Problem: Immigrants and minorities in the Fargo-Moorgead area face significant barriers to accessing traditional financial services, leading to economic inequality and exclusion. 

Solution: The Equity Empowerment Initiative proposes a new lending model, Lariba lending, designed to promote financial inclusion for these underserved communities. Lariba lending is based on risk and reward sharing, providing capital in exchange for a share of the business’s profits, property ownership, or future income. We wish to implement this model for business, home ownership, student loans, and more. In terms of a home, it will be similar to a rent-to-own format. In terms of student loans, it would include volunteer hours for IDC for a few years along with a payment plan.

Goal: To establish a sustainable lending program that increases access to capital, enhances financial literacy, and promotes economic empowerment for immigrants and minorities in the Fargo-Moorhead area. 

Proposed Approach 

• Conduct a feasibility study and impact analysis: Assess market demand, identify target populations, and develop lending products. 

• Implement a pilot program: Test the Lariba lending model with a small group of participants. 

• Measure and evaluate program impact: Track key performance indicators, gather feedback, and analyze program effectiveness. 

• Expand and refine the program: Based on the pilot results, expand the program and make necessary adjustments.