August Second Sunday Offering on August 13
The August 13 Second Sunday offering supports Life Asset for the second year. Life Asset empowers people through affordable financial products (e.g., microloans), services, and education, thereby promoting self-help and self-respect and expanding social and economic opportunities for lower income residents, and gives microloans and credit to help alleviate poverty in Washington DC. The program serves the unemployed, women, single mothers, immigrants, ex-offenders, seniors, and homeless people.
Life Asset provided 200 microloans coupled with training and support in 2016. The goal is to double that to 400 loans in 2017 and maintain a loan repayment rate of more than 98 percent — without doubling the organization’s budget. Entrepreneurs report a 30% (on average) increase in revenue due to Life Asset loans and training. They have also provided credit-building loans which increased credit score by 30 points (on average) after six months.
The Second Sunday offering will support the development of a Loan Loss Reserve. Life Asset receives loans from the Small Business Administration (SBA) to expand the loan fund and provide more loans to low-income entrepreneurs. The goal for the next few years is to achieve a client base of 4,000 entrepreneurs. In addition, funding from First Church will also help Life Asset to become a more viable applicant for other funding sources. The earliest “seed money” is often the hardest to find, and support from First Church would help Life Asset establish a next level of credibility among churches, foundations and individuals.
Please give generously. We are excited to be able to leverage our offerings like this. To learn more, go to LifeAsset.org.