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“JIFFI seeks to better understand the needs
and demands of everyday, ordinary people.”
- Bonnie Bazata, Executive Director
St. Joseph Bridges Out of Poverty
This publication is the frst report from the Jubilee Initiative for Financial Inclusion,
a nonproft microfnance organization in South Bend, Indiana. It contains
information and data from July 19, 2012 (when JIFFI was founded by students from
the University of Notre Dame and St. Mary’s College) through May 1, 2014.
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Table of Contents
Letters 3
Key Message Statement 5
Year In Review 6
Recruitment 8
Campaign 8
Thought Bubbles 9
Application for 501(c)3 Status 9
Financial Empowerment Program 10
Change in Organizational Structure 10
Statistics 11
Loan Profles 12
Donors List 14
Community Partners 15
Board of Directors 16
Staff Profles 17
Income and Expenses 19
As I graduate from the University of Notre Dame, I refect upon a portion of the University’s mission which guided my
four years: “The aim is to create a sense of human solidarity and concern for the common good that will bear fruit as
learning becomes service to justice.”
I am grateful for the opportunity I had to serve with JIFFI because, for many students, JIFFI is a direct response to
this particular mission of the University. So, as we evaluate our year of service—and I my four years as a Notre Dame
student—, this mission should serve as our philosophical baseline.
How has JIFFI been a means of service to justice? During the 2013-2014 academic year, we made 10 additional loans—
an improvement from just 3 last year—to low-income individuals to help them address emergencies and pursue better
employment prospects. We completed all 6 modules of our fnancial empowerment curriculum so that our clients
may become better aware of their fnancial potential as they pay off their loans. We hired 16 new staff members to
continue the work with equal passion and diligence.
But we also learned that we should not lose sight of the scale of fnancial injustice; we must carefully discern whether
we are doing all we can to make a real difference.
There are more than 7,000 regular payday loan customers in South Bend, IN. We’ve served 13. Although our clients
are thankful for the loan, we are unsure how to measure improvements in their well-being. And, especially with the
addition of new staff, we bumped into operational challenges we did not anticipate.
We are at a decision point. Will we remain a budding—but passionate and active—group of students serving a handful
of clients each year with donated funds? Or will we think more intentionally and more creatively to unearth our fuller
capacity and grow as a socially and fnancially sustainable venture, serving thousands? We have decided on the latter,
and it will be our responsibility to nurture JIFFI as a solid organization with seamless operations and a savory loan
portfolio to expand our reach, for the sake of our neighbors in need.
Although my direct involvement for the foreseeable future has come to an end, I am confdent that the new chief
leadership team (Jake Bebar, CEO; Andrew Weiler, COO; Cristin Pacifco, CFO; and Alec Fogarty, CIO) will go above
and beyond to guide JIFFI through the growth process. I have no doubt that they will also keep close the mission to
take learning beyond the classroom, into service to justice.
Dear Jubilants,
Peter Woo
Outgoing President
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It is hard to believe that it has already been more than two years since I received an email from an ambitious
sophomore named Peter Woo, who was looking to start a responsible lending initiative in the South Bend community.
I remember attending a dinner at Notre Dame’s North Dining Hall as a naive freshman, listening to upperclassmen
far smarter than I talk about terms such as “microlending,” “APR,” and “payday loans.” We continually discussed the
problem of predatory lenders in the US, but I could not recall ever seeing one.
Then, Peter said something that could not have embarrassed me more: “There are more payday lenders in the country
than McDonald’s and Starbucks combined.” It’s not that the industry was so large, but that the industry was so large
and I was completely unaware of its existence.
Over the past two years, we have learned a great deal about the microfnance and predatory lending industries. We
have met with numerous professors, held a number of focus groups, and spoken with community leaders. We have
grown from a small group of students chatting in dorm basements to a team of more than thirty students holding
multiple meetings throughout the week. We have developed a fnancial empowerment curriculum, heard the stories
of dozens of clients, and completed a crowdfunding campaign.
