Churyl Croone - 2008 WECO Impact Award Winner
Churyl Croone made a New Years resolution – she would get her life back on track somehow! Even though she was working and had a respectable income, with two mortgages and a ton of credit card debt, she was overburdened with debt and in danger of losing control over her personal finances. In January 2008, she heard a radio program promoting WECO Fund, Inc., a 37-year-old Cleveland nonprofit organization whose mission is to help low to middle income participants build assets by providing free comprehensive financial education. This was exactly the type of support Churyl had been looking for. She immediately called Bob Houston, WECO Financial Planning Program Coordinator, who invited her to an introductory seminar, "Smart Credit", held at the Amani Church in Euclid, Ohio, on February 27th. Hoping for a possible solution for her money crunch, Churyl attended the presentation, which was one of the free monthly introductory seminars presented by the WECO Comprehensive Financial Program at different Cuyahoga County locations.
Following the seminar, Churyl began her series of free personal and confidential meetings with Financial Counselor Bob Houston. Meeting monthly at the WECO office on 17th and Rockwell, she began to learn about budgeting, planning, saving and investing. With her permission, at her first meeting, Houston was able to pull and evaluate Churyl’s credit report and determine her net worth. At his request, she brought in her relevant financial information – mortgage statement, credit card bills, automobile and other loan payment information - and they began to work together to establish a monthly budget and a calendar for her monthly expenses. She learned to keep a "spending diary" in order to eliminate excess and unnecessary spending and began to save money from her paycheck, as well as the income from her rental property.
After six months of meeting with Bob Houston and WECO, Churyl is proud to say "it’s working – I can really see where I was bleeding money!" To date, she has managed to pay off her car, save money to make regular payments on her credit cards, and is learning how to manage the mortgage demands on her rental property.
At the WECO Fund, Inc. Annual Celebration in March, Bob Houston presented Churyl with one of WECO's 2008 Impact Awards, which are given annually to participants who have distinguished themselves using WECO programs: Comprehensive Financial Education, Individual Development (IDA) Accounts, the WECO Microenterprise Center and the KeyBank/WECO Financial Education Center.
Proud of herself and her newly-learned financial planning aptitude, Churyl enthusiastically states: "WECO is a fantastic organization. I wish that more financially discouraged people would take advantage of the program; once my finances were under control, other areas of my life came into shape, and I greatly reduced my daily stress. I feel optimistic now that I have a financial structure – I know what is coming in and what is going out. Based on what I have learned, I am better able to manage my finances…..and my life!"
WECO IDA Program Benefits New Business Owner
The Egyptian Corner
11536-A Buckeye Road
Cleveland OH, 44104
216/791-7088
THE EGYPTIAN CORNER, Fine Arts & Imports, began in 1996 as a unique and eclectic home-based business. It was a natural outgrowth of owner Leslie R. Wiggins' passion for ancient Egyptian culture and art. Ms. Wiggins stored her inventory and workshop in the basement of her home; business was conducted by appointment there or at her clients location. Determined to bring the reality of Egyptian art to a sometimes unaware public, Ms. Wiggins taught and interpreted symbolism in Egyptian art at community festivals, lectured on Egyptian art and philosophy, and introduced ancient Egyptian adornments, cosmetics and jewelry to children's groups in order to acquaint them with the connection between historical and contemporary artifacts.
In December of 2004, Leslie Wiggins realized her ambition of moving her business into a stand-alone retail store in the Buckeye Road neighborhood of Cleveland's East Side. Shortly after the move, Leslie realized that she needed extra cash to increase her inventory and additional budgeting help for her emerging business. In April of 2005 she established a WECO Individual Development Account and began to save money each month in order to receive a 2:1 dollar match that she could use for her business. After almost a year of the required savings account deposits and ongoing monthly financial management skills-building classes, Ms. Wiggins cashed out over $2200 to apply to her small business needs. Ms. Wiggins says, " I found the required monthly IDA Financial Education and Budgeting classes very valuable; I was able to track the way I spent my money, and learned how to apply my new business financial skills to my personal money management procedures."
