Eligibility

Applicants are required to attend Financial Counseling Workshops.

Successful applicants must be: 

• A custodial parent or guardian of a  child up to 18 years old
• Employed at least 20 hours per week and at the same job for at least 6 months
• Income eligible
• Able to demonstrate that the loan is necessary to maintain employment and that the loan can be repaid within two years
• A resident of New Jersey (NORWESCAP primarily serves Hunterdon, Morris, Somerset, Sussex and Warren residents.)

Family Loan Program

Arranges small loans between local lending institutions and income eligible families who may not be eligible for a traditional bank loan.

The program is based on the premise that life’s unpredictable challenges like repeated car break-downs or child care difficulties can easily plunge a family living on a marginal family income into crisis and unemployment.

All loans must be repaid within two years.

Loan interest rates are based on income and vary.

Types of Loans:

Car Purchase

Maximum Loan Amount: 

$3,000

Car Repair / Car Insurance

Maximum Loan Amount:

$1,000

Child Care

Maximum Loan Amount:

$800

Housing/Rent/Mortgage/Security Deposit

Maximum Loan Amount:

$850

Employment Related Expense:

$500

Repayment Information:

All loans must be repaid within two years

The average loan repayment for car

repair is $40 per month