Direct Cash Relief
Human Stories of the Coronavirus Pandemic
Neighborhood Trust recently partnered with SaverLife to distribute $1,000 checks generously funded by Humanity Forward to Bronx residents financially impacted by the coronavirus.
Our clients are among the hardest hit financially by the coronavirus pandemic, the hardest to reach, and most likely to be unsupported by the government’s relief efforts. They are small business owners, gig workers, and healthcare workers. They are immigrants, documented and undocumented. They are working parents who unexpectedly have to pay for childcare now that school is closed. They are children who now have to support parents who are out of work. They are overloaded by credit card and student loan debt and wondering how they’re going to pay their rent. They are weary of a financial system that has taken advantage of them far too many times.
The $1,000 our clients received has been a lifeline for so many, a sign of hope when things were bleak.
Direct Cash Relief
The Role of Human Touch in Emergency Cash Relief
In March 2020, as the U.S. realized the severity of the coronavirus pandemic and prepared for an economic shut down, Neighborhood Trust Financial Partners and SaverLife—two nonprofit fintechs dedicated to financial security and inclusion for working families typically left out of the financial system—anticipated the devastating impact the financing crisis would have on low-to-moderate income families.
Given our existing partnership and a shared belief in combining mission with technology, Neighborhood Trust and SaverLife brought together our complementary strengths. Neighborhood Trust utilized its TrustPlus financial coaching to help workers navigate financial shocks and link them to smart financial tools and products. SaverLife leveraged its tech infrastructure to turn a savings platform into a cash distribution platform, deploying this same technology to send money straight to those who need it. Together, we launched an emergency cash relief and coaching effort to disburse money quickly and to help recipients build and pursue a financial plan.
The resulting collaboration on program and user experience design, recruitment of vulnerable families, onboarding support, cash disbursement, and financial coaching to help cash recipients make a financial plan was an extensive effort that came together in just a few weeks.