Rise Asset Development, provides low interest business loans to people who have experienced mental health or addictions challenges and can’t access traditional bank financing.
For those who have a lived experience with mental health and addiction it can be difficult to find a job, in the traditional job market.
Rise, Business Adviser, Justin Carter says, societal stigma around addiction and mental health can contribute to barriers surrounding employment.
“It may be extremely difficult for someone to disclose to an employer that they’ve had a mental health challenge that may have resulted in the gap of a resume for instance. That may lead to a lot of difficulty to finding employment, when someone is in recovery and looking to get back to work.”
As a result, many people turn to self employment yet often are unable to get approved for a loan because of their commonly, poor credit scores.
“A poor credit history may often go along with a history of mental health or addictions challenges. Traditional financial institutions may not be willing to offer credit for start up costs, purchasing insurance, equipment, first and last rent on a space.” said Carter.
This is why Carter suggests Rise works on a character based model for assessing lending applications.
“What we’re looking for and looking at is the individual, whether or not they’re likely to succeed and make a good go of it.”
Subsequently, these individuals are often able to rise to the occasion and lift themselves out of poverty.
