Which activity or initiative is your agency pursuing that will potentially meet bank objectives for community impact? Are there new initiatives that you would like to propose for bank partnership? Is there an activity that banks are addressing in community development that will benefit the people you serve?

Banks receive CRA credit through three basic types of activity: service, lending and investments (donations/contributions).

Service Activities

Engaging banks in service activity also has a positive impact on your professional staff and the individuals you serve. This can include financial literacy training, mock interviews for clients or financial coaching which may lead to future investments in your vocational rehabilitation (VR) program.

Many financial institutions have developed informational and training materials to increase the financial awareness, health and capability of low- and moderate-income (LMI) individuals and communities. Bank employees may volunteer their time to deliver this support. Engaging in this opportunity for your staff and participants addresses the provision in the Rehabilitation Act to increase economic self-sufficiency. The following are training and support topics which a service relationship might address:

• Budgeting, spending and saving
• Using financial tools
• Managing credit and debt
• Financial tools, coaching and other resources

Investment (Donations/Contributions)

It is through contributions that your agency will increase its ability to draw down federal match dollars and increase services.

Developing partnership initiatives in which a bank contributes or donates funding (investment) to draw additional federal match amplifies the impact for all included. It provides increased public recognition for the bank. The employment outcomes of the VR program are also credible outcomes under CRA.

When establishing a new relationship with a bank using a bank donation, projects with a bank will generally have a one-year lifespan during which funding will be allocated. Outcomes will be reported at the end of that period. A successful initial project provides the opportunity to expand the relationship and funding overtime.

Lending (Loans)

Banks can help meet the credit needs of the communities they serve through lending activities such as assistive technology, home mortgages, small business and community development lending.

Defining the Project

You can begin by discussing initiatives that you currently operate or those in development. Project ideas that have been discussed with SVRAs up to this point include:

• A training or apprenticeship program with industry-recognized credentials and placement outcomes
• High school equivalency credential attainment
• Development of a service or resource that can enhance an individual’s employment outcomes, such as:
  • SSA Disability Benefits Planning/Advisement
  • Digital Literacy Training Program
  • Financial Training/Counseling/Coaching

Include Bank Workforce Development or Career Pathway Activity

Banks are employers. There are numerous career pathways that exist within their industry. Their focus with CRA aligns with efforts to support workforce development initiatives, providing SVRAs with opportunities to collaborate on employment goals benefiting individuals with disabilities and enhancing economic self-sufficiency. Your role in business services can coincide with other projects you might engage in with the bank.

Exploring opportunities through career pathways to address the bank’s employment needs will contribute to increasing your participants’ employment outcomes. Your project focus with the bank can involve filling existing positions and planning for long-term career pathways including training, placement, support and career growth. The bank can provide the services of training and helping to develop career pathways.

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How do the outcomes your agency seeks in potential partnership with banks translate to outcomes desired by banks through their investment?

The strongest SVRA and bank partnerships occur when the following exists:

• Common purpose/mission
• Shared benefit/credit
• Common outcomes

The section in this toolkit on the Benefits of SVRA Partnership for Banks is a good reference in identifying where your purposes align and how that alignment can be emphasized in the outcomes selected for project.

Ultimately, the community development activity of banks, as driven by the intention of the CRA, is to raise the standard of living for individuals that support themselves at a low- to moderate-income level. This correlates to the SVRA’s mission for those with disabilities – a population strongly represented among those that live at a moderate-income level or below. Achieving career outcomes that meet VR’s Workforce Innovation and Opportunity Act (WIOA) performance measures also translates into recognized outcomes for banks under CRA through their service and investment activity.

Strongest outcomes include:

• Employment outcomes that increase earning levels
• Credential attainment within a career pathway that will increase income level
• Projects with the potential for ongoing growth (additional years of activity and expansion with the bank)

Secondary considerations in reporting impact:

• Cost per outcome
• Development of a new service or support
• Establishment of a support that is sustainable beyond a year
• Potential for individual outcomes that will be achieved beyond the project year

Each partnership will be unique and your discussion with a bank may determine other outcomes for your agency. The growth of a partnership may exceed a single year focus. These are the suggested outcomes for your initial partnership proposal or presentation. As the relationship with a bank develops, you will engage in ongoing discussions to strengthen the mutual vision and outcomes.

