Coming Up Roses: A Client’s Journey to Overcome Barriers with Help of SNAP Financial Access
Rose came to SNAP Financial Access (SFA) at a time when she was facing the risk of homelessness, not only for herself, but for six other vulnerable adults. As the owner of a small Adult Family Home, Rose depended on her house for both business and residency. Her six residents relied on Rose’s Adult Family Home for their care.
Three years prior to her arriving at SFA, Rose made an agreement with the owner of the house that she would pay rent and make improvements to the home. In return for the improvements Rose made to the house, the owner agreed that Rose could buy the house in a few years; at that time, Rose and the owner agreed to the terms of the sale.
Although the original agreement between the owner and Rose had been for her to take ownership in a few years, the accelerated housing market growth made the owner want to sell the house sooner than planned. Worried that she would lose the opportunity to retain her housing and business, Rose found her way to SNAP, working under the guidance and expertise of SFA Business and Residential Lender, Jeanette Radmer. Jeanette worked hard to find solutions that would help her secure the funding despite a challenging time frame and demands from the realtor and seller.
Fortunately for Rose, Jeanette came to SFA with over 20 years of financial services experience – including a large network of people to draw upon across various industries. Jeanette tapped into her expertise and networks to find Rose more advocates – like a realtor who represented Rose’s interests. Because Rose was an immigrant from Kenya and English was her third language, Jeanette understood Rose already faced barriers to accessing financial institutions and resolved to lower those barriers as much as she could.
Understanding the gravity of the situation, which included the risk of displacement of Rose and six vulnerable adults in Rose’s care, Jeanette sprang into action. Capitalizing on contacts she forged through years of experience in the area, Jeanette was able to connect Rose to wraparound support in a number of relevant fields. The team Jeanette helped to ensured Rose was surrounded by advocates who could help her through her institutional challenges. One hurdle jumped through the power of community.
As a Community Development Financial Institution (CDFI), SFA also has more flexibility than traditional financial institutions in its ability to take lending risks. In Rose’s case, a large part of her business is subsidized, which is complicated for a conventional lender. Rose’s home loan was also for both commercial and residential purposes – another layer of complication – but SFA has the flexibility to consider that risk.
“Rose was at risk of homelessness and losing her business all at the same time,” says Jeanette. “I knew how important it was that SNAP take on a new type of loan request we’ve never funded before.”
Knowing that Rose’s success depended on people at the table understanding why the agency ought to take this lending risk, Jeanette served as Rose’s advocate. She engaged SNAP’s Long-Term Care Ombudsman to learn more about the high need and vacancy rates in Adult Family Homes. She worked with SNAP leadership to explain the nuances of Rose’s financial situation. In the end, SFA determined that the marginal risk was worth the reward of empowering a Black female entrepreneur and maintaining a continuum of care for Rose’s residents.
Jeanette’s determination, SNAP’s flexibility, and Rose’s resilience allowed SFA to say “yes” to her loan application. Now, Rose is a proud homeowner and has stability in her Adult Family Home by knowing she’s in charge of her own future now.
“SFA provided the tools Rose needed to overcome her challenges,” says Jeanette. “But Rose’s commitment to the process is what really made this possible. She acknowledged the team. She practiced courage.”