More importantly, these accomplishments teach us how best to serve our community. During that same dinner
at Notre Dame in February 2012, we developed our initiative’s main goal: to serve our neighbors using the tools of
fnancial inclusion. Peter has made sure that we keep service as the core value of our organization, and we could not
have asked for a better leader, mentor, and founder. His continual passion, devoted leadership, and pure selfessness
have impacted both the community and the university, and I know that he will continue to live a life of service. I am
both honored and humbled to take on the position for which he has set such a high precedent, and I cannot thank
Peter enough.
For this upcoming year, I am so thankful to have the opportunity to lead JIFFI with Andrew Weiler, Cristin Pacifco,
and Alec Fogarty, each of whom have dedicated an immeasurable amount of time to the community; their unique
skills ensure our initiative’s continued success. We have bold plans for the future of JIFFI, and they are centered
around three main goals: sizing up, solidifying, and serving.
We have had an extraordinary two years, having been able to serve thirteen clients, but we need to size up our
impact. Finding more eligible clients and increasing our loan capabilities will enable us to develop a noticeable portion
of the community’s microlending industry and increase competition in the hopes of lowering local interest rates.
In order to scale up our loan operations, we have focused our attention on systems that will solidify our loan process.
Over the next few months, we will be transitioning to a scaleable customer relationship management system. We will
streamline our loan process, maintain institutional memory, and track loan metrics that quantify our impact.
We must remember that our main goal, at all times, is to serve our community, fulflling the vision set forth at that
frst dinner. By creating a dialogue centered around fnancial dignity, building stronger ties with community partners,
and volunteering at local organizations, we will keep the community as our top priority.
The fght for fnancial inclusion is by no means easy, but we are doing more and more to help the underbanked every
day. Hearing story after story of the hardships of our community members, we refuse to solely treat the symptoms of
poverty; we commit to curing the disease, one loan at a time.
Looking forward to an incredible and impactful year,
Key Message Statement
Who We Are
We are students from the University of Notre Dame, passionate about serving
under-resourced members of our community.
Our Vision
To shape a better fnancial environment for our community and uphold the fnancial
dignity of every individual by providing access to fair credit and opportunities to build
fnancial assets.
Our Mission
To enable our clients to unlock their full potential through affordable credit solutions,
fnancial empowerment programs, and supportive relationships.
Affordable Credit Solutions
We provide emergency loans that alleviate fnancial hardship for clients facing
diffcult circumstances. By lengthening loan terms and offering an APR of 21%, we
present an accomodating alternative to exploitative payday loans.
Achieving Financial Dignity
Our goal at JIFFI is to help each client realize his or her own fnancial dignity. We
provide access to fair credit and opportunities to build fnancial assets so that
our clients can focus on their dreams and aspirations instead of worrying about
making it to the next paycheck. Through our fnancial empowerment programs, we
help our clients build the fnancial awareness they need to turn those dreams into
Building Relationships that Last
We strive to form signifcant relationships with each one of our clients, growing
in our shared sense of community and developing our understanding of human
solidarity in the process. Each client brings a unique story that enables us to tailor
potential loans to ft their specifc needs with the hope that our assistance will
propel them to brighter and more stable futures.
To the JIFFI family,
Jake Bebar
Incoming CEO
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Nov. 2013- Jan.2014
Successful $8500
Fundraising Campaign
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Fall 2013
Recruitment of 18 New
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Feb. 2014
Introduction of Thought
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March 2014
Application for
501(c)3 Status
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Fall 2013- Spring 2014
Empowerment Program
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April 2014
Change in
Organizational Structure
Page 8
Year in Review
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Early in the fall semester, JIFFI recruited 18
new associates out of 46 total applicants
for the 2013-14 year! Most of the applicants
came from the sophomore or freshmen class,
accounting for over 80% of this pool. We’ve
hired an especially diverse group this year,
with students studying not only business, but
also Arabic, Applied Math, Computer Science,
International Development, and Poverty
Studies. Throughout the semester, all of our
new associates went above and beyond our
expectations, and we’re looking forward to
seeing most of them back again for the coming
JIFFI engaged in its frst major fundraising
campaign from the end of November 2013 to
the end of January 2014. With the goal of raising
$8500 in a period of 60 days, each member of
the organization reached out to family, friends,
and contacts to raise money. The Development
department formed gift packages as a thank
you to donors at various levels of funding.
