Branford Microfund

Overview

The Branford Microfund is a nonprofit organization registered as a 501(c)(3) and headquartered in Branford, Connecticut. Its mission is to provide interest-free loans to individuals and families residing in Branford who encounter unexpected financial challenges.

Purpose

The primary purpose of the Branford Microfund is to offer financial assistance to community members who otherwise cannot obtain or afford traditional loans. This support is aimed at helping individuals navigate temporary financial hardships, thus fostering community stability and well-being.

Operations

The organization operates on a "pay it forward" model, where loan recipients are expected to repay their loans. Once repaid, the funds are then used to support other individuals facing similar financial challenges. This sustainable cycle ensures that resources are reused within the community.

Structure

The Branford Microfund is governed by a Board of Directors and supported by an Advisory Board. The organization also partners with other local entities to enhance its impact and services.

Funding and Loans

Loans provided by the Branford Microfund are up to $3,000 and are designed to help with unexpected expenses. The application process is straightforward, starting with a preliminary one-page application. This approach ensures accessibility and rapid response to community needs.

Impact

As a community-focused nonprofit, the Branford Microfund plays a crucial role in fostering financial resilience and social support within Branford. Its model of interest-free lending and community reinvestment contributes to a stronger, more supportive neighborhood environment.

Tax Status

The organization is recognized by the IRS as a charitable organization, allowing donations to be tax-deductible. This status supports its fundraising efforts and mission to provide vital financial assistance.