Better Angels, a Los Angeles-based movement dedicated to tackling the city’s homelessness crisis by engaging the entire community, has reached a significant milestone.They’ve issued their 500th zero-interest loan through the Short Term Eviction Prevention (STEP) Fund.
As its launch in 2022, the STEP Fund, designed to aid low-income Angelenos facing imminent eviction, has been a lifeline for over 2,000 individuals and families, helping them stay housed.
Shockingly, over 750,000 families in Los Angeles live precariously, just one financial setback away from homelessness. despite the enormity of the crisis, a paltry 5% of LA County’s homeless funding is allocated to prevention efforts. Better Angels created the STEP Fund to directly address this gap.
“The STEP Fund’s core mission is to prevent homelessness by providing interest-free microloans to vulnerable Angelenos who are on the brink of losing their homes,” explained Adam Miller, Better Angels’ co-founder and CEO.
Better Angels employs a multi-faceted approach, incorporating innovative intervention strategies, community engagement, advocacy, cutting-edge technology, and pragmatic solutions across five key areas: Prevention, Technology, Services, Shelter, and Housing.
The STEP Fund boasts a streamlined process ensuring rapid assistance to those in urgent need.
Here’s how it works:
Eligibility: The STEP Fund provides interest-free loans to low-income Los Angeles County residents facing eviction within the next 30 days due to a recent financial hardship, as long as they can demonstrate their ability to repay the loan.
Submission: Individuals simply complete a straightforward online application and then participate in a verification interview with a STEP Fund team member. The goal is to approve and fund loans within seven days.
Disbursement: Upon loan approval, funds are directly disbursed to the applicant’s landlord, property manager, or utility company. The STEP Fund offers flexible repayment options,with payments accepted in person at multiple locations or electronically.
Looking ahead, the STEP Fund will introduce new services for its loan recipients, including assistance with accessing benefits and financial literacy training.
“Our message to anyone facing the possibility of losing their home within the next 30 days is clear: we are here to help,” said Staci Miller, Co-Founder of Better Angels and the STEP Fund.
For more data, or to apply for assistance, visit betterangels.la
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