James Blake

For more than a decade a different kind of university, for no charge, has taught thousands of students how to start a small business or just open a bank account; how to buy a house, borrow money, save for college, avoid payday lenders and rental furniture – and even become an American citizen. 

The program – HarborOne U – is now a national model, with bankers from across the country, federal regulators and the state treasurer’s office all seeking advice on programs that help New Americans, the newly-divorced, high school students and small business owners succeed in both Gateway Cities and suburbs. 

Maureen Wilkinson

Why? Because of stories like this: New to America and Brockton, Pedroame to the U for English lessons, came back for a course on Financial Success, then took the first-time homebuyer course. He bought his first house, with lessons learned that saved him thousands of dollars. Just this month Pedro  came back to the U to tell his teachers he was buying a second house, and his credit score is near perfect. 

 More than 15K Students 

What started in Brockton has grown as HarborOne has grown, expanding into Mansfield and across Southeastern Massachusetts, and now classes are being offered in Pawtucket, Providence and Central Falls, Rhode Island and in English, Spanish, Portuguese and Creole. These classes have evolved as needs have evolved, but always with the same goal: To be certain that all residents have the best opportunity to learn how commerce works, to safeguard money that is extremely hard-earned, and to succeed here – by sending a child to college, buying a home, starting or expanding a family business. 

Other bankers and regulators are coming to learn from these programs not simply because they are good for the students who use them but because what is being taught helps communities to thrive, and by creating customers and communities with a strong upside, they help banks to thrive. 

This is an investment that pays dividends every time a family, with lessons learned from the U, moves from a rental unit to the triple–decker it bought, then saves to send a child to college and comes back when it is time to expand a small business to a new location. 

Solange, a single mother, came to the U a year ago deep in debt and with disastrous credit. She signed up for a personal finance class and hands-on coaching. She learned how to turn around her credit score, budget, save and pay off debt. Solange came back in September – to attend the first-time homebuyer workshop that helped her buy her first home. 

The U has taught more than 1,000 classes – more than15,000 students in total – on financial literacy, citizenship, English and business and has graduated approximately 600 American women and immigrants of all genders from its Success for Small Business program. HarborOne U financial literacy programs now reach 6,000 public school students annually with staff talking about the same things they talk with parents about – how banking and finance works, what to do and what to avoid. 

For Gateway Cities in particular, federal and state regulators see the programs offered at the U as one key to unlocking community potential. 

Fed, State Treasurer Partnered with Program 

Working with state Treasurer Deb Goldberg, the U is helping spread the small business curriculum to other institutions while gathering applicable demographic information, getting feedback on the obstacles to starting and expanding a small business in Massachusetts and distributing a survey regarding job creation and growth. At the same time, the state Treasury is seeking U assistance in developing an online toolkit for small/micro business owners to launch and expand businesses in the commonwealth, and to inspire other financial institutions to offer free, objective education. 

Recently, the Federal Reserve Bank (FRB) asked HarborOne U to be a partner in distributing its annual Small Business Survey and the FDIC is working with U team members to spread the word about free financial education to other financial institutions including at the FDIC/FRB Interagency Conference, multiple Boston Alliance for Economic Inclusion meetings, the FDIC Small Business Town Hall webinar, the FDIC Youth Banking Network webinar and the Providence Alliance for Economic Inclusion Conference, among others. 

This is not charity. This is an investment that pays dividends every time a family, with lessons learned from the U, moves from a rental unit to the triple–decker it bought, then saves to send a child to college and comes back when it is time to expand a small business to a new location. 

Natasha is an immigrant from Haiti who knew she was good at catering, but had no idea how to run a business. At the U she learned how to bank, how to borrow, how to budget and save and how to create a long-term business plan. Now she has established credit, and recently bought the first vehicle needed to expand her business.  

“Now, step by step I am getting to the place where I see my business in the future,” she said. 

Jim Blake is CEO of HarborOne Bank. Mo Wilkinson is Vice President of Community Education and CRA Officer for HarborOne Bank.