Have a donation question? See our Donor FAQ for answers.
Refugees have been described as an economic burden, a strain and a drain on the United States. That’s far from the truth and our latest data shows why.
Phyllis Korogodsky, a loan officer with the IRC in Phoenix, was recently recognized by the Center for Economic Opportunity (CEO) with a resolution at their quarterly board meeting. The resolution read: “...[T]he CEO Board recognizes and thanks Phyllis Korogodosky for her exceptional service in her role as a Loan officer and Financial Coach for refugees in Arizona.” CEO is a subsidiary of the IRC that offers participants access to a range of affordable financial products that can accelerate clients’ upward economic mobility. Recently certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), the Center offers credit-building, auto, and business loans to low-income borrowers.
When COVID-19 spread in Utah, small businesses working with our Spice Kitchen Incubator were hit hard. In response, entrepreneurs worked with Spice Kitchen staff to apply for emergency loans to save their businesses.
The results of the IRC’s research suggest that expansion of socially-minded consumer financing paired with financial education, and other asset-building programs, could help more low-income families achieve financial stability and at the same time reduce the risks the current subprime auto loan market represents to the overall U.S. economy.
Hawkar, a refugee from Iraq, was resettled in Phoenix in 2016. With the IRC's help, he adjusted to life in the US quickly and learned how to navigate the US financial system.
