How does the Fund work?
WCHR receives gifts and loans from individuals and groups. Promissory notes are issued to investors. These funds are then lent for initiatives meeting community needs.
WCHR staff helps qualified borrowers develop proposals and financial packages that work. Proposals are evaluated based upon the potential to meet need and the financial strength and feasibility of each project and borrower. WCHR is assisted by attorneys, bankers, builders, architects and other professionals to insure the success of the projects. WCHR also monitors timely completion of projects to best ensure the return of its short-term or gap funding.

Who manages the Community Loan Fund?
The WCHR Board of Directors governs the fund with direct supervision by the Loan Committee of the Board. The Loan Committee meets monthly to discuss each loan's status, to approve new loans and to set policy. The committee represents area banks, religious groups, non-profit organizations, and other community associations. All loans are secured by mortgages on real property or other collateral.

What types of loans have been made?
Kenmore Diner - $80,000 loan together with City of Worcester and Flagship Bank financing allowed local business owner to rebuild this business destroyed by the Worcester Cold Storage warehouse fire.

“Matthew 25” - $20,000 construction and permanent loan was made for Fr. Fred Enman's latest project to relocate and improve a single family home on Humes Avenue that would have otherwise been demolished for a new parking lot.

Elm Park Center for Early Childhood Education - $75,000 was loaned for acquisition and expansion of a neighborhood day care center that will provide needed openings for child care services.

Santiago Plaza - $30,000 was provided for phase one structural steel work on a property located at 300 Pleasant Street. The completed project resulted in a 3,000-square-foot retail market on the first floor with mixed-use office and residential units planned above.

Jeremiah's Inn - $180,000 in rehab construction was loaned to Jeremiah's Inn to help create transitional housing for men needing a supportive environment. The shelter now provides social services and housing.

What does The Fund offers borrowers?