Apply for a Microloan
Microloans are one of the ways that New City practices mutual aid. Mutual aid means community members supporting each other. This is in contrast to a “charity model” where the benefit or service only goes one direction.
What do I need to know about the New City microloans?
You can request up to $500 for yourself or a neighbor in South Minneapolis.
We are currently only offering microloans to people who actively participate in New City’s programming. Since this is a mutual aid program, not a social service, we only offer microloans to people with whom we are already in community. If you applying for a neighbor in South Minneapolis (which we call a “Good Neighbor” loan), that friend does not need to be part of New City.
You will never “get in trouble” for not paying back the loan, and there is no interest on the loan. Some people are able to pay it back within a month, and others need two years. No stress!
Our hope is that this microloan makes it easier to participate in New City, not harder. Please, fully participate in New City regardless of how much of your microloan you have repaid. No need to feel awkward or indebted; this program is how we look out for each other.
We will not issue you any additional microloans until the first one is paid back. We will handle multiple applications from family members or cohabitants on a case-by-case basis.
We intentionally work to protect your privacy. The only person who will know you are applying for a microloan is one designated New City staff person. That staff person will receive your application, then removes your name and contact information before sending it to the Microloan Advisory Team.
Sounds good! What’s next?
Review: A New City staff person will send an anonymous (i.e., no name or contact info) to the Microloan Advisory Team for discernment. We aim to make decisions and distribute funds within a week.
Payment: If your application is approved, we will send you money through PayPal. We will try our best to accommodate other methods of payment if you request it, but cannot promise that we can offer other options.
Optional Coaching: Once your application is approved, you have access to an optional financial literacy coaching session. New City is connected to financial experts who can help you set up your budget, manage payments, etc. If you are interested in this, mark it in your application.
Paying Back: To pay back the microloan, go to our giving page and select “Solidarity Fund.” Put “microloan payback” in the notes. We make sure that money from repaid microloans goes towards future microloans, so you’re passing the blessing forward. But again, no pressure on timing.
Questions? Fill out the contact form!
