BACKGROUND
In a time of need, Chelea Gochenour reached out to the Community Loan Center of West Central Indiana, operated by Homestead Resources. The Community Loan Center (CLC) program is offered to 60 businesses and organizations as an employee benefit.
When Chelsea unexpectedly needed new tires on her car but didn’t have the extra funds to pay for them, she applied for a loan from the CLC through her employer. Without funds to fix her car, she wouldn’t be able to get to work.
SOLUTION
The Fountain Fund and CBA Fund
With a $1,000 loan from the CLC of West Central Indiana, Chelsea was able to get new tires and didn’t miss any work due to transportation issues. With access to safe and affordable credit, she was able to avoid an expensive payday loan.
Homestead Resources is a housing counseling organization that works with over 2,000 families and individuals a year on their financial and affordable housing journeys. Through the CLC of West Central Indiana, they help families avoid predatory payday lending by offering small dollar consumer loans that are convenient and affordable. They provide up to 600 loans per year to low- and moderate-income families. Their mission is to keep families housed and provide resources to keep them financially healthy and stable.
IMPACT
The CLC program provides a low-cost alternative to expensive payday loans. This employer-based, small-dollar loan program saves clients hundreds in interest and fees. The loan program is easy and convenient because no credit check or collateral are needed. In addition, payments are reported to credit bureaus to help build borrowers’ credit scores
“This loan helped me get my car back on the road and I was able to get to work, this program was a lifesaver..”
Chelea Gochenour
INTERESTED IN LEARNING MORE?
For more information about CBA Fund and how it empowers life-changing organizations like Homestead Resources visit: https://creditbuildersalliance.org/cba-services/cba-fund/
For more information about the critical mission of Homestead Resources’ Community Loan Center of West Central Indiana visit: https://homestead-resources.org/consumer-small-dollar-loan/