2022 Midyear check-in

Posted Aug 11, 2022

A few weeks ago the entire Nutmeg State team gathered at our corporate offices for a much needed get together. We held our midyear Board Meeting along with a Summer Social to review our work, discuss what’s next, and celebrate our accomplishments. I’m delighted to share some of the highlights with you.

As you know, earlier this year Nutmeg State refocused our mission with a new bold statement: “to build multigenerational prosperity in the Connecticut community we serve through education, collaboration, and support of local commerce.”  We have been hard at work to align our entire organization around this ambitious goal and we are heartened by the test-and-learn results so far.

For example, we are inspired by the turnout of families and individuals attending our first-time homebuyers program during a recent information-sharing session. It is our pleasure to provide members with the financial education to navigate the complex first-time home buying process. We hope to collaborate with our partners at Mortgage Markets CUSO to host more of these sessions this year.

We are also thrilled with the interest in our Working Wheels program. This auto loan program is a product designed to help struggling families obtain reliable transportation in an affordable way. It is mainly designed for individuals in low-to-moderate income areas who do not have established credit, have fallen victims to predatory lending, have financial challenges or hardships, and who are looking for our help. Collaboration and trust in this process is needed for a lasting appreciation from you, our valued member. So far more than 130 families that previously struggled with the car ownership have benefitted from this program.

What to Expect Next

Along with our rollout of our new mission statement, we are now working to further define our identity and express our values. For members, this answers questions like: What do you want to see from us when you interact with Nutmeg State? What are the shared values between you and Nutmeg State in which we can build meaningful social and economic relationships together? In the months ahead, you will also see a new look and feel of our website, our social media, and our branches.

 We aim to remove obstacles to building prosperity for some of our hardest working and struggling members. We are looking at all fees often associated with financial challenges – like NSF and Privilege Pay – and are thoughtfully considering how to reduce the undue burden placed on  our members.

Nutmeg State is always identifying ways to improve the member experience. This includes a smarter, easier, and more intuitive online loan application which is coming very soon.

 We are also excited about our first ever social impact report detailing our work to build prosperity for all in 2022.

 Nutmeg State is fully prepared to face the challenges caused by the current economic conditions and will remain hard at work to deliver the programs and services our members need. Thank you for putting your trust in us as we build prosperity for all.

 

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