"Tenfold" is our microfinance ministry in the 14613 neighborhood of Rochester. It grew out of our success with New Life Toys, our employment ministry in the same neighborhood. Tenfold helps alleviate poverty by offering no-interest loans, personal finance training, and savings incentives to neighborhood residents.
Many people in this neighborhood experience "payday debt" -- a cash flow problem common to low-income people when they cannot pay bills due before their next payday. They rely on "payday loans" that charge upwards of %1000 interest. Reliance on these loans keep people in poverty. Moreover, the nearest bank to the 14613 area is nearly three miles away -- an inconvenient distance since many residents of that neighborhood do not own cars.
Tenfold includes a 6-week training biblical financial management in which participants are offered a 2:1 matching grant to start a savings account and save toward an identified financial goal such as a down payment for an apartment or start-up costs for a small business.
As with New Life Toys, each participant is receives a mentor from Parkminster to coach and encouragement them to work their way out of poverty.