Campaign Collateral Design

Finra - Small Dollar Loan Program


The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation, the Filene Research Institute, and six local credit unions have launched a two-year research project to assess the long-term impact of an Employer Sponsored Small Dollar Loan designed to help employees avoid the high cost of payday lenders, establish or repair credit, and begin to save.

Designed by NorthCountry Federal Credit Union and United Way of Chittenden County in Burlington, Vt., the loan was pilot-tested by 13 credit unions in eight states with 48 employers as part of the Filene Research Institute Accessible Financial Services Incubator with funding from the Ford Foundation. The two-year pilot confirmed that the loan is feasible, scalable, and meets important needs for employers and low- and moderate-income employees.


Credit unions participating in the ongoing research project include:

  • Georgia Heritage Federal Credit Union, Savannah, Georgia
  • Mercy Health Partners Federal Credit Union, Toledo, Ohio
  • NorthCountry Federal Credit Union, Burlington, Vermont
  • ProMedica Federal Credit Union, Toledo, Ohio
  • Sun Federal Credit Union, Maumee, Ohio
  • Toledo Metro Federal Credit Union, Toledo, Ohio

  • Results

    "During the 14-month incubator-reporting period (with the exception of the originating credit union who reported data for twenty months), the program resulted in 13 credit unions that partnered with 48 employers generating 1,042 loans with over $1.2M in loan volume and over $42K in savings balances.The average loan per borrower was $1,173 and the average savings was $152. Also, the average age of the borrowers was 39 years old with an average income of $36,474 and an average credit score of 554."
    For more info : Filene Research Institute