3146 Agler Road
Columbus, OH 43219
Contact: Deonna Barnett
Phone: 614.476.1758

FOR IMMEDIATE RELEASE

Telhio partners with INCREASE CDC to offer savings program for those in need

COLUMBUS, Ohio (December XX, 2008) – In this challenging economy, many people are forced to sacrifice their savings to make ends meet. In an effort to help central Ohioans build a stronger financial future, Telhio Credit Union (www.telhio.org) has partnered with INCREASE Community Development Corporation (INCREASE CDC) to offer a new savings program for those individuals struggling with financial uncertainty.

The program includes financial education classes and a special savings account called the Individual Development Account (IDA), which offers a 2-to-1 return on investment. For instance, if a participant deposits a total of $1,000 in his or her IDA at Telhio, INCREASE CDC will match that amount at the end of the savings period, giving the account holder $2,000 and a significant boost to the stability of his or her financial future.

The goal of the program is to assist low-to-moderate income families build assets and enter the financial mainstream. The program is managed by INCREASE CDC, which is a faith-based, not-for-profit organization that provides programs to increase economic self-sufficiency through education, asset creation and business development.

“As an organization focused on ‘people helping people,’ we are pleased to partner with INCREASE CDC to offer this savings product to those seeking to strengthen their financial position,” said Leslie Bumgarner, president and CEO of Telhio, which serves those who live, work, worship or attend school in Franklin County and the surrounding communities. “Telhio has been a member of the Columbus community for nearly 75 years, and we remain dedicated to serving the financial needs of our members.”

To qualify for the IDA program, participants must be employed and will have to complete financial education classes through INCREASE CDC. Additionally, participants must also:

• Have a household income at or below 200 percent of the federal poverty level
• Be eligible for Earned Income Tax Credit or Temporary Assistance for Needy Families (TANF), and
• Not have assets valued at or above $10,000

Once enrolled, program participants will have to contribute at least $20 per month into their IDA during a period of six months to three years. INCREASE CDC will match funds up to $1,000, though deposits can be made in excess of that amount. Participants are also required to open a traditional savings account with Telhio with a balance of at least $5 to achieve membership in the credit union. As a member of Telhio, participants can also take advantage of credit union benefits including lower rates on personal loans, higher returns on deposit accounts and discounted products and services from Telhio’s preferred partners.

“The IDA program at Telhio offers individuals an opportunity to save money and to accomplish a dream, like home ownership or opening a business, and to take advantage of member benefits offered through Telhio,” said Jerome Jones, vice president of business services for Telhio and INCREASE CDC board member. “The partnership between Telhio and INCREASE CDC is a natural fit because of both organizations’ focus on strengthening the community by equipping people with resources and education.”

INCREASE CDC has trained 275 individuals, conducted more than 500 sessions of one-on-one support, started 65 businesses and retained 35 additional jobs in central Ohio to date. Many IDA account holders use their savings to pay for post secondary education, purchase a first home or start a small business.

About Telhio Credit Union

Telhio Credit Union (www.telhio.org) is a full-service financial institution serving those who live, work, worship or attend school within Franklin County and surrounding communities. Founded in 1934 as the credit union for the Columbus Telephone Company, Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct and offers a variety of innovative programs, services and products to support its members' financial needs. Telhio offers five branching offices throughout central Ohio and nearly 3,500 shared branching locations nationwide.

About INCREASE CDC

INCREASE Community Development Corp. (INCREASE CDC) is a faith-based community development corporation dedicated to improving the quality of life in Central Ohio through Education, Entrepreneurship, and Economic Development. INCREASE CDC has trained hundreds of aspiring entrepreneurs on business planning and financial literacy and started or expanded over 80 businesses throughout Central Ohio. INCREASE CDC is funded by the Ohio Department of Development, Ohio CDC association, Franklin County Department of Economic Development, and most Central Ohio banking institutions.

For more information, contact:
INCREASE CDC
614.476.1758
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