There are no organizations in the Fullerton Tri Parish communities that offer financial literacy
assistance and low Interest loans to prevent homelessness. The only resources are a full-time
shelter or a one-time donation assist. These existing resources do not rebuild the clients’
financial health or train them for financial independence.
The Mini Loan Program has advantages over other loan programs offered by credit union or
banking institutions, in that the Collaborative will make the ultimate decision of approval on all
loans. This greatly increases the opportunity that our neighbor in need’s loan will be approved.
The borrower will not be subject to the scrutiny of a financial institution credit check if the
application and background requirements are satisfactorily met.
This program can also provide
relief to a neighbor who may suffer from a low credit rating due to a negative credit history and
gives an opportunity to learn and increase their knowledge by completing the required financial
literacy class. The low interest rate offered with the Mini Loan Program cannot be matched by
most lenders and our neighbor in need borrowers can take advantage of a SVdP fifty-dollar
bonus upon successful payoff of their loan.