Rainbow House has been selected as one of five domestic violence service agencies nationally to receive The Allstate Foundation’s asset building grant for 2015-2016.
“Many survivors of domestic abuse arrive at our shelter never having had a job,” said Courtney Olson, executive director of Rainbow House, in a statement. “Their abusers restricted their activities to prevent the potential of these victims from escaping the control of their relationship. As such, often these survivors come to the Rainbow House having no experience with basic financial skills.”
Olson related one incident in which a client was delighted to receive an offer of employment last year, only to realize she was required to have a bank account for direct deposit of her first paycheck. She had never had a bank account before and did not have any financial resources to open an initial account. The bank required a minimum starting account balance of $25.
With the help of The Allstate Foundation grant, Rainbow House will help clients establish a first checking, savings or retirement account as they begin their journey toward financial independence.
Each qualifying client would be loaned a minimum of $100 and a maximum of $500 to establish the initial accounts. Clients would only be eligible to receive assistance once during the grant period.
Rainbow House will collaborate with Peshtigo National Bank, which also provides the shelter’s banking one-on-one education programming.
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