LAKEWOOD, OH — Interest-free loans may be available for Lakewood residents experiencing financial struggles due to COVID-19.
The loans are available through the HFLA of Northeast Ohio and are can be worth as much as $1,500. The loans were made possible by a grant from the Healthy Lakewood Foundation (HLF).
“Our board recognized early on in the pandemic that there would be many local families and individuals impacted by the economic downturn,” said HLF Board President Jeanine Gergel. “While we have provided other grants to nonprofit organizations to help residents meet basic needs such as food and transportation, we decided to support the HFLA COVID-19 emergency loan program because it provides access to the most flexible form of assistance of all — cash — on an interest-free basis.”
The loans can be used for a variety of purposes, including replacing lost wages, cover for unexpected medical or childcare costs or to keep households afloat during these uncertain economic periods.
Loan applications can be processed in two to three business days. More information on the loan program has been shared online, or applicants can contact HFLA directly [email protected] or at 216-378-9042.
“We wanted to ensure that financial assistance would be available to people hurt by COVID who might not otherwise be eligible for loans through traditional lending institutions,” said Gergel, “either because they do not have a guarantor or because they are limited in the size of the repayments they are able to make. We believe the HFLA COVID-19 emergency loan program is structured to meet these very precise needs for our neighbors and friends who are facing financial struggles in these challenging times.”
This article originally appeared on the Lakewood Patch