MACED Receives UK Nonprofit Leadership Initiative Award
October 20, 2008
LEXINGTON, KY — The University of Kentucky Nonprofit Leadership Initiative presented the Mountain Association for Community Economic Development with the 2008 Fifth Third Bank Innovative Nonprofit Award. The award was presented at the Kentucky Nonprofit Leadership Forum on October 16.
The Mountain Association for Community Economic Development (MACED) won the award for its Common Cents Financial Initiative. This initiative was selected for the 2008 award because of its innovative approach to meeting the needs of lower income working families. MACED increases the financial security of lower income consumers and helps them break out of the cycle of debt by offering access to much needed emergency funds at a reasonable interest rate, as well as savings accounts linked to the loan and financial counseling and education.
MACED’s program is the first in the state, and possibly the country, to work with employers to offer employees an affordable alternative to payday loans. An online application is used to provide quick and easy access to a SaveIt! Loan. Since the launch of the Common Cents Financial Initiative in 2007, the association has partnered with ten businesses to help 212 individuals by providing short-term, unsecured emergency credit, representing $33,000 in accumulated savings.
The Innovative Nonprofit Award was created by the Nonprofit Leadership Initiative in partnership with Fifth Third Bank to recognize a nonprofit organization implementing inventive, nontraditional programs or methods that effectively and efficiently meet community needs. The selected organization was required to demonstrate creativity and vision in finding solutions to address community issues.
The award was presented at the sixth annual Kentucky Nonprofit Leadership Forum, the only statewide gathering for Kentucky’s nonprofit leaders. The forum is hosted each year by the UK Nonprofit Leadership Initiative. It serves and strengthens Kentucky’s nonprofit sector through educational opportunities, consulting services and resources for organizations and their leaders.
MACED works to improve the quality of life in Kentucky and Central Appalachia by creating economic opportunities, strengthening democracy and supporting the sustainable use of natural resources. For more information, visit www.maced.org.