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Making the most of a partnership opportunity can be achieved with minimal effort. When you and your bank partner create synergy of existing effort and emphasis, both can assume credit for the outcomes.

Alignment to Current Agency Initiatives

There are numerous benefits to partnering with banks to further the mission of a state vocational rehabilitation agency. A project proposal to a bank should be well thought out and align with current agency initiatives and goals. In thinking about ideas that will resonate with banks and support your agency’s initiatives, consider some of the following questions.

• Are there current state rehabilitation council recommendations?
• Are there state plan goals that could be implemented through bank funding?
• Are there regional or district goals to consider?
• Are there current or future innovation and expansion projects being considered?
• Would partnering with a bank increase financial empowerment initiatives?
• Is your agency serving participants with employment goals that may be reached through open positions in banking?

Developing a funded proposal is also an opportunity to align staff and develop subject matter expertise in bank funding, project management and increasing identified personnel’s overall understanding of the agency. If the project is focused on a specific area of the state, VR staff at the local level may be integral parts of the proposal. This approach helps build their skills and creates opportunities for professional development.

Example of a Bank Partnership Alignment Activity

In Virginia, the Department for Aging and Rehabilitative Services (DARS) has been partnering with a Virginia financial institution to further their financial empowerment work. The financial institution has been providing staff to assist with a job club at DARS. The participants learn about budgeting, credit scores and other important financial topics. A second multi-session, virtual training has also been created by the financial institution with input from DARS staff for a program called MoneyWi$e, led by the institution’s financial education manager. Topics include the creation of a spending plan, dealing with debt, understanding credit reports and understanding things that impact a participant’s spending behavior. The Business Services team invites employers, on a quarterly basis, to visit DARS Wilson Workforce Rehabilitation Center to promote recent graduates and create awareness in the hopes of increasing employment opportunities around the Commonwealth. The financial institution has sponsored the working lunches by providing direct funding for this activity for the past two years.

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A key to partnership with a bank is your ability to provide information on the income status of your customers, relevant to definitions of low- and moderate-income (LMI) status to the banks. This is critical to their ability to receive credit for their investment in the partnership.

• Needs-Based Benefits and LMI
• Calculating LMI

It is imperative that the SVRA be able to report outcomes in terms of their impact for LMI individuals. Banks target population for CRA funding is people who fall in LMI levels for a given geographic region. As most VR applicants are looking for employment with little or no current income, most of these individuals served by VR would qualify as LMI. Many VR populations, including Social Security Administration (SSA) beneficiaries, waiver recipients and transition students who are not claimed on a parent’s taxes, should fall within this designation. It is important to remember that only 51% of individuals need to meet this criterion for a proposed project to be funded.

• The LEAD Center website has a comprehensive resource on this topic: Helping Banks Verify That Services Reach Low- and Moderate-Income Communities and Individuals » LEAD Center [INACTIVE-LINK-QQQ]

Example Project Timeline with Bank Deliverables

There are several core components and check-in requirements with your bank partner once funding has been secured for your project:

• Thank you letter (a template is given later in the toolkit)
• Confirmation of match drawdown
• Project summary with success stories

Each bank may have different expectations related to feedback and follow-up. It is always a good idea to determine the follow-up requirements and expectations at the beginning of any funded bank activity. At a minimum, the bank will expect confirmation that the funded amount was received by your agency. This can be reported as a thank you letter on your agency’s letterhead. The bank will also want confirmation that their funding allowed the SVRA to access the additional match. This should be the second formal communication after receiving the bank funding and should be sent within 90 days (about three months) of the original donation. A final project summary should also be sent to the bank no later than 13 months after the original donation to coincide with the original proposal and timeline. This should include the number of individuals served and one or two success stories, if possible, that demonstrate the impact of the CRA donation on a personal VR participant level.

Below is a sample timeline based on a SVRA receiving $25,000 on July 1, 2025:

• August 1, 2025 – Thank you letter to the bank
• October 1, 2025 – Confirmation of match draw down amount of $92,370.89
• January 15, 2026 – Project update report to document start-up of funded activities
• July 31, 2026 – Final project summary report to include total number of people served and relevant success stories

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