F. A. Q.

CIF offers a 0% interest loan with a flexible payback schedule to individuals in need.  To qualify for a loan, an individual (Borrower) applies to CIF for consideration.  CIF conducts diligence to ensure the borrower qualifies for assistance under IRS regulations and CIF policies and procedures.   Once approved for the Loan, a distribution of the approved amount will be made directly to a bank account provided by the Borrower.

The amount designated for each Impact Loan is based on need and is CIF’s sole discretion, however, will typically be between $500 and $3,000.

A repayment schedule will be set up automatically for the full loan amount amortized over 12 months.

A form will be made available to the Borrower when a request to skip a payment is received, in which case another 30-day period will be added to the end of the loan. Borrowers have the option to make a prepayment to pay off the loan faster and any prepayment will be applied to the final monthly payment schedule.

CIF will incentivize savings by offering 10% of the loan payback as savings incentive for the Borrower to build their own emergency savings account.  In order to be eligible for the savings incentive, the Borrower must repay the loan in full, be in good standing and meet certain savings milestones on their own.   In order to receive the savings incentive dollars, the borrower must meet all the requirements listed in the loan agreement.  Saving incentive dollars will be paid directly to the Borrower’s account once the requirements have been met.

Those who meet the eligibility requirements established by their Franklin Templeton or Employer.

Approval decisions are made based upon the information provided by the applicant.  Applicants are required to provide a completed application, and must meet the criteria reviewed in the pre-check section of the application.

Loans will be distributed by CIF to the approved recipient directly to the applicants bank account.  Payments will be sent within 48 business hours of the loan being approved.

This Fund is governed by The Community Impact Fund. CIF is a nonprofit 501(c)(3) organization that is responsible for responding to all inquiries, vetting all applications, and distributing funds to approved applicants.

Any loans received by applicants will not be deemed as taxable income.

Applicants may apply for multiple loans, provided each previous loan is fully repaid and only one loan is held at a time. To reapply, applicants must remain affiliated with their organization, meet eligibility requirements, and be in good standing with both their organization and CIF.

Additionally, at least one session with a CIF financial coaching partner is required for any subsequent loan. If this wasn’t completed with your first loan, you’ll receive instructions via email when you reapply. This is intended as support—not a barrier—to help build stronger financial foundations and lasting wellness.

Impact Loans are not reported to traditional Credit Bureaus. However, through our partnership with Giving Credit — a credit reporting platform that recognizes financial activity beyond traditional systems — your loan payments can still work in your favor. Whether you’re currently repaying or have already paid off your Impact Loan, that positive payment history can be reported to build your credit profile.

This is a financial wellness win. You can leverage the hard work you’ve already put into repaying your loan as a stepping stone toward bigger financial goals.

Ready to get started? If you’ve finished paying off your Impact Loan, sign up at givingcredit.org/o/communityimpactfund.

Please reach out to CIF at loans@communityimpactfund.org