HFLA helped three generations of Latina women on Cleveland’s near west side regain control of their finances. 

After Carmen Vazquez’s husband passed away, her family struggled to adjust to their new financial situation. She, her daughter, and her mother began living together and supporting each other financially.  However, when critical repairs needed to be done to their home, Carmen’s family did not have enough saved to cover the expenses, and they were unable to obtain a bank loan for the repairs.

HFLA first met Carmen during open office hours at one of our partner organizations, Metro West CDO. Jose Colon of Community Financial Centers was working with her as her financial coach. He suggested that Carmen apply for a small, interest-free loan from HFLA to help consolidate some high-interest credit card debt that accrued after her husband’s passing, which would help her qualify for a home equity loan later on. Carmen and her mother applied for the loan, and her daughter stepped in to guarantee the loan for them.

HFLA’s interest-free loan allowed Carmen to move the credit card debt onto a short term, interest-free repayment schedule. She continued working with her financial coach and developed a very disciplined budget with new strategies to help her stay on top of her finances. Carmen no longer has high-interest credit card debt holding her back from accessing the funds she needs to repair her home and will soon re-apply for a conventional home equity loan through her bank.

The Carmens are part of a group of extraordinary women, who through strength, resiliency, and resourcefulness, overcame obstacles and moved closer to achieving their dreams. HFLA is proud to have been a part of their journey as a resource that provided the support they needed at a pivotal point in their lives. 

Hear their story.