In 2023, the Branford Microfund (BMF) was able to provide seven loans totaling $17,500 to Branford residents thanks to the support of the community. It currently has 26 active loans, and three people successfully paid off their loans last year. Throughout the year, the BMF participated in a number of community events and successful fundraisers and was heartened by the community’s support in attending these, lending a helping hand, and contributing to its ongoing efforts.
In addition to fundraisers, the BMF received two important grants. One was from the Branford Community Foundation for $1,000. And, right before Christmas, the BMF was granted $20,000 from the Town of Branford’s federal American Rescue Plan Act (ARPA) funding. With these grants, we will be able to offer financial support to more people in Branford who may not be approved for banks loans or do not have the ability to pay back high interest loans.
“It's a wonderful feeling to know that our community leaders think we are worthy of the support, and that our local community will benefit as a result,” said BMF Chair Mina West.
The economy continues to be a challenge for many in our town, and the need for Branford Microfund loans has been steady. The Loans Team supports many of the applicants in encouraging and creative ways. They have truly been a blessing since the start-up of service.
“We know our world is full of problems, but we are hopeful that assisting and supporting neighbors here in our small town will have a ripple effect,” said West.
The Branford Microfund is a local non-profit organization run by Branford volunteers to help its neighbors during difficult times. For qualifying residents, the fund can provide interest free loans of up to $3,000 to Branford residents to help with unexpected financial emergencies. Repayment is expected over a maximum of 30 months. For more information about Branford Microfund, to make a donation, volunteer or to apply for assistance, please visit www.branfordmicrofund.org