Small Dollar Loan Program
The overarching challenge CTC's Small Dollar Loan Program will address is a pervasive lack of access to capital for low-income borrowers. Consumers will benefit by receiving flexible, unsecured loans that will provide a pathway to employment for students, and to resolve financial emergencies due to illness, temporary joblessness, or other factors that could cause significant disruptions, including homelessness.
CTC started making small loans as an intentional line of business in 2010; since that time appropriate policies and procedures have been implemented, application and other forms have been refined, and insight has been gained about how and why low-income individuals and families need to access capital, and how access to a relatively small amount can be life changing. CTC is proposing to expand on these insights and the success of the product line to carefully target capital to individuals and families.