Existing Resources

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.

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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 theapplication 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.