Baltimore’s Borrow and Save Program
The Borrow & Save program is designed to help borrowers break the continuous cycle of borrowing from Pay Day Loan vendors and move toward healthier savings. Through this program it is our goal to get customers/clients on the right track to healthy banking through saving and asset building. The recipient of the loan will receive a $5 match per $5 they deposit into their savings account on a monthly basis.
For information on availability and an online application visit:
The Neighborhood Housing Services of Baltimore at: http://www.nhsbaltimore.org/borrow_save.shtml
Eligibility:
- MUST BE AN EAST BALTIMORE RESIDENT (See eligible zip codes and boundaries below)
- Must have a continual source of income
- Must reside at or below 80% of the Area Median Income (AMI)
- Subject to credit and affordability
Terms:
- Minimum loan amount is $300
- Maximum loan amount is $1,000
- Interest rate is 7.99%
- No pre-payment penalites
- Must be willing and able to pay the loan back over 12 months or sooner
- Must be willing to participate in credit counseling and financial fitness education
When Applying, Remember to Bring With You:
- The application form (filled out)
- One form of legal identification (driver’s license, social security card, immigration documentation…)
- Two recent pay stubs
- Two bills with current address (utility, phone, cable…)
- credit fee of $6
The Borrow and Save Loan Program is funded by the Baltimore Alliance for Economic Inclusion (AEI), a local coalition made up several financial, banking and non-profit institutions, including the Baltimore Federal Deposit Insurance Corporation (FDIC), Bank of America, BB&T Bank, Catholic Campaign for Human Development, 1st Mariner Bank, Hamilton Federal Bank, M&T Bank, Municipal Employees Credit Union of Baltimore, Inc. (MECU), SunTrust Bank, Wachovia Bank and Neighborhood Housing Services of Baltimore, Inc. The Baltimore AEI is apart of a national initiative created by the FDIC to establish broad-based coalitions of financial institutions, community-based organizations and other partners to bring all unbanked and underserved populations into the financial mainstream. Led by the FDIC, Baltimore AEI was formed in 2007 to expand banking services for underserved markets. The coalition identified short term, emergency loans as its first deliverable.
To learn more about the Baltimore AEI and other initiatives it is currently pursuing, visit www.economicinclusion.gov
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The unseen threat in all of this is that as peoplefight to reduce debt levels the knock on effect of all of this then emerges as excpenditure tightens up with no available cash being spent and more saved…and so on. The end result if Central Bankers don’t get it correct is the complete break down of the financial system.