The Marketing department spread awareness
in the Notre Dame community via an integrated
social media and website campaign. Due to the
efforts of every member of the organization,
JIFFI reached its goal by raising a total of $8535
in sixty days. We look forward to helping a
greater number of clients in the South Bend
community achieve fnancial dignity!
After speaking with numerous advisors,
community members, and Lend for America
(our national network of campus microfnance
institutions), we applied for non-proft 501(c)3
status in the fall of 2013. We have high hopes
that our application will be approved this
summer, which will allow us to better serve
those within St. Joseph County through the
use of customer relationship management
systems. Please follow our blog at jiff.org for
all announcements relating to the status of our
Application for
501 (c) 3 Status
In order to guarantee our clients our best
possible service, JIFFI is constantly looking
for ways to improve the knowledge base of
our members. During spring semester of 2014,
JIFFI began hosting weekly “Thought Bubble”
sessions where members are encouraged to
learn about and discuss topics such as poverty
and microfnance through flm, talks, and other
media. These Thought Bubbles have included
events such as a viewing and discussion of
Robert Reich’s Inequality for All, and a talk by
Notre Dame law professor Judy Fox about her
experiences with predatory lending. Hopefully,
through these Thought Bubbles, we can grow
in our understanding of diffcult issues, and use
these insights to reinforce our work.
Thought Bubbles
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FEP has been working on developing the 6
module curriculum for fnancial literacy:
1. Goal Setting & Budget Analysis
2. Managing Debt
3. Exploring Banking Services
4. Credit Score & Proper Use of Credit
5. Long-Term Saving
6. Planning Dreams
We have already been able to communicate
the frst module to at least two clients, and
also hosted a training session to familiarize
our associates with the process. In addition,
we are working to connect with community
organizations to teach a modifed version to
larger groups in a class format.
Quick Facts
This past fall, we decided to formally assign
responsibilities and positions within our
organization. We are now able to have multiple
meetings per week for different divisions. Our
department and all-staff meetings have helped
ensure that we remain a unifed organization
while also being more effcient in the way that
we interact with clients, community members,
and each other. For this upcoming year, we will
have a senior executive team of four members,
in addition to our VPs who will each be leading
a division. This structure provides both
increased responsibility as students become
more involved and smoother transitions as
senior JIFFI members graduate.
Monthly Loans
Dollars Lent
Total Amount Lent
Through May 1,
Average Loan
Average Age:
50 Years

Average Monthly
15.4 % Male
84.6% Female
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Loan Profles*
Gender: Female Age: 67
Number of Children: 2 Approximate Monthly Income: $2,936.99
Loan Purpose: Allow our client to purchase a new Whirpool washer.
Gender: Female Age: 57
Number of Children: - Approximate Monthly Income: $653.25
Loan Purpose: Purchase work shoes, polo shirts and pants.
Gender: Female Age: 60
Number of Children: 2 Approximate Monthly Income: $1,206.00
Loan Purpose: Pay for Orkin treatment to get rid of bed bugs in a rug.
Gender: Female Age: 58
Number of Children: - Approximate Monthly Income: $1,288.00
Loan Purpose: Cover small bills payments and living expenses.
Gender: Female Age: -
Number of Children: 1 Approximate Monthly Income: $2,388.61
Loan Purpose: Pay off payday loans.
Gender: Female Age: 43
Number of Children: 4 Approximate Monthly Income: $1,724.00
Loan Purpose: Replace a water heater.
