Cross River Bank has announced the mid-year results of its partnership with Operation Hope, called HOPE Inside Cross River. The program focuses on providing financial literacy education and financial planning to empower small business owners and individuals to achieve financial stability and freedom.
Nicole Henderson, Head of Community Affairs at Cross River, expressed the importance of supporting consumers in managing their financial wellness, especially during these challenging times. She highlighted the significant impact that the partnership with Operation Hope has had on the community, empowering individuals to take control of their finances for future success.
While consumer and revolving credit increased during the second quarter, HOPE Inside Cross River managed to help 50% of clients reduce their revolving debt during the first half of 2023. The program works closely with local small business owners and individuals, particularly those who are underbanked, to improve their financial health.
John Hope Bryant, founder, chairman, and CEO of Operation HOPE, praised Cross River’s commitment to the financial wellbeing of its clients. He emphasized that the shared goal is to enhance personal business plans by reducing debt and increasing savings, even in the face of rising debt and cost-of-living increases.
The program’s success extends beyond debt reduction, with 86% of clients increasing their savings and 81% improving their credit scores by 30 points. These results reinforce the importance of financial literacy in achieving positive financial outcomes. A 2020 FINRA study revealed differing levels of financial literacy among Americans, contributing to widening inequality among different segments of the population.
Cross River and Operation Hope are dedicated to closing the inequality gap in financial education. The two organizations have been partners since 2019, expanding the community’s financial wellness through their two locations.
Cross River Bank has been committed to developing innovative, secure, and responsible financial products and services since its establishment in 2008. Its primary goal is to provide access to financial resources for those in need.
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