About

The Tri-Parish Collaborative of St. Juliana’s, St. Mary’s, and St. Philip’s St. Vincent de

Paul Societies are pleased to offer the Michael Clements Mini Loan Program (the Mini

Loan Program) to our friends and neighbors in need who live within our Tri Parish

boundaries.

 

The purpose of the Mini Loan Program is to reduce the number of

individuals and families who are at risk of becoming homeless or trapped in the “Cycle

of Debt” caused by predatory loans (payday loans or title loans), underemployment, or

health issues.

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Many of our neighbors at risk of homelessness are a segment of the population that was

employed and working but now unable to sustain housing due to numerous issues.

These include poor health, lack of job growth, limited financial literacy, and spiraling

debt. Once homeless, they are unable to save enough money for medical expense

payments, pay rent or make rent deposits or pay down predatory loan debt.

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As the Tri-Parish Collaborative on Homelessness (the Collaborative), we have created a

bank account from which we can collateralize loans for working neighbors with the

funds needed to sustain or regain their housing. Banks and Credit Unions grant and

administer these loans using these funds based upon the Collaborative’s

recommendation. The loan decision of who qualifies and who is recommended will be

the responsibility of the Collaborative. The interest on these low-cost loans

would be used to cover the administrative costs of the financial institution. The

repayment for the loans then rebuilds the Collateral fund's pool and will roll over to

subsequent needy loan applicants.

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The funds will come from directed donations, gifts, and grants and are specifically

earmarked for this purpose. No Saint Vincent de Paul operating funds or normal

donations for food, utilities, Gas Vouchers, etc. are to be used for the Mini Loan

Program. Other St. Vincent de Paul Societies across the United States have developed

and are employing and operating this type of mini-loan program.

 

References are available upon request.