Gender: Female Age: 63
Number of Children: - Approximate Monthly Income: $675.32
Loan Purpose: Cover transportation costs for work and errands.
Gender: Female Age: 60
Number of Children: 2 Approximate Monthly Income: $1,260.33
Loan Purpose: Travel for job training and to puruse career in education.
Gender: Female Age: 34
Number of Children: 3 Approximate Monthly Income: $2,090.00
Loan Purpose: Cover expenses after lost wages from winter weather.
Gender: Male Age: 33
Number of Children: 0 Approximate Monthly Income: $1,500.00
Loan Purpose: Pay off loan obligations.
Gender: Male Age: 25
Number of Children: 1 Approximate Monthly Income: $1,200.00
Loan Purpose: Pay for truck repairs to enable transportation to work.
*From March 1, 2013 to May 1, 2014
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Thank you!
Daniel Suhan Park
Michael Bergan
Richard Buhrman
Wanda Cassell
Craig Coen
Eileen Durkin
John Goebelbecker
Belinda Hair
James Hayes
Eric Huang
Janice Johnson
Jill Judge
John Markwalter
Daniel Suhan Park
Bob Rischard
Mike Vogel
William Wilson
Evelyn Ackermann
Carl Ackermann
Corey Angst
Lydia Baek
Joanne C Bode
Michael Bode
Daniel M Brach
Dave Brenner
Lorna Cassell
Michael Comuniello
Joseph Conklin
Nathan Downs
Stephen Fox
Rachel Ganson
Greg Gigot
Laura Glassford
William Goebelbecker
Carolyn Green
Kathleen Griffn
Matt Hayes
Meredith Anne Houska
Meredith Houska
Danielle Kalil
Jun Kim
R Klau
Brian Levey
Alison Levey
David Manley
John Markwalter
David Mastrovich
Bill McDonald
Ken Milani
Eliza Nagle
Melissa Paulsen
Alex Rogalski
Soren Rucker
Alec Samolczyk
William J Schmuhl Jr.
Beth Schoemann
Diana Stabile
Jack Trunzo
Raymond A Vander Heyden
Marshall and Anne Marie Vann
Mary-Patricia Warneke
Amber Werner
Michael D Whitt
Fiona Wilkie
Community Partners
South Bend Heritage Foundation
South Bend Center for the Homeless
South Bend Heritage is a nonproft organization
that was established in July 1974 to help reverse the
physical and social decline taking place in South
Bend’s urban neighborhoods. It is committed to the stabilization and empowerment
of the South Bend community, and its projects include rehabilitating homes for resale,
house moves and operating a loan fund that helped over 35 owners restore their homes.
Since its establishment, South Bend Heritage has cultivated and maintained $60 million
in direct residential and commercial development, and 311 residential rental units in four
main sites and several scattered sites.
St. Joseph County Bridges Out of Poverty
The St. Joseph County Bridges Out of Poverty Initiative takes
a breakthrough framework to break the cycle of poverty and
create community sustainability. SJC Bridges and its partner
organizations have graduated more than 300 people from a 15-
week workshop called GETTING AHEAD in a Just Gettin’ By World. SJC Bridges also trains
employers, schools, colleges, agencies, churches, schools and individuals, and provides
avenues to get involved. The success of SJC to educate, collaborate and advocate is
creating a group of citizens - working across sectors, political parties, and economic
class - committed to the long-term sustainability and well-being of our community.
The South Bend Center for the Homeless has provided more than
700,000 safe nights and over 1.5 million meals to more than 50,000
men, women and children. Its main focus, however, is not just life-
saving, but providing members with life-changing services by linking
them with the programs, agencies and people who can break the cycle of homelessness.
Its innovative service model offers homeless families and individuals an on-site,
structured, step-by-step process to achieve and maintain self-suffciency. Its mission is
threefold: (1) break the cycle of homelessness, (2) bring together disparate groups so that
each can discover the worth, dignity and potential of the other, and (3) pioneer a service
model worthy of replication.
