Habitat Kent Financial Education

In 2022, Mercantile Bank developed a partnership with Habitat for Humanity of Kent County to provide financial education to participants in Habitat's homeownership program as well as to residents in neighborhoods that Habitat is constructing homes in. The classes were required for all new home buyers that were approved to purchase a Habitat home and were promoted through social media, fliers, and other outreach efforts to residents of the neighborhoods. The financial education program consisted of a series of classes on budgeting, savings, banking basics and credit over a four week period. The Bank offered the financial education series in the morning and evening to accommodate the work schedules of participants. Participants learned about managing income and expenses, saving money for emergencies, and the importance of good credit. Each family was instructed to track their expenses during the four week financial education program to assist them in developing their savings and spending plan. A meal was provided during each session and participants were able to participate in a raffle for a gift basket during each session. After the series of financial education classes, participants receive a one-on-one coaching sessions with a bank employee. During the coaching session Bank employees helped participants develop a saving and spending plan. Credit reports were reviewed with each participant and information on how to repair negative credit was provided. In addition, depending on the individual's circumstances information regarding the Bank's MercStart Fresh Account, an account to help individuals re-establish a banking relationship, and the Credit Builder Loan which helps re-establish credit was provided to the participants. Participants received a gift card and certificate for completing the program.