As part of the fifth annual Money Smart Week in Chicago, organized by the Federal Reserve Bank of Chicago, AWARE sponsored two workshops on the keys to vehicle financing with Bethel New Life, a faith-based community development corporation based in Chicago’s West Side. Bethel New Life’s Smart Savers Program is a match-savings program in which participants’ savings are matched at a 2:1 ratio. Participants complete an eight-week financial literacy course that teaches budgeting, debt management and financial planning skills, in order to help them reach a specific financial goal such as purchasing a home or starting a business; this year, the course also focused on saving for and buying a new car. During Money Smart Week, Bethel teamed up with AWARE and GMAC to educate Smart Savers and other area residents about the essentials of the vehicle financing process. Since its inception six years ago, Bethel’s Smart Savers Program has enrolled more than 200 men and women, many of whom are now living in their own homes, driving their own cars, or running their own businesses. For more information on Bethel New Life, visit: http://www.bethelnewlife.org. |
