A Santa Clara University Professor Built a Zero-Interest Microloan Program for Unhoused Californians
A program run through the Business School of Santa Clara University is making zero-interest microloans available to unhoused people in the area. Many of these people survive by running their own microbusinesses, whether it be flipping and reselling items or performing services like house cleaning or yard work.
But if their equipment breaks down, is lost, or is damaged during an encampment sweep, it can be difficult or impossible to continue doing business. That’s where the ZiM program comes in.
Filling A Necessary Gap
In a situation like the one outlined above, where equipment needs to be replaced in order to continue doing business, many business owners would turn to their savings, a small loan, or even a credit card to cover the expense. But for unhoused business owners, these options are often not available.
Banking barriers keep many unhoused people from accessing financial services. Many banks require proof of address and other identity documents to open an account, which are easily lost or damaged when you have no safe place to store your things…