F. A. Q.

This Fund is governed by The Community Impact Fund. CIF is a nonprofit 501(c)(3) organization that is responsible for responding to all inquiries, vetting all applications, and distributing funds to approved applicants.

In partnership with the Colorado Restaurant Association’s Mile High Chapter, CIF offers a 0% interest loan with a flexible payback schedule to individuals in need. In order to be eligible to apply for a loan,  applicants must be an employee of a restaurant that is a member of the Mile High Chapter. Applicants must first email the Mile High Chapter Hardship Committee at milehighhardship@gmail.com in order to be referred to apply for a loan. Referred applicants will then receive the link to this application site in order to apply. You MUST be referred by the committee in order to be eligible to apply. CIF conducts diligence to ensure the borrower qualifies for assistance under IRS regulations and CIF policies and procedures. Once approved for the Loan, a distribution of the approved amount will be made directly to a bank account provided by the applicant.

Your Impact Loan can be used to cover unexpected expenses or pay down high-interest debts. Click here to learn more about How to use your Impact Loan Employee Benefit.

Those who meet the eligibility requirements established by their employer. For Mile High Chapter, following conditions must be met:

• You are currently employed in the restaurant/hospitality industry
• You are employed within the CRA Mile High Chapter region
• You encounter a hardship and are in need of financial support
• Applicants must be employed by one of the Mile High Chapter’s Member Restaurants.
• In order to be eligible to apply, they must first contact the Mile High Chapter’s Hardship committee at milehighhardship@gmail.com
• The committee will then determine eligibility and provide eligible applicants with the link to this loan application site.
• If you have accessed this link but HAVE not yet contacted the Hardship Committee, you must do that first and can only apply if referred by the committee, afterwhich your name will be added to the official eligibility list.

Eligible Hardships Include (But Aren’t Limited To):

• Injury caused by an accident (such as a slip, fall, or crash) requiring hospitalization or other acute care
• Illness requiring hospitalization or other acute care
• Death, illness, or injury of an immediate family member imposing a financial or full-time caregiving burden on the worker
• Disaster, such as flood, fire, or storm damage causing disruption of a worker’s job or ability to work

Loans are based on the needs cited in the application. The maximum loan amount available is $1,200.

A repayment schedule will be set up automatically for the full loan amount over 12 months. Therefore, your monthly payment amount will be your total loan amount divided by 12. For example, if you receive a $1200 loan, you will pay back your loan over 12 months, with a monthly payment of $100.00. As part of your application process, you will select the day of the month that you want your automatic monthly payment to occur. Your payment is deducted from the bank account you connect as part of your application.

Your first payment is due 30-45 days from the day you receive your loan. Your loan does not collect interest at any point. Once you receive your loan, you can log into your borrower profile anytime to view your repayment status, change your repayment date, connect a new bank account, or request other support as needed.  If you have questions about the terms, please email loans@communityimpactfund.org.

If your employment with a member restaurant of the Mile High Chapter comes to an end either by choice or termination, you are obligated to pay back your loan. Even if it takes longer to pay back your loan, we still want you to make your payments anytime you can. Every dollar that is paid back allows someone else to receive the support they need through an Impact Loan. The CIF loan team is here to support you so don’t hesitate to contact us at any point even if you miss multiple payments due to unexpected circumstances.

Approval decisions are made based on the information provided by the applicant. Please CLICK HERE to review the application instructions in preparation for applying. The loan application does not pull your credit score and your loan is not reported to credit. However, you are required to connect your primary bank account where you receive or deposit your paycheck in order to confirm your income and to receive your loan disbursement. You also must upload a W-2 or 1099 statement. 

Loans will be distributed by CIF to the approved applicant directly to the applicant’s primary bank account which is connected as part of the application process.

You will receive your loan disbursement within 1-4 business days of the loan being approved. CIF cannot process loans over the weekend or during bank holidays so this may affect how quickly you can receive your loan.

Any loans received by applicants will not be deemed as taxable income.

No, at this time Impact Loans are not reported to the Credit Bureaus. Additionally, we do not check your credit score.

Sometimes you may be in a situation where you can’t make a payment. We do our best to support you by allowing you to occasionally defer a monthly payment. This moves the payment to the end of your repayment schedule so you will still need to pay it eventually but it does not collect interest. Borrowers have the option to make a prepayment to pay off the loan faster and any prepayment will be applied to the final monthly payment schedule. 

TO REQUEST A PAYMENT DEFERMENT, sign in to your borrower portal on your loan application site using the SIGN IN button located at the top right of the screen. Here you can submit a flexible payment request or make payments on missed payments to return your loan status to good standing.

HOWEVER PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must submit your FLEXIBLE PAYMENT REQUEST through the portal at least FIVE DAYS prior to the day your payment is due. Questions? Contact loans@communityimpactfund.org and provide your first and last name and the company for which you work.

We want you to have success with your loan. The loan remains a 0% interest loan. If you cannot make one or multiple monthly loan payments, they remain due. Any missed payments due to insufficient funds in your connected bank account are automatically added to the end of your repayment schedule and thus, your loan payback term is extended.

Even if your monthly payment fails due to insufficient funds, your payment next month will still be automatically deducted. You will be expected to pay next month’s payment and all remaining payments.  If you anticipate not being able to meet your monthly payment requirements due to unexpected circumstances, please refer to the FAQ, Can I SKIP or DEFER a payment? , for more information on how to address repayment challenges. The CIF loan administration team wants you to feel safe and supported through your loan borrowing process. We are here to help and want to help so PLEASE contact us with any information or questions so that we can help you pay back your loan in full.

Whether you are still employed by a member restaurant of the Mile High Chapter or not, you are still expected to pay back your loan in full, even if it takes several more months to do so. It is important to remember that every dollar paid back goes back into the loan fund so that others in need can request and receive a loan.

Yes, prepayments are applied to the final monthly installment. You can make additional payments on your loan, by logging in to your borrower profile using the SIGN IN button on the top right corner of this loan application site. Please follow the instructions to make a manual payment.

HOWEVER PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must submit a FLEXIBLE PAYMENT REQUEST via the portal at least FIVE DAYS prior to the day your payment is due.

Questions? Email loans@communityimpactfund.org and be sure to share your first and last name, and that your loan is from the Mile High Chapter Employee Hardship Fund.

Please reach out to CIF’s loan administration team at loans@communityimpactfund.org. 

Our business hours are Monday-Friday, 8 am-3 pm MST/10 am-5 pm EST. We are closed on weekends and all banking holidays. For fast assistance please always share your first and last name and that you have your loan with the Colorado Restaurant Association’s Mile High Chapter.