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WHAT THE ANGEL
FUND OFFERS TO WOMEN:
The Angel Fund
offers to make available small (up to $500) loans with no interest to women
on low incomes who have difficulty getting loans from other sources, yet
have an ability and commitment to repay a loan. Women who are
in paid work must be working for less than 30 hours per week to be eligible
for a loan. The purpose of the Angel Fund is to assist women
to move towards economic independence.
A loan can
be used for:
* Training
courses, seminars and further education
* Start-up
costs for small/hobby/home business (e.g. materials, equipment, promotion)
* Transition
to work expenses, including emergencies preventing transition to work |
1. Complete the
application form. You will need:
- Quote or
similar showing the cost of the item the loan will be used for
- complete
a personal budget to show you can afford a loan
- the names
& addresses of three referees (one can be a family member)
- Assure us
you can not borrow from other sources
2. Phone for
a loan interview
3. Bring form
(and quote etc) to interview or we can complete the form then.
4. Co-ordinator
writes report from interview
5. The loan
is considered by the committee, (usually within one to two weeks)
who approve or decline the loan.
6. If approved
a one-off joining fee of $10 (added to the loan total) is required
7. Repayments
are $10 per week or $20 per fortnight
8. Borrowers
are requested to notify the Coordinator of a change of address or telephone
number
9. If borrowers
consistently fail to make payments the loan may be placed in the
hands of a debt collection agency.
Borrowers may
apply for another loan after the first is re-paid, and the same criteria
applies. There is no joining fee for further loans.
Download the application
form as a word document and print it out, or print
it out from here.
THE HISTORY OF
THE CHRISTCHURCH ANGEL FUND:
The Christchurch
Angel Fund started in 1995 and was modeled on the Wellington Women’s Loan
Fund, which has been operating since 1992. A group of Christchurch
women from enterprise agencies, community groups, City Council,
and interested individuals met to discuss setting up a Fund similar to
the Wellington one.
The group knew
that many low income women did not have access to credit for small loans
which would allow them to move towards economic independence.
They also knew that women’s incomes are generally lower than men’s,
that the incomes of Maori are lower than those of non-Maori and that
women are over-represented in lower income groups.
The description
“Angels” was borrowed from Broadway where, when a Show was about to close
because money was needed, the person who provided finance became
known as an “Angel”. Hence, women who lend money to “on-lend” are
referred to as “Angels”. |
