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Country Club Bank, Kansas City, MO

Entry Year: 2018
Entry Category: Community & Economic Development
Asset Size: Small
Program Name: Kansas Loan Pool

Program Summary:

2015 recipients of the Business Philanthropist of the Year Award by Non-Profit Connect, Country Club Bank maintains a commitment to excellence in supporting the Kansas City community and helping it thrive. Since its founding, the organization has developed and launched a multitude of community and economic development programs, including a significant new and innovative community-betterment partnership with Catholic Charities of Northeast Kansas.

This creative partnership, titled the Kansas Loan Pool Project (KLPP), was designed to combat the devastating societal damage caused by high interest payday loans. Catholic Charities identifies candidates with up to triple-digit-interest payday loans and assigns them a social worker; Country Club Bank refinances those individuals into a six percent guaranteed loan. Participants in the program must enroll in a robust financial literacy program to:

- Help boost their understanding of what makes a strong, responsible borrower
- How to work to improve credit
- Savings tips and more

In addition, those selected for the Kansas Loan Pool Project work closely with a case manager to ensure payments are made on time and that significant progress is made in their journey through education and modified financial behavior.

To date, 132 high-interest loans have been refinanced totaling approximately $142,000, with only four defaults.