Many Detroit citizens are intimidated by banks and are unfamiliar with the advantages of using traditional bank accounts and the financial system in general. Instead, many people rely on predatory check cashing and pay-day loan establishments for their cash flow issues. This practice incrementally eats away at a person’s income, and helps to perpetuate the cycle of poverty.
Dandelion was brought in as a strategic partner with the Brightmoor Alliance and PNC Bank to create the blueprint of an initiative around finance education and engagement in the Detroit community.
The goal was to educate Detroit citizens to utilize banking as a way to build wealth. The program makes it possible for citizens to obtain checking and/or savings accounts and avoid the predatory fees of check-cashing and pay-day loans establishments.
The Dandelion Team designed the program concept and pulled in pilot partners. We are now in the process of underwriting the program that will allow us to document the process for what we hope will eventually be replicated state-wide.