Axuda Sponsors help identify people who could benefit from an Axuda loan and help them become Axuda Borrowers. A Sponsor will assess the Borrower’s character and propensity to repay a loan while also being a valuable resource for counseling and ongoing support (non-financial). Sponsors therefore must have the infrastructure and capacity to have this role with Axuda and its Borrowers. Typically, Axuda Sponsors are local, reputable organizations that are active in their community. Many may already serve people who could benefit from an Axuda loan.
Sponsors are not cosigners and are not financially responsible for the funding or repayment of loans.
Currently, Axuda works with organizations located in the communities of Lowell and Worcester, Massachusetts. We are expanding to include organizations across Central and Eastern, MA so that Axuda can continue to be a resource to those with urgent and emergency needs.
Identify and Assess Borrowers – Sponsors assist in identifying individuals with financial needs that an Axuda loan could help address. They work with potential Borrowers to discuss their responsibilities to the Sponsor, and also to Axuda as well as identify important information such as:
Act as a Resource for Borrowers – A Sponsor will help a Borrower through the online application process. They’ll verify that the individual’s contact information within their Axuda profile is genuine and current. At times, Axuda may email the Sponsor loan requests for consideration.
Some individuals may need technical assistance and/or online access in order to complete his/her Axuda user profile and loan application. This could include helping the Borrower set up an email account, assisting with opening a bank account with a financial institution, or teaching the Borrower how to access Axuda’s website to repay their loan.
Maintains Sponsor Information on axuda.org – Sponsors create and maintain their own profile page on Axuda’s website making sure to update their information with us whenever it changes.
At this time, the most effective process to provide the Borrower with his/her loan, once approved, is to transfer funds to the Borrower’s checking or savings account with a financial institution. Axuda will electronically deposit the funds in to the Borrower’s account. If a Borrower does not have and cannot obtain a banking relationship, the Sponsor should contact Axuda to discuss alternative methods. Sponsors may not accept loan funds or make loan payments on behalf of Borrowers.
Once a Borrower’s loan request is funded, the Sponsor remains in contact with the Borrower during the entire term of the loan. In the event that a Borrower has trouble making their loan payment, Sponsors will work with both Axuda and the Borrower to come to a solution. It’s important to note that Axuda Sponsors are not cosigners and are not financially responsible for loans.
Every Borrower’s loan request at Axuda must have a Sponsor and Lenders are relying upon the reputation and track record of Sponsors when choosing which loan request to fund. Sponsors represent their Borrowers so they are effectively lending the Borrower’s their reputation.
We are always looking for organizations passionate about the Axuda program and helping those they serve. If you are an organization in Central and Eastern Massachusetts with staffing capacity and directly serve individuals, please contact Axuda at info@axuda.org to discuss partnership opportunities.