshops on topics like budget management, savings, investing, and credit improvement
• Matched savings individual development accounts to help build savings toward homeownership, small business creation, higher education, or car purchase
• Low-cost loans for car purchase (up to $3,000), car repair/insurance ($1,000), child care ($800), housing/rent/mortgage/security deposit ($1,000), or employment-related expenses ($500) for working individuals
• Support for families residing in public housing (specific residences in Morris County) to build savings and achieve long-term goals

Want to learn more?

If you are interested in any of our Financial Empowerment Center programs, please contact our Financial Empowerment Team at info@norwescap.org or 908-521-4220 to learn more and to schedule an appointment to meet with our team.

Specific programs include:

Individual Development Account (IDA) – Matched Savings

Norwescap’s Individual Development Account (IDA) matched savings program is designed to assist individuals and families with low income build wealth and save for life-changing assets. Eligible savings goals include homeownership, automobile purchase, higher education, and small businesses.

Participants in this program receive match dollars as they build their savings, while also building financial knowledge and good financial habits. The program engages participants in financial literacy workshops, developing personal budgets, learning to build and maintain healthy credit scores, and implementing and developing an individual financial plan.

The IDA program serves individuals and families in Hunterdon, Morris, Somerset, Sussex, and Warren counties. Participants are required to attend a minimum of 16 hours of financial literacy classes.

Family Loan Program

Norwescap’s Family Loan Program provides working individuals and families with low income and/or less than perfect credit ratings with low-cost, bank approved loans. It can be extremely difficult for people with no or low credit to access small personal loans. By partnering with area banks and credit unions, Norwescap has created a revolving loan fund pool to support working individuals and families, helping people access financial support to navigate unexpected obstacles like car break-downs or the need for emergency childcare.

The program has loaned out over $601,000, and has a default rate of less than 5% since inception, with only a 3% default rate during the most recent program year. Participants work closely with our staff and receive guidance and support throughout the entire loan process. Family Loan Participants must enroll in personal finance workshops, set clear financial goals, and repay loans within the terms of the individual loan.

Types of Loans:

• Car Purchase – Maximum Loan Amount:  $3,000
• Car Repair/Car Insurance – Maximum Loan Amount: $1,000 (Average loan repayment for car repair is $88 per month for 12 months)
• Child Care – Maximum Loan Amount: $800
• Housing/Rent/Mortgage/Security Deposit – Maximum Loan Amount: $1,000
• Employment Related Expense – Maximum Loan Amount: $500

To be eligible for the program, individuals must be:

• Employed at least 20 hours per week and at the same job for at least 6 months;
• Able to demonstrate that the loan is necessary to maintain employment and that the loan can be repaid within the required terms;
• Income eligible – must be within 250% of Federal Poverty Guidelines;
• A resident of New Jersey residing in Hunterdon, Morris, Somerset, Sussex or Warren counties;

All participants in the Family loan program are required to attend financial counseling workshops.

To learn more about Norwescap Family Loan Program or for an application, please contact the Financial Empowerment Center at info@norwescap.org or 908-521-4220.

Norwescap would like to thank our Financial Empowerment partner institutions:

• Financial Resources Federal Credit Union
• First Hope Bank
• IRCO Federal Credit Union
• Lakeland Bank
• PNC Bank
• TD Bank
• Valley Bank

Family Self-Sufficiency

Norwescap’s Family Self-Sufficiency program helps families receiving Housing Choice Vouchers, or residing in certain public housing units, to achieve economic self-sufficiency.  Through collaborative partnerships with Housing Authorities, Norwescap offers multiple services including the Family Self-Sufficiency (FSS) Program, and the Resident Opportunity for Self Sufficiency (ROSS) program. These programs support individuals in realizing their fullest potential in a demanding and competitive world.  Our expert staff members help program participants navigate obstacles that may stand in the way of goal achievement and coordinate resources in the community.

Family Self-Sufficiency participants are supported through escrow accounts, case management and counseling, financial assistance, employment and career coaching, and more. Our program participants have successfully expanded their education and job training, achieved home ownership, obtained full-time employment, increased income, and applied for United States Citizenship.

To qualify for FSS, you must receive a Housing Choice Voucher and be referred by the participating Housing Authority. Please contact us at 973-784-4900 or fss@Norwescap.org for more information.

We also offer a free “Planting Financial Seeds of the Future” series to all residents of Morris County, as a joint initiative with the Morris County Commissioners. The series focuses on core financial literacy topics along with one-on-one mentoring to help build savings, improve credit, and develop a spending plan to create wealth and assets. To learn more, contact us at 973-784-4900 or fss@Norwescap.org.

Norwescap Family Self-Sufficiency
21 Pine Street, Suite 101
Rockaway, NJ 07866

Phone: 973-784-4900

Fax: 973-784-4904

Email: fss@Norwescap.org

Hours
Monday – Friday 8:30 am – 4:30 pm