Women in STEM Podcast

by SpringFour | Jan, 26, 2018 | Default

SpringFour Co-Founder and CEO, Rochelle Gorey, recently dropped in on the new podcast, “The Broad Cast”. Host Becky Carroll brought together Rochelle, Jessica Williams, Co-Facilitator of 1871’s WiSTEM Program, and fellow WiSTEM grad Tiffany Mikell, CEO/CTO of AerialSpaces.

“The Broad Cast” in a new monthly podcast launched by C-Strategies, that features women making an impact on Chicago and their communities through business, civic engagement, and other means. On this episode the women discussed the WiSTEM program, women founders, and supporting women in tech. Topics covered include how women are still underrepresented in STEM, with women holding only 24% of STEM jobs, and how WiSTEM aided in helping SpringFour and AerialSpaces to grow.

Rochelle talked about how WiSTEM has been great in a variety of ways including ”giving exposure to women founders and CEOs” and building a strong group of women founders in STEM to support and collaborate. SpringFour definitely saw the benefits of participating in the program, having had a fantastic 2017, and continuing to build a great network. Rochelle also shared her unique path to STEM; seeing a problem and wanting to solve it and help people in financial distress led to SpringFour. “I see technology as a way to get where you want to go. If you have a vision you can create the right technology to get you to your goal.”

We were really excited to be a part of the podcast. Listen to the full episode here.

Photo: Tiffany Mikell, Becky Carroll, Rochelle Gorey, and Jessica Williams

Katie Gottschall Donohue, Vice President, Strategy and Operations

SpringFour, Inc.

Financial Health for Employees: SpringFour As Part of the Solution

by SpringFour | Jan, 10, 2018 | Default

At SpringFour we have long been advocates of employers taking part in employee financial health. When employees feel a greater sense of financial security, they are far more productive and loyal to their employer. It is no secret that over 40% of Americans don’t have enough saved to cover a $400 emergency expense, and most of those who don’t have enough savings are employed. Employers should take an active role in supporting the financial wellness of their employees and offering benefits and resources to assist their employees in saving and planning. Not only will they help their employees, but also their bottom line.

Sasha Orloff, CEO of LendUp, a SpringFour subscriber, recently wrote an op-ed for Forbes on Why Employers Need To Help Workers Deal With Income Volatility. He discusses the Finance Forward series of events that LendUp and the Aspen Institute Financial Security Program are currently conducting to elevate this issue and define actionable solutions. Employers have a number of tools they can call upon to help their employees address this volatility, and solutions that can range from smoothing out workers’ paychecks, to enrolling employees in savings accounts.

Sasha also specifically mentions employers looking to financial services companies, such as SpringFour, to help their employees find valuable resources for creating financial stability. LendUp has seen the benefits of partnering with SpringFour to bring financial health resources to their customers, seeing increased repayment rates and brand loyalty. These financial wellness results garnered through SpringFour can help employees as well. As the gig economy continues to grow, income volatility will continue to grow as well. “It is in employers’ best interest to help workers cope effectively.”

We are so glad to see this issue being addressed at a national level, and are excited to be part of the solution. The Center for Financial Services Innovation has also done research on this topic, pointing to robust employee financial health programs that improve their bottom line, promote employee loyalty and satisfaction, and serve as a unique benefit when hiring. As these conversations continue, one thing is for certain; we must all care about the financial well being of employees and how to assist those who are the most vulnerable in getting on the path to financial security and savings.

Katie Gottschall Donohue, Vice President, Strategy and Operations

SpringFour, Inc.

One of the most important resources you can offer your clients

by SpringFour | Dec, 6, 2017 | Default

Let’s talk about homeownership for a minute. This was a hot topic a decade ago amidst the foreclosure crisis. SpringFour was founded during this time as a solution for struggling homeowners looking for help. Now as many communities move past the crisis there is newfound interest in home buying and the needs of pre-purchase consumers. Homeownership is hot again. And SpringFour is again at the forefront of offering solutions to consumers in need.

At SpringFour, we have seen many of our subscribers and partners in financial wellness shift towards pre-purchase counseling, lending, and savings for consumers who hope to buy a home. Over the last year we’ve surveyed dozens of our users and found that they are looking for a quick and simple way to find home buying assistance programs for their clients. While many already have access to tools that thoroughly analyze eligibility and income, these programs take a lot of time to complete and are ineffective for clients just starting out in the process.

We have responded to this changing need by adding a new category, Down Payment Assistance, now available for every subscriber through S4desktop and S4direct. Thanks to this project, spearheaded by housing policy expert and SpringFour Data Team Member Julie St. Jean, SpringFour now offers a solution for prospective homebuyers that delivers results in seconds. You can help your clients take this important step in realizing their dream of homeownership and financial stability.

Over 700 assistance programs in 150+ MSAs will be available nationwide in all SpringFour applications on December 11th, in English and in Spanish. If you are a current SpringFour subscriber simply login and begin providing this valuable resource to your clients.

If you are not a current subscriber and would like to find out more about our products, contact sales@springfour.cc.

Why is Down Payment Assistance so important?

The dream of homeownership is again within reach for many Americans. The downward trend in homeownership appears to be turning in a positive direction with the homeownership rate climbing in 2017.  With confidence in homeownership currently at the highest level in 3 years, why aren’t more Americans becoming homeowners? A recent study by Nerd Wallet found that one of the top problems cited is not having enough money for a down payment. With interest rates also rising in 2017 it’s more important than ever for borrowers to get some extra help.

Down payment assistance takes many forms, from free grants and cash gifts for down payment to money for closing costs, prepaid escrows, and other mortgage expenses. In a typical scenario this could reduce the amount of cash needed to close from $20,000 to $200.

Down Payment assistance can help buyers purchase a home sooner. It immediately builds buying power and can help the buyer take action on a purchase more quickly. Down payment assistance programs also give home buyers an important cash cushion so savings and reserve funds are available for home maintenance and other unexpected emergencies, making for more sustainable, financially sound homeowners.

Why aren’t more people taking advantage of this assistance?

Unfortunately, a recent survey from NeighborWorks America found that 70 percent of U.S. adults are unaware that down payment assistance was available in their neighborhood.

Common myths surrounding Down Payment Assistance may discourage people from seeking help and prevent otherwise qualified buyers from realizing their financial goals. For example, many buyers believe that they need to put down at least 20% of the purchase price if they hope to secure a loan. According to the National Association of REALTORS, buyers put an average of just 6 percent down when buying a home, far below common perceptions.

Individuals who are aware of down payment assistance often mistakenly assume that such aid is only for first-time homebuyers and low-income households. But many programs target move-up and repeat buyers too, as well as homebuyers from all income levels. In fact an estimated 87% of Homes qualify for down payment assistance nationwide.

These statistics show just how important it is to have a curated, updated list of down payment resources available in local communities.

How else can I help my customers become successful homeowners?

In addition to down payment resources SpringFour has a variety of categories that can help consumers save money to reach a financial goal such as buying a home. Accessing categories such as food, utility, or prescription savings can help reduce expenses by thousands of dollars a year, allowing the consumer to save more.

SpringFour also offers referrals to HUD certified non-profit housing counseling. Local Housing Counselors can provide free trustworthy advice for anyone looking to develop a budget, build credit, and prepare for homeownership.

Contact us to find out more about these great resources at info@springfour.cc.

Cassandra Compton, VP of Data Integrity and User Experience

SpringFour, Inc.