Additional Donors Original Donors
Hyung C Woo
William York
Joanna Stabile
Muireann Kelliher
Gina and Jim Blayney
Jane Howard
Walter Campbell
Silver Donors
Bronze Donors
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Board of Directors 2013-14 Staff 2013-14
Marc Ackerman 2015
Senior Associate of
Major: Economics and
Jake Bebar 2015
VP of Marketing
Major: Management
Aaron Bode 2017
Associate in Development
Major: Economics and
Applied Math
Emily Campbell 2017
Associate in Community
Major: Business,
Psychology, and Spanish
Amanda Conklin 2017
Associate in Financial
Major: International
Samantha DiMaggio 2016
Associate in Credit & Risk
Major: Finance
Aidan Dore 2017
Associate in Credit and
Risk Management
Major: Finance and Arabic
Vicotria Etherton 2017
Associate in Accounting
and Development
Major: Finance and
Applied Computers
Kristina Flathers 2015
VP of Accounting
Major: Accounting
Greg Florio 2015
Associate in Operations
Major: Finance
Alec Fogarty 2015
VP of Research
Major: Finance,
Economics, and Spanish
Agustin Garcia 2016
Co-Managing Partner of
Financial Empowerment
Major: Finance and
Nora Goebelbecker 2014
Managing Partner of
Community Relations
Major: Political Science
Juan Gutierrez 2016
Associate in Development
Major: Finance and French
John Hayes 2016
Associate in Marketing
Major: Finance,
Economics, and Italian
Melissa Paulsen, Chairman
Assistant Director at the
Gigot Center for
Entrepreneurship in the
Mendoza College of Business
Jake Bebar
Studying Management
Consulting at Notre Dame
Peter Lombardo
Director for Community
Involvement at South
Bend Center for the
Connie Mick, Ph. D
Director of Community Based
Learning, Co-director of the
Poverty Studies
Interdisciplinary Minor
William Schmuhl
Financial and Managerial
Accounting Professor at
the University of Notre
Andrew Weiler
Studying Economics,
Philosophy, and Political
Science at Notre Dame
Amber Werner
Third year AmeriCorps
service member,
Co-instructor at Bridges
Out of Poverty
Peter Woo
Studying Finance and
Philosophy at Notre Dame
Cristin Pacifco, Secretary
Studying Finance and Peace
Studies at Notre Dame
Jacob Stanton, Treasurer
Studying Finance and Economics
at Notre Dame
Cristina Gutierrez 2016
Associate in Marketing
Major: Finance and
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Staff 2013-14
Jack Markwalter 2017
Senior Associate in
Financial Empowerment
Major: Finance and
Political Science
Geraldine Mukumbi 2016
Co-Managing Partner of
Financial Empowerment
Major: Finance and English
Jenny Ng 2017
Associate of Financial
Major: Finance and
Edwin Onattu 2016
Associate in Operations
Major: Computer Science
Cristin Pacifco 2015
Senior VP of Credit
Major: Finance and Peace
Alex Schoemann 2014
VP of Research
Major: Finance,
Economics, and Spanish
Mark Shealy 2017
Associate in Community
Major: Finance and
Helen Sheng 2017
Associate in Marketing
Major: IT Management
John Stabile 2014
Accounting Specialist
Major: Accoutancy
Jacob Stanton 2014
Senior VP of Accounting
and Operations
Major: Finance and
Anvi Ton 2017
Associate in Financial
Major: Business and
Andrew Weiler 2015
Sernior VP of Risk and
Portfolio Management
Major: Economics,
Philosophy, and Political
Peter Woo 2014
Founder and President
Major: Finance and
Megan Howell 2017
Associate in Community
Major: Economics and
Bad Debt Expense
Rent Expense
License Expense
Staff Expense
Fundraising Expense
Marketing Expense
Transactional Expense
Total Expenses:
Total Income:
Interest Revenue
Net Income: $10,088.98