Summary:

Far too often programs designed to assist low-to-moderate income households lack innovation, creativity, and sometimes inadvertently create barriers that prevent access to opportunity. My idea is Bank On Twin Cities. Bank On Twin Cities (BOTC) will be a collaborative, holistic initiative of community-based organizations, financial institutions, and local government to assist unbanked, low-to-moderate income, and traditionally underserved populations establish banking relationships and increase their financial capability. In order to rent a bike from Nice Ride you need a debit or credit card. Without a bank account you live off the grid, which means you have no credit score. In the 21st century, no credit history and no credit score means you virtually don’t exist and will pay exorbitant rates and fees for basic services.
The foundation of BOTC is comprehensive financial education. Education modules cover budgeting basics, establishing or rebuilding credit history, debt management, the essentials of account management, and so much more.
As participants successfully move through modules their financial confidence grows. This increase in financial capability, coupled with low-cost financial services and products, designed to meet the needs and demands of the consumer and their community, will ensure long-term financial success. Empowered consumers brimming with newfound confidence will maximize opportunities for asset building and economic stability.
Saint Paul is brimming with great community resources. By working together and reaching out to traditionally underserved populations to ensure they can keep more of what they earn will strengthen families, communities, and indeed help make Saint Paul the most livable city in America.