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Seedco in New York City
Seedco's home office has been in New York City since its founding twenty years ago. The City has been the testing ground for many of our signature programs, and serves as the home base from which we have launched and refined many of our models before taking them to scale or expanding to other locations.
Workforce Development
The EarnFair Alliance: The EarnFair Alliance® is a network of 15 community based organizations that provides comprehensive employment and training services to hard-to-serve individuals in disadvantaged communities in New York City. Seedco provides a supportive infrastructure to network members-through intensive technical assistance, training, and information technology-and lowers the financial risks of local organizations by providing capital to ensure that cash flow needs are met and by performing fiscal and contract management functions. Since its inception in 2000, we have served over 12,000 individuals and placed more than 8,000 into jobs; and we consistently rank first or second for retention, starting wage, and public assistance recidivism rates in New York City. We are currently in the process of replicating the EarnFair Alliance model in Tennessee and Maryland.
Upper Manhattan Workforce1 Career Center: Seedco operates the Upper Manhattan One-Stop in Harlem, one of the largest such centers in the country, serving approximately 285 walk-in customers per week. At the One-Stop, we offer job-seekers a comprehensive package of employment and training services, including assessment, job readiness, career counseling, referrals to approved skills training providers, job placement, and post-placement services. On an annual basis, we place more than 2,000 people into jobs. We manage the One-Stop in close partnership with our EarnFair Alliance community partners, and we are one of the only One-Stops in the nation to have developed sub-contracting relationships with community organizations to provide adult and dislocated workers services. We have been recognized by the U.S. Department of Labor for this model and are currently contracted with the labor department to provide technical assistance to seven workforce investment boards across the country that are interested in adopting our approach.
Asset Building
EarnBenefits: Seedco launched EarnBenefits® in New York City in 2005 to help low-wage workers maintain continuous employment, accumulate savings, and build assets. The program offers workers an online screening and application tool and intensive case management services to connect them to a range of 25 different federal, state, local, and private benefits programs, such as the Earned Income Tax Credit, food stamps, public health insurance, and childcare subsidies. EarnBenefits, initially implemented at our New York City community partner sites, One-Stop Center, and at employer sites, has since been expanded to operate in Memphis and Atlanta, and we will launch new sites in Baltimore and Buffalo in 2006. In 2005, we screened over 7,500 individuals for benefits eligibility and connected over 2,500 individuals to at least one benefit. The average income enhancement per individual was just under $2,000. This program is now being expanded in Atlanta, Baltimore, Buffalo and Memphis.
Housing Counseling: Seedco's Housing Counseling network, which consists of 35 community-based partners nationwide, offers low- and middle-income families homeownership and rental counseling, to help them repair poor credit history and strategize how to save for an adequate down payment, and to help them avoid becoming victims of predatory lending practices. Because of New York's unique housing market, Seedco's seven New York-based housing counseling partners offer specialized counseling in rental and anti-eviction counseling.
Housing Help Program: Seedco is partnering with the United Way of New York City and other community-based partners to administer the Housing Help Program, a new model of homelessness prevention. The program, being piloted in the South Bronx, offers families at risk of homelessness an integrated package of social, legal and financial services designed to prevent eviction. Since its beginning in 2005, the program has served 304 families, all of whom have avoided eviction.
Community Economic Development
Neighborhood Economies Initiative (NEI): NEI is focused on creating job opportunities and improving job quality for low-income individuals. We currently operate two of New York City's Workforce Investment Act-funded Business Solutions Centers, in Upper and Lower Manhattan, which serve as the hub for NEI, and served over 2,500 small businesses in 2005. Services provided to small businesses at the Centers include assisting business with planning and development, with accessing capital and managing debt, with establishing marketing strategies and fiscal management, with accessing technology and technological support; and providing technical assistance on critical business issues like marketing, city permitting, and information systems; and assistance with hiring and training workers.
Community Finance
Seedco Financial Services (SFS): SFS, our subsidiary community development financial institution, headquartered in New York City, provides a range of affordable financing products to small businesses, nonprofit organizations, and anchor commercial projects throughout the country. SFS offers micro loans in the range of $25,000 to $100,000 that meet the working capital needs of small businesses and nonprofits, community partner loans in the range of $100,000 to $1,000,000 to nonprofit organizations engaged in community development activities, and anchor loans over $1,000,000, utilizing SFS's New Markets Tax Credit allocation, for major commercial investments in low-income communities.
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