Partnering for Economic Inclusion

As a true community bank, Penn Community Bank is committed to supporting thriving neighborhoods and empowering individuals and families. As part of this core mission, the Penn Community Bank expanded its economic self sufficiency efforts over the last year to find new ways to increase financial literacy and access to necessities like affordable housing and transportation. In partnership with Philadelphia-based nonprofit Clarifi, Penn Community Bank contributed $100,000 to support homeownership counselling and homebuying grants for Philadelphians residing in majority minority and low to moderate income areas of the city. As part of the program, Clarifi counselors work alongside participants to evaluate the budgets, identify short- and long-term goals, and create a written action plan detailing next steps. Upon completion, program participants are able to access bank-provided grant funds to help them recoup their savings, and in turn reduce risk of foreclosure and enable them to make necessary home repairs and modifications. In addition to increasing access to housing, Penn Community Bank worked the United Way, the County of Bucks, and Credit Counseling Center, the bank launched LIFT (Learn to Invest in Your Future and Thrive) United — a financial stability pilot program aimed to help eligible residents increase their financial literacy, improve their credit scores, and secure low-interest used car loans. Applying to the program, participants receive free financial literacy courses and one-on-one budget coaching from Credit Counseling Center, and successful graduates receive a down payment match of up to $1,000 and a low-interest car loan secured by United Way via Penn Community.