A Hand Up: Branford Microfund Offers Interest-Free Micro Loans to Community Members in Need
By Pam Johnson, Shore Publishing/Zip06, August 2020
Months before the pandemic arrived and created unexpected financial emergencies for many, the founders of a new, all-volunteer non-profit, Branford Microfund, developed a program to provide interest-free microloans of up to $2,000 to help community members of modest means facing a one-time financial obstacle.
As noted at Branford Microfund's website nearly 6 in 10 Americans don't have enough savings to cover an unexpected $1,000 expense. Forty percent of Americans say they would struggle to cover $400 in emergency costs. As founding board member and chair Virginia Page explained, Branford Microfund is there for a "...hand up; not a hand out."
"We're helping people through a rough spot," said Page.
Officially certified as a 501 c3 non-profit in December, 2019, Branford Microfund is now widening its reach to help Branford residents in need; and reaching out to the community for support in its mission.