Making a Difference Through Partnership and a Financial Bootcamp with Southside Community Development and Housing Corporation

Chesapeake Bank and Southside Community Development and Housing Corporation (SCDHC) partner to bring a financial bootcamp and incentive to eight individuals in Richmond.

SCDHC provides residential and commercial development, as well as homeownership, financial education and counseling, employment services, and other support programs to low-income families throughout central Virginia.

Most recently they have partnered with Chesapeake Bank to offer a Financial Bootcamp through their Financial Opportunity Center, located on 1624 Hull Street.

Eight individuals participated in six group sessions from March through June. The session topics included: Budgeting, Credit, Savings, Spending Wisely, Retirement Planning, and Home Ownership. As part of the program, each participant committed to saving $250 by the end of the program and were rewarded with an additional $500 to meet their savings goals. Between sessions, participants produced a personal budget, completed homework assignments, and met with SCDHC financial Coaches for personalized mentorship.

“At Chesapeake Bank we believe individuals in all of our communities should be able to connect with their personal banker to seek advice or help if they need it,” says Thomas Claiborne, Outreach Officer, Chesapeake Bank. “You should know the name of your banker, the same way you know the name of the person that does your hair and this program has helped bridge that gap. Eight more people in the Richmond know their bankers by name.”

Both Chesapeake Bank and SCDHC desire financial success and affordable housing for all individuals in our communities. While each partner offers loan assistance programs and grant opportunities to assist the public in achieving homeownership, many times an individual must meet a certain income level, credit score, or savings balance to get approval. The programs of both Southside and Chesapeake coach and educate individuals so that they can meet their goals whether or not homeownership is the final destination.

“Incentivizing a person’s commitment and interest can make all the difference, says Robbie Franklin, Director of Real Estate Development, SCDHC. “Many times, we have to tell clients no but through programs like these, mixed with the buyer’s effort, we get to say yes more.”

Learn more about programs through Chesapeake Bank and Southside Community Development and Housing Corporation.

Anyone interested in participating in SCDHC's services, including our next financial bootcamp program or any of our first-time homebuyer programs, can enroll by registering for a workshop on their website at www.scdhc.com/workshops.

To partner with Chesapeake Bank in financial education and products visit: https://ches.bank/outreach/ or contact outreach@ches.bank