Per @spectrumnews1socal an ambitious new program called the Short-Term Eviction Prevention Fund (STEP) seeking to prevent homelessness by offering micro-loans up to $2,500. The program is patterned after micro-finance programs that have helped low-income individuals and businesses in developing countries. The idea is that offering people on the verge of homelessness one-time cash assistance can decrease their likelihood of ending up on the street, at which point the situation becomes far more expensive and intractable. The program is seeking about 1,000 participants for the new microloan program. To apply, individuals fill out an application on the STEP Fund website, after which they are interviewed and their situation is verified for eligibility. Those who are approved generally earn less than 50% of the median income for their area and can receive the micro-loan funds in about a week. What are your thoughts on this program? Can micro-loans be an effective long-term strategy in the toolkit to prevent homelessness? Share your thoughts in the comments! ⠀ ⠀ #losangeles #homelessness #skidrow #losangelesmission #lamission #weareheretohelp #california #housing