Description
Justine Petersen partners with local financial institutions and government to help low income and moderate income individuals and families get mortgages and business loans, and counsels people about homeownership and financial management. More than 3,500 people have purchased homes in the St. Louis area with help from Justine Petersen and about 15,000 have received credit counseling. The foreclosure rate of our clients is below that of the regional average. Justine Petersen helps people access micro-business loans and provides new business owners with training and technology. Over 700 entrepreneurs have started or expanded businesses with help from Justine Petersen, many using the business training and technical support that the organization offers. Justine Petersen has originated over $3.9 million revolving funds from the U.S. Small Business Administration's Micro-Loan Intermediary Program. Justine Petersen manages Individual Development Accounts (IDAs). IDAs match $2 or more for every one dollar the account holder deposits. The average participant saves $1,500 and receives a match of $3,000 for a total of $4,500 to buy or repair a home, to start a business, or to fund education. More than 1,500 families now have Justine Petersen-managed IDAs. Justine Petersen lends money to low- and moderate-income individuals who don't qualify for conventional mortgage loans through Great Rivers Community Capital, a subsidiary. GRCC, the area's first Community Development Financial Institution, has made more than 1,500 small loans or mortgages since 2002, helping people buy homes, fund home repairs and maintenance, finance businesses and purchase automobiles. Justine Petersen assists families , often for the first time in generations -- to build assets and change their lives.
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