Problem

Individuals experiencing or at risk of experiencing homelessness are forced to live paycheck-to-paycheck - struggling on a monthly basis to make rent, pay bills, and put food on the table. In the face of daily and immediate needs, building personal savings is not a feasible option for many. These families' limited ability to save and the obstacles they experience in building personal assets have a real impact on their opportunity to move out of poverty.

The Gift

This gift will provide one Community Empowerment Fund (CEF) borrower with matching savings on his/her initial personal savings deposit. CEF is a student-run non-profit organization based at UNC that works locally to provide micro-loans, savings opportunities and financial services to individuals in need of employment, small business or housing assistance. We primarily serve individuals who are experiencing or at risk of experiencing homelessness.

Upon entering the CEF loan program, all borrowers make a deposit of $30, which we match dollar-for-dollar to build each borrowers' assets and internal credit. Borrowers make weekly deposits to this savings account along with weekly repayments, which we continue to match. Once the loan if fully repaid, the borrowers receive access to this savings account and graduate from the program with this additional personal asset, in addition to the habit of managing and building their personal savings.