There is an alternative for responsible,
working parents to receive low-interest auto loans.
Ways to Work is a national program of Alliance for Children
and Families that allows qualified working parents who are unable to
get funds elsewhere, to receive loans up to $4,000 to purchase,
repair or refinance a car.
The first program of its kind in Oregon, Ways to Work is operated
locally by Metropolitan Family Service.
Loan Eligibility
To be
eligible for loan consideration, a potential
borrower must:
-
Be employed three months continuously
-
Be an involved parent
- Have exhausted other
loan sources
- Have a household
income less than 80% of the Portland median income (80% for a family
of 4 is $54,300)
- Reside in Multnomah, Clackamas, or
Washington County
Borrowers agree to repay the loan at an 8%
interest rate within two years. The money is then made available to
other applicants.
For more information regarding loans contact our Ways to Work
Coordinator at 503.232.0007, ext. 303.
.
Ways to Work
Services
-
Provides low-interest loans up to $4,000 to working
parents
- Teaches financial literacy skills to
loan applicants
- Improves client's
credit rating and gross earned income over time
- Decreases time in transit to work
- Decreases dependence on
public assistance
- Increases attendance at work
Nationally, participants average a 40% increase
in household income.
Ways to Work
is sponsored by Alliance for Children and Families with major
funding from The McKnight Foundation, US Department of
Transportation, Meyer Memorial Trust, and the Oregon Community
Foundation.
Ways to Work
Ways to
Work, Inc., a federally-certified Community Development Financial
Institution, was established as a sister organization to the
Alliance for Children and Families to help interested Alliance member agencies replicate the
Ways to Work loan program (formerly known as the “family loan
program”).
http://www.waystowork.org
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