Penn Community Bank has undertaken a community initiative designed to help struggling residents who, although not living in poverty, are nonetheless financially constrained. The bank’s efforts were profiled by Stacy Wescoe in Lehigh Valley Business. Wescoe cited the bank’s work with the local “ALICE” population, residents who were asset-limited, income-constrained, yet employed.
ALICE members are often called the working poor. These individuals and families live paycheck to paycheck, with no financial safety net to weather unexpected emergencies.
Understanding the ALICE Population
In a county known for wealth, the ALICE population nonetheless represents a surprisingly large subset (27 percent) of the Bucks County, Pa., community, within the market of Penn Community Bank. These individuals, often holding multiple jobs, still struggle to meet basic household needs.
“Nationally, 36 million families are unable to afford the basic household bills,” said Bernard Tynes, Executive Vice President and Chief Experience and Impact Officer at Penn Community Bank. “This is the workforce behind the workforce: janitors, childcare providers, cafeteria workers.”
Empowering the ALICE Population: Penn Community Bank, Bucks County, and United Way Join Forces
Penn Community Bank is collaborating with Bucks County and the United Way of Bucks County to address the challenges faced by the ALICE population. The partnership aims to eliminate the stigma associated with this demographic and provide essential resources.
One such initiative is the bank’s LIFT United program, which offers financial coaching and support for essential needs like reliable transportation.
LIFTing Residents: Financial Education & Car Ownership
For a clearer idea of the game-changing effects of ALICE-related outreaches, consider Rachel. She’s a Bucks County medical receptionist and single mom who benefited from the LIFT United Program.
LIFT United is a collaborative effort among organizations that include the United Way of Bucks County, Penn Community Bank, and Buck County itself. Together the organizational participants work to provide working families with reliable transportation.
Their efforts lift the financial outlooks of residents in the ALICE parameters through education on financial skills and tactics to improve credit scores. With those abilities, LIFT United then helps with either purchasing a reliable used car or refinancing current car loans at lower interest rates.
Rachel was able to use the information she was given to secure a down payment for a used car and obtained an auto loan backed by the United Way.
“Because of United Way, I have stability in my life,” she shared.
The LIFT United Program: Preventing Financial Hardship
The efforts of Penn Community Bank and its partners are critical in preventing the downward spiral that can lead to homelessness. By addressing the immediate needs and providing education, they are helping to create a safety net for those on the brink of financial instability.
Read the full article at Lehigh Valley Business for more information on Penn Community Bank and its support for the ALICE population.
