Finance/Micro-Loan Programs
If you run a micro-loan program or offer low interest loans to people in need and want to share best practices or learn from others mistakes, this group is for you.
If you are a Council wanting to learn, join the discussion, ask someone who “has been there, and done that”.
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Deb Zabloudil started the topic Microloan web site in the forum
Finance/Micro-Loan Programs 2 years, 2 months ago
For those of you working on loan programs in your local council or conference, I wanted to share with you our Microloan web site from the Columbus (OH) Council. It’s been live for a little over a year, however we don’t use it to solicit borrowers. We use it more for potential donors and as a site to which we can refer people who are interested in…[Read more]
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Deb Zabloudil replied to the topic Bank Security Agreements for Micro-Loan program in the forum
Finance/Micro-Loan Programs 2 years, 2 months ago
Bill, I have a microloan agreement that we use with our credit unions. As Judy said, credit unions are usually a little more willing to work with us than a bank would be since we want to award small loans. I can share that with you. Just email me at debzabloudil@gmail.com and I’ll send you a copy.
Deb Zabloudil
Columbus Ohio SVdP Council -
Judith Coleman replied to the topic Bank Security Agreements for Micro-Loan program in the forum
Finance/Micro-Loan Programs 2 years, 3 months ago
We have been able to sign a basic (2 page) collateral agreement, similar to a generic co-sign agreement, for each loan granted, individually. By doing this, rather than using the entire account for collateral, we would/could be able to withdraw any excess funds if available if we wanted to. We are working with a credit union rather than a bank.…[Read more]
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Bill Meath started the topic Bank Security Agreements for Micro-Loan program in the forum
Finance/Micro-Loan Programs 2 years, 3 months ago
We are trying to work with a bank here in Illinois to develop a micro loan program. They are requiring a Security Agreement to collateralize a dedicated savings account. The agreement they are asking us to sign is chuck full of legal speak that is giving me a headache.I am wondering, did any other SVDP Micro programs out there have had to do…[Read more]
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Pam Mahaney joined the group
Finance/Micro-Loan Programs 3 years, 7 months ago
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Karen Lanter replied to the topic Focus Group Coming in the forum
Finance/Micro-Loan Programs 3 years, 9 months ago
Hi. Good points. Thanks. I will bring that information to the table.
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Deb Zabloudil replied to the topic Focus Group Coming in the forum
Finance/Micro-Loan Programs 3 years, 9 months ago
I am not going to be able to be in Tampa this year, but I would like to make sure that I have an opportunity to put in my thoughts on this process. For me, a national partner defeats some of the things that we are trying to accomplish with our microloan program. Primarily, we are trying to help our new friends and borrowers develop a positive…[Read more]
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Karen Lanter started the topic Focus Group Coming in the forum
Finance/Micro-Loan Programs 3 years, 9 months ago
I am seeking to pull together of Society of St. Vincent de Paul reps who are experienced in microlending for a focus group at National Assembly coming to Tampa, Aug 29 through September 2nd. We have a national credit union that is seeking to offer us a national option and we need feedback and to troubleshoot the concept. Please let me know if you…[Read more]
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Karen Lanter joined the group
Finance/Micro-Loan Programs 3 years, 10 months ago
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Judith Coleman replied to the topic LILLI micro loans come to California June 2016 in the forum
Finance/Micro-Loan Programs 3 years, 11 months ago
sorry hit the wrong button –
Name, address and phone number of client.
Names of others in the household as well as the children’s ages.
Source, amount and frequency of all income, whether taxable or not. We also ask about the feasibility of continued employment or increases in pay.
Financial outlays of household – rent/mortgage, utilities, food,…[Read more] -
Judith Coleman replied to the topic LILLI micro loans come to California June 2016 in the forum
Finance/Micro-Loan Programs 3 years, 11 months ago
Wow! That would be wonderful if you can get a local foundation to fund your program.
We actually do not have any sort of special application materials. Our Visiting Vincentians collect complete financial data during their home visit using the normal Client intake form. Generally the call to us is for help with rent or a mortgage or for utility…[Read more]
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Bill Meath replied to the topic LILLI micro loans come to California June 2016 in the forum
Finance/Micro-Loan Programs 3 years, 11 months ago
Hello Judith Coleman. We are just starting a micro loan program in Illinois. We have a cooperating bank and are collaborating with the credit counselors in our area. We’ve applied for funding through a local foundation. We’ve put together a loan committee and are in the process of putting together the ‘application materials, guideline etc. Could…[Read more]
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Judith Coleman replied to the topic LILLI micro loans come to California June 2016 in the forum
Finance/Micro-Loan Programs 3 years, 11 months ago
One size does not fit all. We are a small conference located in a small, relatively affluent (on the surface) area – Cape Cod. There are numerous social services available to our clients also. Most would not think of themselves as poor as they are able to live from paycheck to paycheck. When they miss a paycheck, they come to us and many are…[Read more]
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Deb Zabloudil replied to the topic LILLI micro loans come to California June 2016 in the forum
Finance/Micro-Loan Programs 3 years, 11 months ago
Now that your program has been running for a year, what have you learned? Any best practices that you’d like to share?
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Jose Antonio Mireles joined the group
Finance/Micro-Loan Programs 4 years ago
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Judith Coleman started the topic Persistence pays off. in the forum
Finance/Micro-Loan Programs 4 years, 2 months ago
Hi, this is for any one having difficulty finding a financial institution to partner with. Don’t give up! It took us almost a year to find our partner and we started out slowly. Our first deposit to the account that would be used for collateral was for $2,000. Three and a half years later, that account now has a balance of $22,500 (we are a…[Read more]
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Deb Zabloudil replied to the topic To Bill – meeting with bank in the forum
Finance/Micro-Loan Programs 4 years, 3 months ago
I visited all the conferences in this county (we are having to develop partnerships by county with different Credit Unions), and asked for volunteers to be financial mentors. We have a 3 person local board of Vincentians who oversee the loan program now in that county and they are recruiting and training additional mentors. I don’t think it’s a…[Read more]
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Tom Mulloy replied to the topic To Bill – meeting with bank in the forum
Finance/Micro-Loan Programs 4 years, 3 months ago
Hey Everyone,
Apropos of this conversation and Deb’s comment on the CFPB “Your Money, Your Goals” toolkit–I got an invitation yesterday from the CFPB for a webinar about this toolkit. See below, if you’re interested. The toolkit is free to download on the CFPB website if you’re interested in poking around and seeing what it looks like.
Happy…[Read more]
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Suzanne Wilhelmi replied to the topic To Bill – meeting with bank in the forum
Finance/Micro-Loan Programs 4 years, 3 months ago
So Deb, do you then offer SVdP financial mentors. If so can you explain more how this works in your Conference with the people you serve? We have recently been considering this in our Conference.
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Deb Zabloudil replied to the topic To Bill – meeting with bank in the forum
Finance/Micro-Loan Programs 4 years, 3 months ago
Bill, we are just getting a microloan program off the ground. We require that everyone who gets a loan through our program meets with financial mentors monthly. We use the Consumer Financial Protection Bureau’s program You Money Your Goals. It’s an empowerment program so it does not demean the person we are mentoring. There are 14 financial topics…[Read more]
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