Strategic Plan and Analysis Term Paper

Pages: 8 (2994 words)  ·  Bibliography Sources: ≈ 12  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics

SAMPLE EXCERPT . . .
The total population of this first Distressed Community is in excess of 56,000 with 42.45% of the households living below the poverty line. The rate of joblessness is 10.43% which is 2.5 times the national average. Most significantly, the West End possesses a household base which is fully determined for the renovation of their community by means of the broad community-speared Empowerment zone. (Part VI Worksheets Worksheet 4: CDFI Distressed Community Activities)

Geographic location

Out of the twelve localities where the Bank caters to, nine are situated immediately in the western part of the downtown corridor and are called as the West End. Nevertheless, the West End also is famous for several of Louisville's very stunning and momentous housing establishments. Two renowned Olmstead parks dot the region. Housing redevelopment endeavors are becoming a reality in a lot of the localities, and the Park DuValle Neighborhood Revitalization project is emerging as a novel model for the country for pioneering inner city development.

Income level

LCDB is a self-reliant bank that does not get any governmental funding or grants. It gets its total assets from three categories of Certificate of Deposits (CDs) it offers: The Community CD that has 0-3% rate having a term period of 3-24 months; a Market Rate CD that is dependent on the market forces and a term of 3-24 months; and the Easy Access CD that has a competitive rate as a six-month term, but can be redeemed without imposition of any penalty after seven days. (Louisville Community Development Bank Focuses on Inner City Neighborhoods)

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Lifestyle? Families, retired, singles, students, age groups

Since the Bank caters to the distressed community of Louisville as a whole, it is not a lifestyle product but caters to the families. It limits its operations to 12 distressed inner city localities. In this way the bank is capable of reserving its total resources and concentrates its total efforts on the localities, which are in dire need of LCDB. The Bank is a means to the families those who are able to earn a source of livelihood for their families aiming at and being capable of getting hold of their dreams.

Term Paper on Strategic Plan & Analysis of Assignment

Competing businesses currently serving your customers

New partnerships with an increased number of service providers were made, thus augmenting the accessibility and extent of its services. With a marked growing leadership role of the Bank, other local banks made an expansion of their presence sparking off outbreak of a new development activity in the Investment space.

III. Organizing and Staffing

Organizational structure

The various functional areas of the Bank broadly consists of Officers, Accounting, Administration, Compliance, Lending, Marketing and finally Technical Information and Data Processing, The organization is headed by the President and CEO. The Asst. Vice President who is also designated both as Senior Operations Officer and Human Resources Director assists the President. One Executive Assistant and Administrative Assistant mans the administrative front. There is a Compliance Officer in charge of the Loan Compliance branch. Then there is Loan Officer and Collections Manager Lending Assistant and Credit Analyst in charge of the Lending division. The Marketing division is looked after by the Banking Officer and finally an Assistant Vice President, System manages the Technical Information and Data Processing division. (Directory: Louisville Community Development Bank)

LCDB ownership completely rests with the Louisville Development Bankcorp. The Bankcorp, owned by twenty-eight regional businesses and individuals, even has a real estate development associate, the Louisville Real Estate Development Company, and a non-profit associate, the LCDB Enterprise Group. The Real Estate Development Company focuses on housing revitalization and the Enterprise Group assists in providing seed-capital and expands local businesses, and also provides business training. Each of the four organizations shares the identical mission of inspiring economic development of the 12 localities. (Louisville Community Development Bank Focuses on Inner City Neighborhoods)

Management theories applied to achieve quality and productivity

In just the second year of its functioning the Bank has performed significantly to the strengthening of the Louisville's inner city. The Bank has five different objectives that are quantifiable. Based on the skill set and target market, the Bank has been reaching its objectives. In this way it has been possible for the Bank to be capable of expanding its holistic approach to community revitalization still ahead by way of opening avenues of participating for the maximum number of residents.

Recruiting, hiring and training employees

The recruitment policy of the Bank is based on commitment to the social cause of serving distressed communities. The orientation is made basing in that and people are hired with the objective in mind that they have to serve the deprived sections of the community.

