Coalition for Economic Opportunity
P.O. Box 2563
Charlottesville, Virginia 22902
|Primary Contact||Josephine Conover|
|Executive Director||All Volunteer|
|Primary Focus Area||Hunger/Housing/Poverty|
The mission of the Coalition for Economic Opportunity (CEO) is to enhance access to fair, reasonable and just financial services for low- and moderate-income members of the community.
CEO was formed to provide a community-based alternative to predatory lending in the city of Charlottesville, Virginia, and surrounding counties. CEO's primary program is to provide an alternative loan service. This low-interest loan helps people avoid the cycle of debt that can result from payday and car title loans. Loans are available on six-month or one-year terms, up to $650 per client. Close to 100 loans have benefited people by paying for car repairs, paying off high-cost loans, providing security deposits, offering small business start-up costs, and more.
|Title:||Loan Guarantee Fund|
|Description:||Our Loan Guarantee Fund determines how much we can lend out. This fund is housed at Virginia National Bank, where we have a low interest loan product through our partner Virginia National Bank. If a lendee defaults on a loan, the bank is repaid from our Loan Guarantee Fund. We currently only lend out a maximum of $1500/month, with the max loan amount of $650. We currently have ten outstanding loans. The more we can lend out, the more people we can assist get out of financial crisis and rebuild their credit.|