by Dave Warner
Most of the townspeople don’t know what the Little Falls Micro Fund is, or even if it exists, but it is a small non-profit organization that offers interest-free loans of up to $ 2,000. with a two-year repayment period.
Think Local Little Falls decided to focus on promoting the organization during the month of November and the 30 Day Thank You campaign, and they placed donation cans in local businesses.
Elaine Cobb of Think Local said, “Last year we raised money for individual charities. This year we have decided to collect only for the Micro Fund and that it was an attack on two fronts. The first was to educate people about the Micro Fund, and the second was to raise money for it, as it benefits those most affected by this pandemic. “
Cobb says personal stories of how the fund has helped people are the best way to let everyone know what they can do.
“There was this woman who applied for a loan because she needed repairs on her car. When the fund goes to approve a loan, they look at your budget and they determined that she is renting a washer and dryer and they told her that they can actually pay the washer and dryer back, give her the money anyway. repairing the car and she would pay less per month (to pay off the loan) than she currently does to pay only for the washer and dryer.
“I think it’s a great story,” she said.
Another story Cobb related was, “Another woman applied for a car repair loan and after reviewing her finance, they discovered that her retirement check company had withheld taxes for the IRS when she hadn’t filed a return for three years because she didn’t need to. They were able to help him recover the money that was taken by the IRS. She was able to recover three years of withholding tax. It really is a great little thing that people can apply for.
There is no credit check and you must be 18 years of age or older, reside in Little Falls, be unable to obtain or pay a traditional bank loan, and demonstrate the ability to repay the loan.
The loan can be used for car repairs, medical / dental bills, security deposit, small business emergency, job training, tuition help, or license / exam fees.
“If you pay off the loan on time, that makes you eligible for another loan,” Cobb said. “One person had three of these loans. You have two years to repay the loan and no interest is charged.
To find out more, read their brochure below, or visit www.littlefallsmicrofund.org.