This newsletter highlights the accomplishments and ongoing initiatives of the MICAH Program, Inc. for November 2024. Key points include:
- Bridge to Wheel (B2W) Loan Program: The pilot phase has been successful, allowing qualified participants from Miracle Hill Ministries to purchase used cars with low-cost loans. The program helps individuals with poor credit scores who typically cannot access traditional bank loans.
- Loan Details:
- Participants provide a 20% down payment and repay the loan over 24 months.
- MICAH approved loans are facilitated through Self-Help Credit Union at an interest rate of 4.3%.
- Total loan amounts have ranged from $2,000 to $5,200, resulting in significant savings compared to high-interest alternatives.
- Impact: Borrowers are saving an average of over $1,000 in interest compared to alternatives with rates of 36% to over 125%.
- Mentorship: New mentors were trained to provide support for neighbors, offering budgeting advice, resources, and guidance through the loan process.
- Community Support: MICAH expresses gratitude to the St. Anthony community for their support through donations, prayers, and volunteer efforts.
- Call to Action: The newsletter encourages readers to visit MICAH’s website and social media or contact them to learn more about volunteering and financial assistance.
This overview showcases the positive impact that the MICAH Program is having on its community through financial support and mentorship.
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