GREENFIELD, Mass. (WWLP) – A micro-loan pilot program, limited to Montague residents, will now be open to all Franklin County residents.
Community Action of Greenfield announced Friday that residents of Franklin County can now apply for an interest-free microloan of up to $500.
The Community Loan Pilot Program began last May exclusively for Montague residents, but it’s now opened to all low-income Franklin County residents.
Shannon Martineau, Money Matters Coordinator of CAPV, told 22News, “And statistics show that 40 percent of Americans right now are unable to come up with $400 when there is an emergency, and so this is a great way for us to help those community members to solve that unexpected financial need.”
The program also provides additional services like budgeting and financial counseling throughout the life of the loan.
Martineau told 22News, the newly expanded Community Loan Program is effective immediately. To be eligible, applicants must live in Franklin County and show that their income does not exceed 300 percent of the federal poverty rate.
The program was made possible through a $10,000 grant from Greenfield Savings Bank.
“It’s for people who live pay check to pay check who have little savings and come up with these needs, these things like if they need new appliances or car repairs, and now it’s Franklin County-wide, and we’re hoping that other banks will see the value of this,” said Denise Coyne, Executive VP and COO of Greenfield Savings Bank.
Coyne told 22News they’ve even added another $5,000 to the program.