Prosperity Connection Receives Major Grant from PNC Foundation to Support Emergency Loan Fund for Renters Impacted by COVID-19
FOR IMMEDIATE RELEASE
Contact: Paul Woodruff, Executive Director
Phone: (314) 256-3946
- ST LOUIS – The PNC Foundation has awarded Prosperity Connection® a $50,000 grant to support a recently created loan fund, which is helping families affected by COVID-19 and driving reinvestment in low-income communities. The Emergency Rent Loan program is administered via Prosperity Connection’s non-profit financial services initiative, RedDough Money Center.
The Emergency Rent Loan program is facilitated through a collaboration with four St. Louis metro area community development corporations and the St. Louis Housing Authority, each of which maintains rental properties for primarily low- and moderate-income households. Referred tenants are eligible for a $2,000 maximum loan, the proceeds of which are paid directly to landlords, to cover multiple months of rent. The initial loan payment is deferred for 60 days, and all borrowers are eligible to receive loan forgiveness after their first payment.
“By providing capital directly to community development corporations and public landlords committed to community reinvestment, this program augments local efforts to create safe and affordable housing,” said Michael Scully, PNC regional president for St. Louis. “Additionally, the program allows families impacted by COVID-19 to remain in their homes, while providing them with capital and credit. All of these elements are reflective of the mission of PNC Community Development Banking: improving quality of life and bringing economic empowerment to our communities.”
The PNC Foundation grant has allowed Prosperity Connection to help 30 families with rental assistance. Since 2015, PNC has worked closely with Prosperity Connection to fund a variety of financial education programs and more.
“Every individual and family helped through this unique effort equates to one less household in need during the COVID-19 outbreak. Thanks to the quick actions and generosity of PNC, we have been able to help dozens of families sleep a little easier at night because they’ve been able to avoid eviction. That’s a huge win for all involved,” said Paul Woodruff, executive director of Prosperity Connection.
About PNC Foundation
The PNC Foundation, which receives its principal funding from The PNC Financial Services Group (www.pnc.com), actively supports organizations that provide services for the benefit of communities in which it has a significant presence. The foundation focuses its philanthropic mission on early childhood education and community and economic development, which includes the arts and culture. Through Grow Up Great, its signature cause that began in 2004, PNC has created a bilingual $500 million, multi-year initiative to help prepare children from birth to age 5 for success in school and life.
About Prosperity Connection:
Prosperity Connection is a 501(c)(3) whose mission is to promote economic success for everyone in the St. Louis region by providing financial education and access to reliable financial products and services.
About RedDough Money Center
RedDough Money Center is a social enterprise arm of Prosperity Connection, launched in 2016 as an alternative to fringe banking services. RedDough strives to provide safe and affordable financial products and services for individuals who either cannot qualify for a bank account or, for personal reasons, have decided to stay out of the mainstream. Services include low-cost check cashing, short-term loans, bill-pay, reloadable debit cards and more.
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