Good Samaritan Shelter awards over $4,000 in loans to residents
PHOENIXVILLE, Pa. –The Good Samaritan Shelter has recently awarded 3 loans to residents through the new Microloan program that is being offered at the shelter. These loans have ranged between $1,000 – $1,500 and are offered interest-free and are payable back to the shelter over 12 months. The purpose of the Microloan program is to help residents achieve a specific goal, where money has been the only obstacle. The money can be used to purchase a car, pay the security deposit for an apartment, pay for tuition, etc.
As loan recipients pay back their loans the shelter will award new loans, and the money will continue to be recycled. The Good Samaritan Shelter introduced this innovative program after a group of donors decided to provide the seed money to get the Microloan program started. Loan recipients are required to receive intensive budget counseling through the shelter.
Any resident of the Good Samaritan Shelter may apply for a loan. A review committee, comprised of local community representatives and experts in the banking industry, reviews each application and meets with the applicant before a loan is awarded.
Since 2002 the Good Samaritan Shelter has been serving the needs of homeless men in the greater Phoenixville area. Today, the organization owns 5 buildings on High St. and provides shelter and services to over 100 men annually. “Our Microloan program is a critical service we provide. We are thrilled that we are able to offer this to residents of the shelter. The loans they receive will help them achieve independence,” said Nate Hoffer, Executive Director of the Good Samaritan Shelter. For more information on the Good Samaritan Shelter, please visit www.goodsamshelter.org.
