The Fountain Fund is a 501(c)(3) nonprofit lender that provides low-interest loans and financial coaching to people formerly incarcerated, helping them build credit and achieve their self-determined goals. The Fountain Fund also connects its Client Partners with various community resources to help them make the most of a fresh start, and advocates for public policy that increases economic opportunities and reduces obstacles for people formerly incarcerated.
Along with providing loans, the Fountain Fund is committed to offering information and resources related to finances and credit building. This required financial literacy training includes group workshops as well as one-on-one financial coaching to give Client Partners the information, understanding and skills to build credit.
The Fountain Fund was selected because they uniquely fill a gap in reentry services in Philadelphia, specifically related to accessing capital.There is no other organization in the country providing very low-interest loans and financial coaching exclusively to previously incarcerated individuals. The uniqueness of the Fountain Fund’s program allows them to seamlessly integrate with many other reentry organizations in the city, ensuring their client partners have access to all of the wraparound services they need to be successful.
The Fountain Fund does not discriminate based on type of conviction or length of incarceration, and typically offer loans for a 3-year term at a low 3.0%- 5.0% interest rate.
Operating in Virginia and New Orleans, the Fountain Fund has extended more than 400 low-interest micro loans, totaling over $1.5M to 350 program client partners. Today, 85% of Fountain Fund loans are in good standing and more than $750,000 in loan capital has been recycled.
In Philadelphia, the Fountain Fund is expected to serve 450+ client partners over the next four years and achieve similar results.
report they are better able to support their families
report at least one significant improvement in their lives
establish or improve credit score
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