Local Emergency Microloans

The Emergency Microloan Fund (EMLF) came into being in 2011, through the generosity of a single donor.  This $17,000 fund is managed by a committee that reviews applications for emergency assistance from employees of certain CCVI ministries.  A contact person at each institution explains the program, collects the applications, and collects monthly payments.  The need can be for a car repair, large utility bill, down payment on a car or other emergency situation for which the employee does not have resources.  Most loans are about $500.  There is a 2% administrative fee, but no interest is charged.  Most borrowers pay their loan back in less than a year.

In 2011, 4 employees received loans.  That number has increased each year with 14 loans being granted in 2014.  Since the program’s inception, less than 5% have not paid back their loans.

In the future, plans are to offer financial literacy classes for employees and expand awareness of the loan fund’s availability for emergencies.