Initially planned as a community-building activity, our group called Las Guerreras decided to host a series of yard sales in the summer of 2015. As the profits from our 13 yard sales grew, we realized we could use the funds as an interest-free lending source for our members, since many of us lacked a credit history or a Social Security number. We set up only two rules for the fund: 1) Only profits from yard sales would be contributed to the fund and 2) all loans would be subject to a flexible payback model based on each individual’s financial situation.
It worked! The pool of funds has really helped our members, such as the two emergency funds to support family members with significant health issues.
Building on this success, we also had a raffle on a Michael Kors purse and with the funds, we added to their pool of money. We used these funds to support additional families financially as well as some food pantries to the community in need, the sick, and families unemployed.