Many low and moderate-income women struggle to make ends meet even once they are working because of a lack of money management skills and access to essential financial resources. While a lack of basic money management skills is not an uncommon problem, learning how to stretch a paycheck or develop a monthly budget is absolutely critical for these families' survival. Moreover, many of these women suffer from low self-esteem, often at least partly as a result of their bad credit histories, high debt load, or small paycheck, making them embarrassed to seek assistance.
In addition, many low and moderate-income women lack access to traditional types of credit. Bad or a lack of credit, insufficient income, or too small a need means that many low and moderate-income women cannot qualify for traditional forms of credit such as bank loans. Because of their low wages, these women are also the most likely to experience a crisis -- such as a major car repair or increase in rent -- that threatens their ability to stay employed and/or support their families.
The FML program is an education and loan program for low and middle-income women of Hudson County. The goals of WomenRising Inc.'s FML Program are to provide low and moderate-income women with the skills, knowledge and confidence they need to manage their money; to provide an opportunity for low and moderate-income women to understand their credit history and to begin building or improving their credit history; and to provide low and moderate-income women with limited financial assistance to address a minor financial emergency or immediate obstacle that threatens her ability to support herself and her family.
The program consists of 12 hours of financial education classes, conducted over four weeks in the evenings. During the course of the training, participants also receive a copy of their credit report and receive individual counseling on how to understand and/or respond to the information it contains.
Graduates of the training who are working, or have just obtained a job, are also eligible to apply for a loan up to $1,000, with a 6% interest rate. In general, the loans are designed to help the graduate address a minor financial emergency or immediate obstacle that threatens her ability to work or advance into a higher-paying job. Since the loan administration is handled by one of our banking partners, the loans also represent a chance to make a positive contribution toward their credit reports. Case management is also a key part of the program, provided from the time a woman expresses interest in the program to completion of the loan repayment.
Who's eligible?
Women age 18 or older, who are residents of Hudson County
Ready to take control of their financial future
Able to attend training in the evenings
Meet the income guidelines for a low or moderate income household
Must be working in order to be eligible for loan (but not for training)
Cost?
The program is free.
How do I enroll?
Contact us at (201)333-5700 ext. 554.