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0% Interest Loans that Create Financial Well-being
($500 – $1200 loan amounts available)
How do I use my Impact Loan benefit?
Loan Application Instructions
Who Is Eligible?
In order to be eligible to apply for a loan you must be currently employed at a restaurants that is a member of the Colorado Restaurant Association, Mile High Chapter.
You must first email the Employee Hardship Grant committee, milehighhardship@gmail.com and be given approval to apply for a loan. If you are not placed on the approval list, you are not eligible to apply.
You are at least 18 years of age and have an active bank account.
What can you do when the unexpected occurs?
When the unexpected happens, it can be difficult to pay for your basic needs. Payday loans, credit cards, and other high-interest debt are often used as a short-term solution for your financial problems, however, they come with extremely high-interest rates and fees, ultimately making them a long-term burden that makes the problem worse, rather than better.
Mile High Chapter offers Impact Loans for the employees of our member restaurants at 0% interest with an extended repayment schedule. This helps households recover from financial hardship without getting trapped in another debt spiral from high-interest lenders.
What can you do when the unexpected hits?
When the unexpected happens, it can be difficult to pay for your basic needs. Payday loans, credit cards, and other high-interest debt are often used as a short-term solution for your financial problems, however, they come with extremely high-interest rates and fees, ultimately making them a long-term burden that makes the problem worse, rather than better.
Mile High Chapter offers Impact Loans for our community at 0% interest with an extended repayment schedule. Once you pay back your loan in full, you are also eligible to receive a Savings Incentive bonus in order to help build an emergency savings fund. This helps households recover from financial hardship without getting trapped in another debt spiral from high-interest lenders.
Who Is Eligible?
You must be a Mile High Chapter member and have been employed for at least 90 days
You must use the loan to pay for an unforeseen financial hardship
You must be 18 or older
How It Works
Impact Loans are a way to help you achieve financial well-being by giving you access to an interest-free loan that has an extended payback period. They are interest-free and are not reported to the Credit Bureau.
What Does Financial Well-being Look Like?
Control over your day-to-day and monthly finances
Financial well-being means that you have full control over your finances. You have a plan and know what your money is going to do day-to-day and month-to-month. You are in control of your money and not the other way around.
Financial freedom to make the choices that make you happy
Financial well-being is having the ability to make the choices in life that make you happy so that you can fully enjoy life and not be a slave to your money.
Ability to cover emergency expenses
Financial well-being means that you can cover unplanned emergency expenses without using high interest debt. With the Impact Loan you can borrow at 0% interest, and when you pay it back, we help you save for a rainy day!
On track to meet your financial goals
Financial well-being is being on track to meet your financial goals, whether that be to purchase a new car, a home for your family, fund your kids’ college education or to save for your own retirement.
Step #1 – Be referred
The first step is to be referred to apply by the Mile High Chapter’s Employees Hardship Committee. In order to do so you must email your request to milehighhardship@gmail.com.
Be sure to provide your full name and the name of the restaurant for which you work.
If you accessed this site and did not first email the committee to be referred, you must do so before applying. Otherwise your application will considered ineligible.
Step #2 – Apply for your Impact Loan
The second step to receiving an Impact Loan is to apply online. It is a fast process that is anonymous so that you don’t have to worry about sharing your situation with anyone beyond The Community Impact Fund who administers the loans on behalf of Mile High Chapter.
Even though you have to receive approval to apply through the Hardship Committee, no one Mile High Chapter will ever see your application or related documentation.
Once approved for an Impact Loan, your funds will be disbursed directly into your bank account via ACH.
Questions about your application? Contact loans@communityimpactfund.org.
Step #3 – Cover Your Expenses
The third step is to use the proceeds of your Impact Loan to cover any emergency expenses that would otherwise set you back further financially as described in your loan application. Examples of eligible expenses include:
- Housing expenses (rent, mortgage, utilities)
- Healthcare
- Childcare
- Transportation
- Food
- Technology
- Taxes
- Debt
- Other (funeral expenses)