Underbanked and underserved in Lorain County have a new option for financial help. HFLA of Northeast Ohio, a nonprofit organization, has been lending interest free since 1904 to the people of Northeast Ohio without access to conventional funds and with the ability to repay.
With the generous support of the Community Foundation Lorain County a pilot program has been started with HFLA of Northeast Ohio. “We are happy to provide this grant to HFLA, no one is doing anything like this in Lorain County. Our residents need access to funds other than predatory lenders when it comes to everyday emergencies as well as pursuing their education or starting a business.” Brian Frederick, CEO and President Community Foundation of Lorain County.
These funds are accessible to help people with needs such as car repair, home repair, escaping predatory lending situations, workforce development, education, starting businesses and more. HFLA will be partnering and receiving referrals via Lorain County nonprofits such as, Oberlin Community Services, Urban League and El Centro.
Interest free loans allow people to help themselves with dignity. These interest free loans can often mean the difference between someone keeping the gas on, or being able to get to work when they repair their car, they can prevent a downward spiral towards bankruptcy because of predatory lenders.
For more information, visit our website, www.interestfree.org or call us at 216-378-9042.