Assess standard bank readiness to partner to attain the task objective with a specific give attention to credit unions as well as other locally-based banking institutions.
Enterprize model Development (roughly 80% of task): the goal of this goal would be to build away a comprehensive enterprize model for scalable, sustainable cash advance alternatives for Calgary. Predicated on Momentum’s current information, it really is almost certainly to activate as an energetic partner on a remedy that features a financial institution. Also, Momentum is only able to take part on task this is certainly considered charitable based on the Canada sales Agency. The perfect solution is has to address the questions that are following
Exactly what are suggested item offerings? Includes information on quantity, term, interest, eligibility requirements, safety or security if any, credit bureau reporting, application procedure, interface (face-to-face, online, mobile etc.), projected acceptance price, etc.
Just just exactly How numerous loans are projected in the 1st three years for the offering? What’s the projected payment price?
What’s the investment necessary to attain these results? Where will this investment originate from and exactly how will investors be rewarded with regards to their danger?
What’s the profile regarding the perfect customer and what’s the product’s market positioning? For instance:
Can it be safer to have high obstacles to access (eg money management training includes included in product distribution) and a top quality loan profile and even though this model will exclude feasible good prospects? Or perhaps is broad impact chosen also at the cost of loan quality? What’s the rationale for the suggested market positioning?
Exactly just just How may be the danger managed and shared? Simply how much will the lender need in upfront money? Exactly exactly What portion (if any) of write-offs are suggested as assured? What’s the perfect relationship between interest charged and amount of loan loss support?
What’s the projected social and impact that is financialfor instance, exactly how many bucks are anticipated to be redirected far from interest re payment)? What’s the projected profitability associated with the model (if any)?
How can the proposed solution start thinking about lessons discovered from comparable models implemented in the usa and Canada with a specific give attention to the area connection with the bucks Crunch pilot?
Exactly exactly just How should the solution be implemented and what is the price of execution?
Do you know the projected development possibilities beyond Calgary?
Project proponents might request a copy of Momentum’s Fair Financing concept paper that outlines work done up to now including detailed details about the money Crunch pilot task.
Deliverables:
The next is a listing of minimal deliverables that are required
Submission Demands:
The applicant(s) will submit a proposition with this Work project (a maximum of 5 pages) that has to range from the after information:
Approach:
A description for the approach you need to take to your work assignment, including a proposed work plan with a listing of tasks, methodology and a phased schedule reflecting the desired deliverables.
Resources, Qualifications and Recommendations:
Biographies for every individual that may be active in the work, explaining appropriate skills and experience that is demonstrating the region of system assessment. Two sources representing comparable or associated work done by the applicant during the last 2 yrs, indicating the organization(s) to that the solutions had been delivered and a guide title for every single company. Sources should include details and phone figures.
A estimate including per diem prices and calculated time allocation for every single specific active in the ongoing work, with totals summarized.
Timelines:
The task is anticipated to span a maximum of a couple of months and become complete by 2015 april.
Deadline:
Proposals should be submitted by 11 2015 november. The proposition ought to be provided for: Carolyn Davis
Carolynd at momentum.org Community Relations Director Momentum #16, 2936 Radcliffe Drive SE Calgary, AB T2A 6M8
Site list: Payday lending research brief: the actual price of Payday Lending Municipal alternatives for Payday Lending Policy Change Provincial choices for Payday Lending Strategy Change Cash Crunch Information
Resources Available after signing privacy agreement: Cash Crunch interior information Fair Finance concept brief