St. Vincent de Paul Northern Kentucky has received a $20,000 grant, whose donor asked for anonymity, to support its microloan program, providing low-interest loans to borrowers who need assistance with reliable transportation, home repairs, medical and education expenses, or retirement of predatory loans.
Without savings or another way to pay, struggling borrowers sometimes turn to predatory loans to cover debt or emergency purchases. These types of loans typically carry a high-interest rates making them difficult to pay off. As a result, lenders threaten a borrower’s ability to reach financial stability.
St. Vincent de Paul NKY’s Microloan Program provides a low-interest loan administered through Kemba Credit Union to provide an alternative to high-interest loans during times of crises. The loans are coupled with financial counseling provided by a volunteer mentor. Mentors works with the microloan recipient to meet the obligations of the loan as well as provide support and advice to reach financial stability through budgeting and saving.
Loans have also been issued to low-income participants recently for the purchase of safe and reliable used cars. These vehicles were donated to St. Vincent de Paul through its car donation program and repaired by Samaritan Car Care Clinic. The Samaritan Car Care Clinic provides complementary routine vehicle maintenance for low-income individuals. Their services enable families to maintain their cars or in some cases purchase a new used car and allow them to access jobs and transport family members to school and health care appointments.
Through its Microloan Program, St. Vincent de Paul NKY has provided 40 loans valued at over $60,000 to Northern Kentuckians in need since the program started in 2019. Of these 40 loans, 17 have been successfully paid off in full. This most recent $20,000 grant will allow St. Vincent de Paul to continue to help others reach financial self-sufficiency.
The Microloan Program relies on volunteer mentors to be successful. If you are interested in helping others in a unique way and have a knack for finance, please reach out to Volunteer Coordinator, Mark Bradley, by email at firstname.lastname@example.org or by phone at 859-426-2649.
St. Vincent de Paul Northern Kentucky