YOUNGSTOWN/WARREN, Ohio – The Community Foundation of the Mahoning Valley is partnering with HFLA of Northeast Ohio to meet the needs of residents experiencing hardship due to COVID-19. Together, the organizations created an interest free emergency loan fund specifically for the Valley, available to both individuals and businesses.
The Mahoning Valley loan fund is a revolving loan fund, so assets are repaid by borrowers to be borrowed without interest by new individuals and businesses in the future. So far, three individual loans and one business loan have been made from the COVID-19 emergency fund.
Community Foundation funding was a part of a $50,000 collaborative grant made with the Raymond John Wean Foundation to seed the interest free loan fund.
“As a community foundation, it is our responsibility to make our resources available to the community,” said Shari Harrell, CFMV president. “This interest free emergency loan fund is one way we are working to support local residents, and we urge those in need to apply today.”
Individuals interested in learning more about HFLA of Northeast Ohio’s COVID-19 emergency loan program and finding out if they qualify for an interest free loan can visit the organization’s at website at www.interestfree.org or can contact lending staff directly at firstname.lastname@example.org.
The Community Foundation of the Mahoning Valley is a leader and advocate for strategic philanthropy, partnering with donors to anchor a permanent and growing endowment and making investments in the Mahoning Valley that improve the quality of life for all residents. The Community Foundation is the only local foundation with certification from the Community Foundation National Standards Board.