Compensation philosophy? Wage/salary, commissions, bonuses, benefits

During the four years and three months in 2001 since its beginning in 1997, LCDB has made roughly $25 in loans that have been instrumental in saving or creating 931 jobs in Inner City Neighborhoods. This can be considered superlative performance, particularly taking into account that twelve neighborhoods, 42% of the households live below the poverty line and the rate of unemployment is three times that of the national average. (Louisville Community Development Bank Focuses on Inner City Neighborhoods) The figures of March 31, 2003 indicates that the Bank has made $38,543,428 in loans, comprising new business or loans for expanding businesses to 263 different businesses. These loans have created or saved 1,065 jobs in the year 2003. (Louisville Community Development Bank from a Home Business to a Million-Dollar Plaza)

IV. Leading

Management philosophy towards employees, and decision-making style

LCDB is fully owned by the Louisville Development Bankcorp. The Bankcorp owned by a conglomerate of twenty-eight local businesses and individuals, has a real estate development arm, the Louisville Real Estate Development Company and also a non-profit associate LCDB Enterprise Group. The Real Estate Development Company focuses on renovation of housing, and the Enterprise Group helps start-up and expands local business, and also provides business training. (Louisville Community Development Bank Focuses on Inner City Neighborhoods)

Communicating and motivating individuals and groups

Marchman Learning Centre is among one of the day-care centers that have been established or expanded by means of loans from the LCDB. (Louisville Community Development Bank Focuses on Inner City Neighborhoods) When the Bank flagged off it venture during 1977, one of its first loan applicants was one Vikki Marchman who had been operating a daycare business from her home. She borrowed $112,000 to start a new location in an erstwhile hardware store. After a gap of six months she again went to the bank to avail a second loan. In a span of just two years she was taking care of 117 children from an initial 4 children. During September 2002, taking yet another loan from the Bank they purchased a boarded up 9600 sqft commercial outlet in West Louisville, not very far from the bank itself. (Louisville Community Development Bank from a Home Business to a Million-Dollar Plaza)

At present the new Marchman Plaze houses a Family Dollar Store, offices for Jefferson County and the Social Security Administration and a third Marchman Learning Centre. (Louisville Community Development Bank from a Home Business to a Million-Dollar Plaza) The Bank has been capable of extending motivation and support to the households of Louisville in a very short time frame. The achievement of the Bank has been ascribed to be in touch with the best banking practices throughout, learning from successes and failures, going for extended partnerships. The Bank considers in giving the people hope. (Louisville Community Development Bank Focuses on Inner City Neighborhoods)

Providing for job satisfaction

The employees at the Bank love to do their job very much. This is evident in their statement that while choosing their career with the Bank they were motivated from the very beginning that wanted to make things a little better for the community around them. They wanted to remain in the minds of their customers with the desire to make a difference in their lives. The results of the Bank are not about profit and losses. The employees want to be a part of the Louisville community, their families and live in their dreams. (Louisville Annual Report, 1998)

References

"Catholic Health Initiatives Commits $1 Million to Louisville Community Development Bank" Retrieved from http://www.morethanabank.com/whatsnew100.htm Accessed on 26 September, 2004

"Community Development Banks" Retrieved from http://www.betterworldhandbook.com/action7(banks).html Accessed on 26 September, 2004

"Directory: Louisville Community Development Bank" Retrieved from http://www.morethanabank.com/staff2.htm Accessed on 26 September, 2004

"Federal tax credit announcement spurs inquiries" (21 May, 2004) Retrieved from http://louisville.bizjournals.com/louisville/stories/2004/05/24/story3.html

Accessed on 26 September, 2004

"Louisville: Annual Report 1998" Retrieved from http://www.morethanabank.com/1998ann.pdf Accessed on 26 September, 2004

"Louisville Community Development Bank from a Home Business to a Million-Dollar Plaza" Retrieved from http://www.domini.com/common/pdf/lousiville_comm_dev.pdf Accessed on 26 September, 2004

"Louisville Community Development Bank" Retrieved from http://www.morethanabank.com/

Accessed on 26 September, 2004

"Louisville Community Development Bank" Retrieved from http://www.valuecom.com/acclaim/Kentucky/Financial_and_Insurance/Louisville_Community_Development_Bank.html Accessed on 26 September, 2004

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