(WXYZ) — A new loan program is helping domestic abuse survivors gain financial independence, regardless of their credit scores.
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In nearly every domestic abuse case in the U.S., financial abuse is involved, according to the Department of Financial Protection and Innovation.
"I remember an instance very specifically where I was sitting in the front yard and just beaten up, broken. Feeling like there was no future, and that it was just hopeless," said Cheryl Boodram, Executive Vice President and CFO of Chief Financial Credit Union in Rochester Hills.
Financial control can be one of the largest hurdles standing between a victim and their freedom.
On the Wings of Angels, an organization that helps women leaving abusive relationships rebuild their lives, has partnered with Chief Financial Credit Union to create a solution.
JoJo Dries, Executive Director of On the Wings of Angels, was approached by a domestic violence victim who needed a loan to leave her abuser. Dries reached out to Boodram, who connected deeply with the request as a survivor herself.
FULL INTERVIEW: Cheryl Boodram talks about domestic violence and the new loan program for survivors
"The fact that I'm sitting here today, in any position where I could even help launch a program like this is just mind-blowing," Boodram said.
The program allows survivors to apply for loans regardless of credit score and works with them on payment plans while teaching financial management skills.
"It is a loan program, but it's really more of a lifeline," Boodram said.
What makes the program unique is its community-based approach. When a survivor receives a loan, it comes from a designated pool of money. As they make payments, they're directly helping fund the next survivor's loan.
"This is a survivor-driven program, so every repayment made by a survivor makes it possible for the next survivor to get the financial help they need. I don't know how you get more community-based than that," Boodram said.
The initiative focuses on restoring dignity through financial independence.
The program's first recipient expressed her gratitude in a letter: "It's more than just money, it's hope, it's dignity. It's the chance to start again without feeling buried before you even begin. I don't believe it's an exaggeration to say that what you've launched is truly a life-changing resource for survivors like me."
More information about the loan program is available here.
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