This is the fourth newsletter for MICAH Program, Inc. Great things are happening at MICAH in October 2024. The board of directors met in August and has formulated the purpose, mission and vision statements below. We shared our story with the St. Anthony of Padua parish at the ministry fair on September 22. Our newly appointed chief operating officer is Jim Stavrakas. We are updating our policies and procedures and planning additional mentor training.
Purpose:
At The MICAH Program, we believe that all people are children of God. Our faith-based organization is dedicated to assisting our neighbors in financial need by providing mentorship and alternative solutions to predatory loans, fostering empowerment and dignity in their journey toward financial stability.
Mission:
The MICAH Program empowers individuals in our community by providing access to low-interest loans and promoting financial responsibility through mentorship. Our dedicated mentors treat everyone with dignity and respect, helping our neighbors build essential budgeting skills. We are committed to raising public awareness about predatory loan practices and their impact, fostering a more informed and financially secure community.
Vision:
Our vision is to empower our neighbors to achieve financial stability and personal goals through accessible financial education and resources. We envision a community where everyone possesses the financial literacy needed to make informed decisions and build a prosperous future.
MICAH volunteer mentors continue to meet with neighbors, understand their situation and help to facilitate unsecured loans up to $1500, to be repaid over 12 to 18 months, at an interest rate under 5%. We call these our “classic” loans. We also have a program involving automobile loans, called Bridge-to-Wheels (BTW). In this program, selected participants in Miracle Hill Ministries programs receive counseling and help to purchase a used car from Miracle Hill Auto Sales.
MICAH’s financial health is good. We have received donations to increase our loan reserve fund to over $50,000. MICAH currently has 15 active loans, 10 BTW loans and 5 “classic” loans. Since inception, MICAH has processed 35 loans between the two programs: 11 for BTW loans and 24 for MICAH “classic” loans.
Our loan repayment experience has been satisfactory. Of the 35, 8 loans (23%) have required a write down. All were MICAH “classic” loans. The written off dollar amount is $9,500 out of $66,000 of loans, which is 14%. Based on the repayment experience of programs similar to MICAH around the U.S., we anticipated a default rate of 15%. We are cautiously pleased with our experience to date.
MICAH continues to evolve and grow. We thank the St. Anthony community and our many friends who have supported us through prayer, donations, and volunteer work. We thank the Lord for the privilege to serve our neighbors and for our success to date. Our website, www.micahprogram.org, is active and we have a social media presence on Facebook and Instagram. To learn more about MICAH, volunteering, financial mentoring or help in getting a loan, please call us at (864) 233-7717.
