About Redbud Financial

2019

-Redbud reaches $300,000 in originations.
-Mining company Blackjewel abruptly closes its mines and claws back miners' paychecks. Redbud creates the Blackjewel Response Loan to help miners cover expenses while they fight for their pay.
-Glenmary Home Missioners invests $100,000 in Redbud's loan fund.
-Redbud becomes a member of the Credit Builders Alliance and is approved to begin reporting to the credit bureaus.

2018

-Redbud receives its first investment from a private individual.
-$6,000 raised in Redbud's first grassroots fundraiser - a crawfish boil!
-CDFI Fund certifies Redbud as a Community Development Financial Institution.
-Catholic Campaign for Human Development supports Redbud's continued operations.
-Redbud hosts a Homeless and Housing Coalition of America AmeriCorps service member.
-Redbud formalizes financial action planning for all clients.
-Redbud's lending portfolio reaches $100,000 with a 0% default rate.
-Redbud participates in the Perry County Community Foundation's Run For the Hills fundraising campaign, raising over $11,000 total - including $5,000 to start Redbud's permanent endowment.
-CDFI Fund awards Redbud Financial Assistance award of $125,000 in grant to the loan fund.
-Redbud's lending portfolio reaches $200,000!

2017

-Redbud hires its first full-time staff person to run the day-to-day operations of the organization.
-Redbud begins offering Credit Rescue, Payday Rescue, and HDA Home Repair loans.
-Redbud's lending portfolio reaches $50,000 and 20 clients.
-Redbud begins referral relationships with community organizations and businesses.
-Perry County Community Foundation and the Duff Family Coal Fund provide generous support for Redbud's start-up operations.

2016

-After a couple years of building a community board, researching best practices, and drafting policies and procedures, Redbud makes its first loan in fall 2016. HDA grants the start-up capital.
-Redbud receives a Technical Assistance Award from the CDFI Fund of the US Treasury that supported Redbud's operations during its start-up period.

2014

In Hazard, Kentucky the early 2010's, Housing Development Alliance, Inc. (HDA) - a Community Housing Development Organization with a mission to build safe, decent, and affordable homes in Eastern Kentucky - did an internal study on the folks coming to HDA for housing services. They noticed that almost 90% of people seeking HDA housing services did not qualify, largely because of credit-related issues like low credit scores and high debt loads.

Market research in the area showed two things: 1. there weren't many resources for people struggling to tackle their credit and debt issues and 2. a Community Development Financial Institution could be that resource.

HDA founded Redbud Financial Alternatives as a wholly controlled subsidiary in the fall of 2014 to be a bridge for people to move out of high-cost debt cycles and onto a pathway towards building personal assets.