Offering No-Interest Loans to Individuals & Families in Need | A Project to Serve the Ossining Community

How to Apply

How to Apply

Return your application and budget worksheet to ossiningmicrofund@gmail.com or call us at (347) 746-9446

Possible uses

Loans are available for one time expenses such as:

  • security deposits

  • medical or dental expenses

  • licensing and/or test fees

  • legal fees

  • job related expenses

  • one time tuition assistance

  • small business emergencies

  • security deposits
  • medical or dental expenses
  • licensing and/or test fees
  • legal fees
  • job related expenses
  • one time tuition assistance
  • small business emergencies

Note: Loans are NOT available for ongoing business, educational or living expenses, except in cases where a one time opportunity or obstacle exists.

Ask us! Let us get to know you and your situation to see if we can help.

Process

If your application is approved, a check will be issued and you will be required to sign a repayment agreement. A monthly repayment schedule will be included in the agreement. Loans must be repaid within 24 months.

There are two options for loan repayment:

  • 1 An automatic deduction or transfer made every month from the recipient’s bank account and/or paycheck.
  • 2 A check or money order mailed every month to Ossining Micro Fund, P.O. Box 4010 Ossining, NY 10562

An OMF representative will mentor you through our process. If you encounter unexpected problems with repayment, contact your partner or mentor and a revised payment agreement may be arranged.

When repayments are complete, the loan recipient may request a letter that can be used to establish his/her credit.

To apply for a loan, you fill out a few short forms – an application and a budget worksheet. Forms are available at one of our many partnering agencies or you can download them here by clicking the document name below.

Partner With Us

The Micro Fund’s goal is to offer interest-free loans to members of the community who encounter a one time unexpected financial obstacle. We prefer our loan recipients to be referred by a partner. We cannot consider loans in excess of $2000, and most are smaller.

We can partner with employers, social service agencies, and faith based institutions. Consider referring a loan applicant to us if:

The Ossining Microfund
  • You know and trust the person.
  • You know how the person plans to use the loan, and that there is a legitimate need.
  • You know that the person has a steady income, and the ability to pay back the loan.
  • You believe that the person intends to pay back the loan and believes in the mission of the Micro Fund.

Loans cannot be granted for on-going living expenses such as utilities, phone bills, car payments, rent, food, or other recurring expenses. Exceptions may be made depending on the specific circumstances.

Referral is no guarantee that an applicant will be granted a loan. The screening committee retains the ultimate authority to grant loans.

THE PARTNERING AGENCY HAS NO FINANCIAL LIABILITY!

A monthly repayment schedule is included in the agreement. All loans must be repaid within twenty four months. Repayments make the funds available for others who need them. All that is needed is an agreement promising to repay the loan.

As a partner, you will

  • Receive quarterly reports from the Micro Fund on loan repayments;
  • Help to follow up with the loan recipient as necessary;
  • Inform the Micro Fund if the loan recipient runs into unexpected problems; it is possible that a revised repayment agreement be arranged;
  • Inform the Micro Fund if you are aware that the loan recipient changes his/her address or phone number.

When repayments are complete, the loan recipient may request a letter that can be used to help establish their credit rating.

For more information, please email ossiningmicrofund@gmail.com or call (347) 746-9446.