ESL Federal Credit Union has pledged $40,000 to support the Neighborly Fund, relief loans for community members in need as a result of the COVID-19 pandemic. NeighborWorks® Community Partners Rochester (NCP) announced the creation of the Neighborly Fund in April 2020, and the inaugural distribution will provide no interest, deferred loans of up to $3,500 to homeowners in Monroe County who are financially impacted by COVID-19 through layoffs, furloughs, or other hardships.
“NeighborWorks Community Partners is vital to preserving the financial well-being of many residents throughout our community,” said Ajamu Kitwana, Vice President/Director of Community Impact, ESL Federal Credit Union. “We support the organization, its mission and the ‘Neighborly Fund’ because these grants are imperative to providing much needed assistance to residents throughout Greater Rochester experiencing financial hardships related to housing due to the COVID-19 pandemic.”
NCP set out to raise $250,000 for these no interest, deferred loans, which can be used to pay mortgages or utilities, phone bills, buying groceries, or other urgent needs. Borrowers also receive free, one-on-one financial counseling to plan for the coming months and repay the loan when (or if) they can. Any repayments made on loans will be paid forward to continue providing affordable financing to low-income WNY residents.
Applications officially open NOW through NCP’s website.
“ESL Foundation has been a strong supporter of NeighborWorks® Community Partners and for residents of the City of Rochester for many years,” said Jerome M. Nagy, Chief Executive Officer of NCP. “We are so proud to work with the Foundation to help ensure homeowners in Rochester have a little extra support. Working together with our neighbors in the community and with partners like the ESL Foundation we will get through these troubled times stronger and more resilient.”
To date, the online fundraising campaign has raised more than $175,000 for WNY (Erie, Niagara and Monroe Counties) homeowners and Buffalo small business owners, including $100,000 in seed capital from NCP. To support the Neighborly Fund, visit the GoFundMe page or website.
About NeighborWorks® Community Partners Rochester
NeighborWorks® Community Partners Rochester is committed to providing quality services that help individuals and families with modest budgets create safe and healthy homes, build personal wealth through homeownership and grow vibrant communities across the Greater Rochester region. For more information, click here.