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Power of HOPE Loan ‘The Break’ Arkansas Family Needs

August 17th, 2020   

An immigrant family of four in Arkansas were watching their income disappear. The father is among the millions who lost jobs as a result of the pandemic, and the mother, who was expecting their third child in June, would soon be out of work. The couple was referred to HOPE for a Power of HOPE loan, a product offered in response to COVID-19 to help cover essential needs, such as food, shelter and healthcare costs. The loans are made to families, individuals and small businesses underserved by other relief efforts, including Hispanic immigrants who were not eligible for federal stimulus support. Power of HOPE loans are structured as $1,000, 12-month loans at 2% interest with no payment required for the first three months. The loans are fully guaranteed by philanthropic resources so that, if needed, HOPE can pay down the loan for borrowers experiencing ongoing COVID-19 related economic hardship, keeping cash in hand during a critical time and protecting their credit score. The father in Arkansas described the loan as “the break from God that I had been praying for.”