GWAC: CARes Project gives local employees a lift
{Pictured: Stephen Battle of Davidson County purchases affordable car though the CARes program. Contributed Photo}
GWAC: CARes Project gives local employees a lift
Securing financing for a vehicle could be a barrier for families living paycheck to paycheck. Davidson Local area employers have a new resource to help staff secure transportation through the local branch of the CARes Project.
This regional nonprofit organization provides financial and credit counseling and low-interest loans to credit-challenged working adults to purchase a dependable used vehicle. Transportation is an often overlooked obstacle in car-dependent areas such as Davidson County. “Transportation presents a difficult and underreported challenge to low-income workers trying to find jobs and manage daily life in the US without a car,” stated a 2018 report in Business Insider. “There's a major hurdle to employment that many Americans don't even think about — and it's holding back the economy.”
Employees and employers can greatly benefit from transportation reliability of programs like the CARes Project. Research shows owning a car increases hours worked and earnings; owning a car reduces reliance on government assistance; and car ownership is a viable solution to transportation barriers to work for low-income people.
It’s important, especially for HR staff, to be aware of this program so they have a resource for their employees struggling to get to work on time or at all.
How does CARes work?
You must:
1. Be 18 years old or older
2. Live in the service area (Forsyth, Davie, Davidson counties)
3. Have a valid NC driver’s license
4. Be currently employed
5. Work at least 30 hours a week
6. Must have adequate income to support loan payments up to $350/month
7. Have a credit score of under 600
Davidson County resident Kimberly Adams purchases vehicle through CARes program.
Persons may feel they don’t have enough income to support a car payment but that’s where financial coaching begins. By working with financial coaches, analyzing spending, resolving credit issues and understanding their relationship with money, clients find they do have sufficient income to support this valuable purchase.
How do candidates apply?
The application and much of the process can be completed online at www.thecaresproject.org. Candidates fill out an application that is submitted to a financial coach. A coach will contact the applicant to let him/her know if s/he is eligible to move forward or what s/he needs to do to be eligible.
If applicant moves to the next step, s/he will go through a budget training workshop, which is also online, working with the CARes Project coach on any issues that need resolving. Once s/he has built a budget that will support a loan payment, s/he will write a personal statement regarding the need for this vehicle and desire to be financially stable through this journey to automobile ownership.
The application, budget and personal statement is reviewed by CARes Project CEO and he will either approve it or send it back for revision. If approved, this information goes to a community volunteer-led loan committee that makes the final decision on the loan. The client is then ready to purchase a car from a franchised dealership.
CEO Scott Mclaughlin, executive director of the CARes Project, said awareness and then funding will enable this program to serve more people in need in Davidson County.
Because this service involves vehicle loans it requires substantial funding. Loans are up to $15,000 per family. The CARes Project receives CDFI funding (federal government grants for Community Development Financial Institutions) and United Way funding. The organization is seeking community support from local foundations, companies and local certified car dealerships willing to work with the program.
How can employers and those interested contribute to enable others to support more Davidson locals getting to work? ‘Tis the season’ when many consumers begin to consider car purchases. From tax returns and and cash gifts, the time is ripe with opportunity for financial counseling. The CARes Project mission is to help people become financially secure through its process, which is something that will improve their lives, and the lives of their families, for years to come.
Employers can promote the program with a simple message. Instead of going to a Buy Here/Pay Here car lot where interest is 29 percent on a car that does not have a warranty, is bought as-is, is worth much less and is usually unreliable, consider working with the CARes Project.
Area employers needing more workers, kindly give this special nonprofit, the CARes Project, a chance to help more Davidson Locals secure reliable and affordable transportation.
For more information, visit: Home | Car Loans | The Cares Project, Inc.
