WHAT WE DO
Core services offered by the Fountain Fund are designed to increase economic opportunities for formerly incarcerated people to improve their lives and remain in their communities. Our Client Partners’ success is at the heart of everything we do.
Loan Program
The Fountain Fund is a 501(c)(3) nonprofit lender that provides microloans to formerly incarcerated individuals who would not qualify for traditional lines of credit, but have viable job prospects or entrepreneurial ventures. Loan funds can be used to pay court-imposed debt, job-related expenses, transportation, securing rental housing, child support or to start a business.
To be considered for a loan, applicants must show:
-
A record of past incarceration;
-
Current or future gainful employment; and
-
A potential elevation in their personal circumstances as a result of the loan.
The Fountain Fund does not discriminate based on type of conviction or length of incarceration. We typically offer our loans for a 3-year term at a low 5.0% interest rate. We have an incentive that provides a 3.0% interest rate for Automatic Clearing House (ACH) participation, which automatically withdraws funds from a checking account.
Financial Education
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 online curriculum as well as access to group workshops and one-on-one financial coaching for our Client Partners to give them the information, understanding, and skills to build credit.
Weekly Business Loan Policy Meetings
Are you interested in applying for a business loan through The Fountain Fund? If so, we hope you’ll join us to learn more!
Each Wednesday from 12:00-1:00 (ET), The Fountain Fund convenes a virtual meeting to share information about our business loan process. These meetings explore what we look for on business loans and our mission-driven approach that removes barriers to credit for the previously incarcerated. During these gatherings, Stephanie Conteh, Business Loan Administrator, outlines the loan process step-by-step, including intake, underwriting, and committee review, and provides details for three loan sizes—small, medium, and large—with specific eligibility and documentation requirements. The presentation emphasizes the importance of business plans as well as financial projections and clarifies that loan funds are disbursed directly to vendors, not to clients.
Click here to contact Stephanie directly to join an upcoming meeting! We hope these weekly meetings will create an engaging and informal opportunity for prospective borrowers and current Client Partners to ask questions about ways in which they can strengthen and/or launch a new business through a Fountain Fund business loan.
Community Support
Client Partners benefit greatly from our relationships with numerous local organizations and reentry services. We identify and facilitate connections to community resources in every city where we are located and are dedicated to building bridges that will ensure Client Partner success.