WECO Microenterprise Program Benefits Restaurant Owner
LB's Carry Out
4517 East 131st Street
Garfield Heights OH, 44105
216/429-2679
Linda Buckhanon had a dream...her dream was to open and operate a take-out food business that would also contract to prepare and deliver boxed hot lunches to local businesses. Providing quality meals at competitive prices seemed to be an attainable goal, but one, as Linda found, that was demanding, time-consuming, stressful, governed by myriad health department requirements and challenging to the 54-year-old mother and grandmother.
Fifteen years ago, Linda was cooking and catering out of her home when she began to think about finding a larger audience for her cooked-to-order, homemade soul food specialties. In July, 2003, with the aid of a WMC Microloan, Linda found and equipped her space at 4517 East 131st Street in Garfield Heights and opened for business.
It isn't easy-she begins her workday at 3:30 am and her early morning breakfast customers start enjoying her sausage, egg and cheese croissants at 5 am. "It's a constant battle to keep up with food prices", says Linda. "When I started, a case of chicken was $32-now I pay almost $53 for the same inventory. As well as the preparation and presentation part of the business, which I love, there are the financial challenges that I face every day. Thank goodness for my loyal customers; and thanks to WECO for giving me the opportunity to attract more loyal customers who will keep coming back for another LB's Carry Out meal!"
Monica's Hungarian/Caribbean Restaurant & Cafe
644 East 185th Street
Euclid OH, 44119
216/481-7776
Monica Limerick, originally from Guyana, purchased this restaurant in the Old World Plaza of Collinwood in September of 2004 from its Hungarian owner, and has kept the Hungarian specialties while adding her native Caribbean fare to the menu. Monica's is one of only three authentic Caribbean restaurants in the Greater Cleveland area; you can order Jerk Chicken and Red Beans while your tablemate feasts on Chicken Paprikash and Spaetzel! Monica's serves lunch and dinner, operates a take-out service and delivery for nearby residents, caters meetings and parties and features "sweet endings" of both Guyanese and Hungarian baked goods.
Monica and her accountant/sister Myrna Tubbs bring their lifelong passion for and knowledge of their native foods to their enterprise. Monica earned a diploma from the Carnegie College of Home Economics in Georgetown, Guyana and taught cooking in her native country, then received a Food Service Management Certificate from Notre Dame College. She has been a Nutrition Consultant to I Care Home and Health Services, as well as a former manager of the Cleveland Playhouse Club dining room. With start-up support from Shore Bank Enterprises, personal investment and her WMC microloan, Monica's was able to invest in new equipment and inventory and expand her marketing efforts.
Rutledge Insurance Agency, Inc.
11604 Buckeye Road
Cleveland OH, 44120
216/707-1444
2084 Noble Road East Cleveland, OH 44112 216/681-1444
Darwin Rutledge began the operations of Rutledge Insurance in 2001 after a number of years as an exclusive agent for a well-known insurance carrier. In 2002, he moved the new agency into Cleveland Heights, and in 2003 he and his wife, Deborah, Secretary/Treasurer/COO, who handles all the marketing and promotion for the agency, decided to again move-this time to a storefront location that allows for better signage and walk-in access for his carefully researched target population. The Rutledges WMC microloan was used to build out the office at 11604 Buckeye Road and to provide working capital for a comprehensive marketing campaign.
After 3 years of successful operations, Rutledge Insurance Agency was able to open a second office in East Cleveland to service their steadily increasing business. Both Rutledge offices focus on business, property, life, casualty and health insurance. Initial insurance quotes are provided free of charge; walk-in customers can have their present insurance program evaluated and receive a new quote right on the spot. Darwin Rutledge's attention to customer satisfaction and dedication to providing knowledgeable assistance to an underserved inner-city market has resulted in the expansion of staff. The increase in jobs and the addition of another successful minority-owned enterprise in the City of Cleveland are all part of Darwin and Deborah Rutlege's business ambitions, as well as a fulfillment of the WECO Microenterprise Center's mission and purpose.