L.A.M.P.S. (Loans and Advising for Money Planning Success)
Update, July 30, 2021
We continue to make progress on identifying a framework for a possible payday loan alternative, now named LAMPS. (Loans and Advising for Money Planning Succes).
At its most recent meeting, the LAMPS team agreed on the importance of starting this pilot ministry on a small scale, anticipating that much woud be learned along the way to guide fine-tuning and appropriate adjustments. Tentative agreement was reached on the following components:
- Starting fund: $5000
- Maximum loan per individual: $1000
Referrals: from RARA and Project Horizon (these organizations will vet and inform clients of available resources for which they may be eligible) Financial Advising: identified as a key component of the program to ensure both short- and long-term planning by assisting the applicant in gaining critical knowledge and skills .that could potentially reduce the risk of future financial emergencies
- Loan payments: made to the service provider (car repair, plumber, etc.) rather than to the client
- Repayment: no interest; repayment amount, time period and method to be determined at a meeting with the financial advisor and applicant
- Application, contract and accounting specifics: to be determined
Create a preferred service provider list that would give our clients a discount based on receiving guaranteed payments up front and free publicity (e.g.published list of participating providers)
Initial clients would be active participants in this ministry, prioritized on the basis of need and ability to repay.
The next LAMPS team meeting is scheduled for 11:00 on August 11st. If you are interested in joining this team and perhaps taking a leadership role, we invite you to join us. Contact Anna Crockett at email@example.com or 460-3254 for additional information.
A proposal to adopt the LAMPS ministry will be presented to the Christian Outreach Committee at its September 7th meeting. Meetings are open to all parishioners.
LAMPS Team: David Connolly, Marlys Craun, Anna Crockett, Libby Cumming, Al Hockaday, Mo Littlefield; Community Partners: Lindsey Perez (RARA), Marie Averill (Project Horizon) and Ellen Mayock (ESOL)