Membership is made up the St. Vincent de Paul Society parish presidents.
The Board members represent the Mini Loan Program to the parishes, act as spokespersons to
the greater community and make final decisions on granting loans. A board Chairman is elected
and the board and/or the chairman can establish committees to work or staff specific needs or
processes as needed.
Policy Recommendation Board
A policy board will consist of 50% of our Neighbors in Need
and 50% by members of the Collaborative. The Board will appoint members that are
Neighbors in Need, and SVdP Volunteers. These members serve for a two-year period.
This committee monitors the loan process and reviews the
guidelines. These procedures are based on existing and successful models that have been
established by other St. Vincent de Paul Societies throughout the United States and made
available to our Tri-Parish Collaborative.
1) The minimum loan amount is $500, and the maximum loan is $7,500. The maximum loan
amount for emergencies is $2,500. (Emergency loans are considered, for example, auto
repairs, medical emergencies, etc.) Emergency loans outside of the defined terms will be
considered by the SVdP Board.
2) The loan term is 36 months and carries an interest rate of 2%.
3) The participant must have a checking account or qualifying debit card account and will be
required to allow our banking partner to authorize a monthly auto withdrawal for the
monthly loan payments.
4) As part of the application process the individual must fill out the monthly budget.
The success of this program depends heavily upon diligent review of the applicant’s budget and
confidence in the applicant’s ability to repay the Mini Loan Program loan.
5) Other forms of income are acceptable with documentation. This may include, child support,
alimony, retirement income, or second income sources.
6) Social Security Number or Individual Tax ID Number (ITIN) required.
7) Government Issued ID required.
8) Income documentation: 28 days of paystubs are required. If paid weekly, then 4 paystubs
are required. If paid semi-monthly or bi-weekly, then two paystubs are required. If paid
once per month, only one paystub is required. Other proof of employment and/or income is
9) Upon the MLP loan closing, funds are provided directly to the property owner or manager to
make the necessary rental deposits. When a predatory loan is involved, the lender is paid off
10) The Collaborative monitors the loan program and is informed by the bank if a monthly
payment is missed. The Collaborative loan coordinator and the conference coordinator (if
applicable) will work with the Neighbor in Need to get them back on track.
11) The Collaborative will cover the loan payment if it remains past due on the 28th day.
Neighbors in Need are expected to pay SVdP back for missed payments after the loan term
comes to an end.
12) The Neighbors in Need are encouraged to attend SVdP Financial Literacy Training.
13) Upon successfully paying off the Mini Loan Program loan and completing the Financial
Literacy Training, $50 is deposited into the Neighbor in Needs savings account. * If the
participant does not have an existing savings account, the $50 will be deposited into a new
savings account opened at a financial institution of the Neighbor in Need’s choice. A loan
completion package containing a Certificate of Completion, a Savings Encouragement
Letter, and Mini Loan Program survey is presented to the Neighbor in Need.
*For participants referred by the SVdP Conference, the $50 is provided by the Conference.
All others are provided by the Collaborative. The MLP leader arranges for deposits from the
Financial Literacy is incorporated into the Mini Loan Program to assist Neighbors in need to
understand financial institutions, budgeting, savings, and income management.
1) The Collaborative requires all three parishes to register with Charity Tracker to capture
needed data. There are two options:
A. Each parish purchases its own Charity Tracker and pays $360/year each.
Information can flow between all three parishes.
i. All SVdP Volunteers need to be trained in-home visitation and financial
ii. The three SVdP Conferences will become proficient with the Mini Loan
Program Guidelines for loans, forms, and referral process.
iii. Potential Neighbors in Need applying for the Mini Loan Program are to
complete one basic financial literacy class as part of their Mini Loan
B. The financial literacy class will be completed online through the Consumer
Financial Protection Bureau or through local training.
2) Upon payoff of the Mini-Loan program loan and financial literacy training, the Neighbor in
Need shall receive a $50 bonus to start a savings account.
C. Loan Institution Liaisons.
The Executive Board shall select two liaisons to represent The Mini
Loan Program when establishing financial and operational relationships with credit unions and
banks. Liaisons are responsible for communicating with loan institutions on the timeliness of
repayments, consistencies in repayments, and reporting to the Board and financial literacy
coordinators. Loan liaisons can also be responsible for fundraising and grant solicitation to
increase the operational breadth of this program including maintaining adequate reserves.