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HOW IT WORKS
The Little Falls Micro Fund’s goal is to provide interest-free loans to members of the community who encounter an unexpected financial obstacle but cannot afford or obtain a commercial loan. Potential applicants must be eighteen years of age and demonstrate the ability to repay their loan. Our loan limit is $2,000 and all loans must be repaid within twenty-four months via a co-signed promissory note. Repayment of loans allows the Fund to recycle its donations and help other community members.
The Basic Process of Applying
------> Applicant receives assistance understanding and completing the application
-------->Application is forwarded to the Fund's Screening Committee for review
----------->If approved, applicant signs binding co-signed promissory note (max 24 months)*
------------->Applicant agrees to repay by automatic debit deduction, check or money order
--------------->Applicant receives funds
If recipient encounters unexpected problems repaying, recipient must contact the Fund for a review and update.
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