Ways to Work Auto Loan Program
Ways to Work, Inc., an arm of the Alliance for Children and Families and a federally certified Community Development Financial Institution (CDFI), provides national support for the expansion of a 19 year-old initiative providing small loans to economically challenged families to help them stay on the job or in school.
Originally called the “family loan program” and developed by The McKnight Foundation of Minneapolis, the project has provided over $26 million in loans to over 19,000 families across the nation. Ways to Work, Inc. provides training, technical assistance for fundraising and operations, and access to low-cost debt capital to Alliance member organizations interested in operating the Ways to Work loan program.
Since 1996, the national office has helped Alliance members raise over $26 million in grant support for local programs.
To receive an application packet, or to get more information regarding the Arlington Chamber Foundation’s Ways to Work loan program, contact:
Karen Nolen-Rucker at 817-543-4290 or knolenrucker@arlingtontx.com.
Visit www.waystowork.org for more details!
Loan Purposes
- Support job sustainability
- Car purchase
- Car repair
- Promote employee retention
- Aim to improve credit and opportunities for economic self-sufficiency
Loan Size
$4,000 Car purchase
$750 Car repair
Loan Terms
Interest rate 8% maximum
Loan Length 24 months
Applicant Requirements
Application process, financial management classes, repayment within two years.
Eligibility
- Resident of Tarrant County
- Employed 20 hours/week and for at least 6 consecutive months OR
- Pursuing post-high school education
- (9 credits per semester)
- Other loan sources exhausted
- Sufficient disposable income
- Involved parent(s) of dependent children or support child(ren) under the age of 18
- Household income cannot exceed 80% of the area’s median income