What is the MLCP program?
The Mini-Loan Conversion Program helps neighbors-in-need who have a pay day loan. The pay day loan is the real cause of the financial distress of the person or family.
Through fundraising, donations and foundation grants, the Fort Worth District Council of the Society of St. Vincent de Paul provides collateral in shared secured accounts, so that regional banks and credit unions can provide loans at 3.15% interest for prospective borrowers. MLCP administrator and coordinators provide time and effort as volunteers. The MLCP committee provides leadership, planning skills, and financial knowledge to the project.
What are the desired goals or outcomes for this program?
The first goal is to relieve the stress of pay day loans on individuals and/or families. The second goal is to encourage savings (to obtain the loan, the borrower opens a savings account) and the growth of a safety net for emergencies. The third goal is to encourage financial coaching for those who desire coaching on the use and budgeting of money. Bonuses are paid to borrowers who successfully pay off the conversion loan and who complete financial coaching.
Who do I call if I need help with a pay day loan?
Call the conferences or email the Council at
societysvdpfw@gmail.com
How can I make a tax-deductible donation?
Please call Rozanne Veeser at 817-675-8984 or donate below.
Donating online is fast, simple and secure!
DONATE TO THE MINI LOAN CONVERSION PROGRAM TODAY!
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