The Collaborative will raise an initial amount of $10,000 to begin making loans. The goal of the
Michael Clements Mini Loan Program is to provide up to ten (10) loans in the first year.
Financial resources to fund the Mini Loan Program will come from Grants, fundraising
activities, and solicited donations.
These activities will continue to increase the number of
collateralized loans and expand the benefit and value to the Fullerton community and adjoining cities.
Funds raised will be specifically earmarked for the purpose of funding the Michael Clements
Mini Loan Program and will not be co-mingled with other Saint Vincent De Paul budgets that
include normal donations for food, utilities, and gas vouchers.
The average rental loan is estimated to be in the range of $5,000 to $7,500. Interest on these low-
cost loans is limited to 2% with the interest paid to the managing financial institutions and not to
Saint Vincent de Paul, the Collaborative, or to the Michael Clements Mini Loan Program.