Family Loan Program of Catholic Charities of Danbury
This program was established in Danbury in 2001. The purpose of the program is to help working parents obtain small bank loans to prevent loss of employment, and is the only program of its kind in CT.
(Program is not for emergency needs or to pay bills)
To be eligible to apply:
- Must live or work in the greater 7 town region of Danbury with 6 months residency
- Must be employed on same job minimum of 6 months with sufficient income to afford loan payment
- Must be custodial parent of at least one child under 18
- Must be financially stable to afford small loan payment
Loans can only be used for: purchase of used car for work, car repairs, security deposit for apartment in greater Danbury area only.
All loans have a 6.99 percent interest rate regardless of credit score. A $6,000 used car loan at 6.99% interest, for 36 months would have a payment of $185 a month.
Who to Contact
Carolyn Silliman, Program Coordinator
Catholic Charities of Northern Fairfield County
Family Loan Program
405 Main Street
Danbury, Ct 06810
(203) 743-4412 ext. 242
Fax: (203) 744-3500
Monday – Friday 8:30am – 4:30pm.
Bernice was having an increasingly tough time getting around in her ’91 Subaru. It had no heat, no (air conditioner), it was leaking fuel, and the muffler wasn’t working properly. She was in desperate need of another car and — living paycheck to paycheck. She is raising her grandchildren and needed a safe and reliable car for work and family obligations.
Bernice contacted Carolyn at the Family Loan Program and was eligible to apply. The process included budget and credit education to help her better understand her cash flow and ensure she was able to pay the loan back. Once she completed the financial education meeting, her application file was submitted and approved by the loan committee. Bernice now drives a 2002 Chrysler PT Cruiser that she purchased with the help of Catholic Charities of Greater Danbury’s Family Loan Program. One of the best benefits of this program is most individuals who complete it can improve their credit measurably, so they may be able to get approval for their next loan through a bank on their own.
The Family Loan Program began with assistance and funding for the loan pool funds provided by Newtown Savings Bank, Union Savings Bank, Savings Bank of Danbury and the Fairfield County Bank. Other program support has also been provided from: United Way of Western Ct, Fairfield County’s Community Foundation, The City of Danbury, The Meserve Foundation, the Buck Foundation, and Catholic Charities of Fairfield County.