The Sources Rent Bank is a key component of our homelessness prevention strategy, by helping to provide low-income individuals when faced with rent or utility bills that are past due. By offering short-term funding we are able to help prevent eviction and the devastation of homelessness. Numbers show that households who have received SRB micro-loans have maintained stable housing and 82% are still in the home for which the loan was given 12 months later.
In addition to the short-term loans, we want to provide the tools to help individuals better manage their limited financial resources. As such, interest is charged on all loans, however, if the individual attends to financial literacy workshops, the interest accrued will be returned to them.
The short-term loans are available to families and individuals who are at risk for home eviction due to a shortfall in a monthly rent payment, having utility arrears, needing damage deposit or other circumstance.
In order to make sure that the limited funds are provided to those who need it most, the Rent Bank clients must meet a set criteria, including:
- Nineteen years of age or older
- Have a bank account
- Have no un-discharged bankruptcies
- Have a sincere reason for any delinquency in loan payments
- Have (will have) a consistent source of income
- Are not able to access any other form of government financial assistance
- Have rental costs that do not exceed ongoing ability to pay the rent
- Currently reside or will reside in Surrey and White Rock at the rental property for which the loan is issued