NEW MICRO-LOAN CREDIT BUILDER PROGRAM!
Are you a current or former foster youth preparing to live on your own? Do you find yourself over-reliant on fringe financial services such as check cashers; rent-to-own stores and pawn shops? Do you find you are charged higher interest rates because you haven’t built a credit history?
If this is you or someone you know, Indiana Connected by 25 has created a credit building micro-loan program to assist foster youth to establish and build their credit history. This NEW program uses small loans to help build credit relationships with community lenders through the act of making on-time monthly payments, and reporting the positive loan repayment behavior to the credit bureaus.
To qualify for the program, you MUST be between 18-25 years old, reside in Marion County (or the surrounding counties) and MUST have a valid State Issued Identification Card or Driver’s License. For more detail please contact:
AMY HENDRIX: Director of Financial Capability Strategies
PHONE: 317-917-8940 ext. 106
To apply, please complete the form found in the following link:
Learning to manage their finances is a challenge for all young people, but even more so for those who are in or have emerged from foster care. The Opportunity Passport™ program, which we operate in cooperation with our community partners PNC Bank and The National Bank of Indianapolis, provides financial opportunities, support and connections for foster care youth ages 14 to 26.
The first step in the program is 12 hours of financial literacy training, which everyone must
complete to be eligible for enrollment in Opportunity Passport™. Enrollees then have access to
- A personal banking account for short-term expenses and to gain banking experience.
- A matched savings account for medium- and long-term asset building.
- A $100 seed contribution and a savings match of up to $3,500 (maximum) to purchase approved assets.
Financial literacy and responsibility result from education and experience. With the Opportunity Passport™ program, young people receive both.
To learn more call 317-917-8940