Despite Credit Crunch, Non Income loan.

Ways to Work, Inc., the Milwaukee-based affordable allowance and pecuniary course organization, has secured more than $16 million in young financing to trip its dilation across the political entity and more than double the size of its program network. The changed funding will appropriate Ways to Work to cater significantly more low-interest loans to working families at a tempo when affordable credit has less dried up for low-income borrowers.

Recipients of Ways to Work loans mostly use the funds to acquire reliable in use cars. Ways to Work has recently received noteworthy funding commitments from Prudential Financial, the Annie E. Casey Foundation, the Kresge Foundation, Bank of America, and Calvert Foundation; and has secured grants from The Philanthropic Collaborative, the U.S. Treasury Department’s CDFI Fund and the Federal Transit Administration’s Job Access and Reverse Commute (JARC) program.

Ways to Work provides affordable loans to “working poor” families who are tiring to start the ball rolling out of pauperism and found monetary permanence and self-sufficiency. Clients use the loans mainly to come by a motor car to facilitate them orbit or hoard righteousness jobs, adulterate down on lateness and absenteeism, look up their education, and muster their family’s needs, such as transporting children to youngster care, doctor’s appointments and form activities. “This experimental funding will help us to spur forward in expanding from our current 40 offices in 20 states to 110 program offices across the land by 2013.

With it, we can whereabouts so much more of the destitution that exists for this accommodating of affordable financing and support,” says Ways to Work Board Chair J. Hunter Atkins, who is president and CEO of the Bank of Nashville. “As we identification the tenth anniversary of Ways to Work, we are gratified by the reply we have received from our concealed and clear-cut sector partners.” Over the days 10 years, Ways to Work has loaned more than $33 million to more than 12,400 families, with a repayment upbraid of nearly 87 percent.

The regular Ways to Work shopper is a free mother, venerable 26 to 40 years old, with one or more children. Clients must be employed and tournament low-income standards, either dearth or have a scanty probity history, and be improper for a accommodation through a mainstream fiscal institution. They must crown a two-hour sitting with a loan counselor -- to happen a personal budget and reassessment their credit report -- with three hours of classroom economic education before they can be evaluated by a loan panel and approved for a loan. Ways to Work loans hold up an 8 percent portion rate and a two-year term, and are for a crest of $4,000.

The summit monthly payment is $182. Participants are required to suitable their monthly buggy payment and other car-related expenses into their descent budget. “Ways to Work provides affordable loans that are an choice to voracious lenders and it gives parents a real happen to build financial stability,” Atkins says. “It’s a index up -- not a man out.” Ways to Work credits three worst components for its success: extending affordable credence with real-world expectations for repayment, using a personalized, hands-on come nigh with clients, and requiring financial learning that helps clients emend steadfastness making and encourages them to unsoiled up poor credit histories and begin parsimonious for the future.

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