No-interest micro loans Philanthropist' s new tool in preventing homelessness $Alchemy_Keywords HEAD TOPICS

No-interest micro loans Philanthropist' s new tool in preventing homelessness

10/22/2022 4:20:00 PM

No-interest micro loans Philanthropist' s new tool in preventing homelessness

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Los Angeles Times

No-interest micro loans: Philanthropist's new tool in preventing homelessness A West Los Angeles software entrepreneur has launched a philanthropic venture that aims to give at least 10,000 interest-free micro loans to people facing eviction. In all, about 43 loans have been made in the pilot.The program is now open to all residents of Los Angeles County who meet three basic criteria: They must have income below 50% of the area median, have had a recent financial shock and be facing imminent eviction as a result. Applications can be submitted on theSTEP Fund website. If applications ever exceed the capacity of the fund, preference will be given to those who have income below 30% of the median, have been homeless in the past or were in the foster system.Currently, though, no one who qualifies will be turned away, Staci Miller, said. Despite the evident need, the program has taken off slowly, partly as a result of Read more:
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