What are loans from the Fountain Fund used for?
The Fountain Fund provides low-interest loans to formerly incarcerated people who identify areas where a loan would help to provide the elevation they need.
Examples of loan fund uses include:
- Repay court-imposed fees, costs, restitution or other obligations,
- Pay back child support,
- Purchase specialized equipment necessary for particular jobs,
- Start small businesses,
- Purchase an automobile,
- First month’s rent and deposit to secure stable housing
How do I know if I’m eligible?
To be considered for a loan, applicants must show the following:
- A record of past incarceration,
- Current or future gainful employment, and
- A potential elevation in their personal circumstances as a result of the loan.
The Fountain Fund does not discriminate based on type of conviction or length of incarceration.
How much can I borrow?
The Fund’s loans have ranged from as little as $250 to as much as $15,000. Loan amounts are determined on a case-by-case basis with the goal of setting up our Client-Partners for success.
We typically offer our loans for a 3-year term at a low 5.0% interest rate. We have an incentive that provides a 3.0% interested rate for Automatic Clearing House (ACH) participation, which automatically withdraws funds from a checking account.
Can you help me consolidate debt?
No, the Fountain Fund does not provide assistance with debt consolidation.
How can I get started with the loan application process?
Please complete our online form to make sure you’re eligible. Once your information has been reviewed, our Client Partner Navigator will be in touch to start the process.
Don’t see your question listed above? Contact us today!