$6,421 raised by 21 donors
21% complete
$30,000 Goal
“My mom got hospitalized and I used my entire savings to take care of her. So, I took out a loan to cover that. I didn’t realize how high the interest rates were and got way behind. I constantly dread about debt... It’s reassuring to know there are people out there who will help you.” - Christina, Savings Collaborative Client. Christina took out a predatory loan of $685 to cover expenses while taking care of an ill mother. The interest rate was 665%. Savings Collaborative renegotiated a 6% loan for her.
Until she started saving with us, Alma kept $6,000 in a box under her bed. She brought her money to the Savings Collaborative, where it was safe, and it began to grow as it earned interest. She continued saving and was able to gather enough for a down payment on a house.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Research consistently shows that 37% of all Americans can only cover an emergency of $400 if they go into debt. In the communities we serve, that number is closer to 60%. A stable financial foundation is a fundamental strategy for fighting poverty in our communities. We offer different entry points and on-ramps to help clients along their wealth-building journey.
The Savings Collaborative builds financial resilience and generational wealth by addressing the needs of historically marginalized communities—people of color, immigrants, refugees, and those with low incomes.
We make saving easy and promote healthy financial habits through a multilingual savings app, personalized financial coaching from certified counselors, emergency loans and debt management plans. Our bilingual Community Ambassadors guide clients toward their financial goals, one step at a time, little by little.
Our story began over a decade ago when lifelong teacher and philanthropist George Stranahan met regularly with Barbara Freeman, our founder and CEO. Together, they explored ideas to help those facing financial barriers locally and globally. In 2018, inspired by research showing 60% of Latino families lacked basic emergency savings, they resolved to act. Using human-centered design, our team worked hand-in-hand with the community to create an innovative savings model and app. This effort led to the birth of our organization, initially known as LaMedichi.
Today, the Savings Collaborative has over 3,000 members. All of our clients come from low-income communities, with over 90% coming from immigrant and BIPOC communities across Colorado. Despite inflation and other economic challenges, our clients have collectively saved nearly $5 million on a median deposit of $30 since July 2021.
As the Financial Counseling Provider for the new FEC of the Rockies, the first Rural, Regional Financial Office in the country, which will open in 2025, we aim to help more families gain control of their finances and build generational wealth.
Organization name
Savings Collaborative
other names
LaMedichi
2020
Tax id (EIN)
85-4176243
Category
Education, Mutual & Membership Benefit
Organization Size
Medium Organization
Address
959 CEDAR CRKGarfield County, CO, US
Pitkin County, CO, US
Eagle County, CO, US
Boulder County, CO, US
Denver, CO, US