LIFT United supports improvements in financial literacy, credit scores, workforce stability among ALICE population
PERKASIE, Pa (October 2024) โ Penn Community Bank, the largest independent mutual bank in eastern Pennsylvania, is renewing its partnership with United Way of Bucks County, the County of Bucks, and Credit Counseling Center for the highly successful LIFT United program. Launched in 2022, the financial stability initiative has demonstrated remarkable success in helping eligible residents increase their financial literacy, improve their credit scores, and secure low interest used car loans.
LIFT United, which stands for “Learn to Invest in Your Future and Thrive,” is designed to support ALICE (Asset Limited, Income-Constrained, Employed) households in Bucks County. Credit Counseling Center offers free financial literacy courses and one-on-one budget coaching for program participants. Successful participants receive a down payment match of up to $1,000 and a low-interest car loan secured by United Way. All loans are offered by Penn Community Bank.
“We’re thrilled to continue our commitment to LIFT United,” said Bernard Tynes, Chief Experience & Impact Officer at Penn Community Bank. “Over the past two years, we’ve seen tangible, life-changing results for working families in our community. With 71 1-on-1 counseling sessions, 87 educational modules completed, and 10 loans secured the program’s success in improving financial stability and workforce participation underscores the critical need for initiatives like LIFT United.”
The program’s impact extends beyond just providing loans. Graduates who complete the full financial empowerment curriculum have seen their credit scores increase by an average of 67 points. Moreover, LIFT United graduates report missing zero days of work due to transportation issues up to nine months after receiving assistance in securing a low-interest car loan.
โWe are seeing incredible results with LIFT United: 100% of folks who complete the program improve their credit score and their financial stability. Longer term, they are remaining stably employed โ reporting no missed work after securing their vehicle. We are so grateful for Penn Community Bankโs help, support, and wise counsel,โ said Marissa Christie, President and CEO at United Way of Bucks County. โThrough this program, Penn Community Bank is providing a financial resource to our Asset Limited, Income Constrained, Employed (ALICE) neighbors โ and we are seeing them thrive.โ
The collaborative approach of LIFT United combines financial education with practical assistance, and has led to significant improvements in participants’ lives. Some graduates report increases in savings and income after securing better employment with the help of an affordable and reliable vehicle.
“This program did far more than help me with a vehicle. What was really important to me was all the knowledge I received along the way,” said Ryan, a LIFT United Graduate.
All applicants to LIFT United must be referred by United Way’s Member Agencies. For eligibility requirements and more information, contact patricko@uwbucks.org or visit uwbucks.org/LIFTUnited.
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About United Way of Bucks County: Since 1952, UW Bucks has been improving lives in Bucks County by uniting donors, advocates, and volunteers around the common good. United Way programs focus on the building blocks for a good life: a quality education, a stable income, and good health. For more information, call 215.949.1660 or visit www.uwbucks.org.
About Penn Community Bank: Penn Community Bank holds more than $2.9 billion in assets, employs more than 300 people, and offers banking and lending services at financial centers throughout southeastern Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.
