The New York Times: A new low-interest loan for US immigrants

June 9th, 2022

The New York Times's DealBook covered BlueHub's newest nonprofit initiative, One Percent for America (OPA), and its innovative approach to removing financial barriers to US citizenship. An excerpt from the story: 

"In the long, long road to U.S. citizenship, immigrants face hefty financial obstacles. All in, including green card, application for citizenship, legal fees and payments for processors, at least one estimate puts the cost of citizenship at as much as $11,000.

A new program, financed by BlueHub Capital, aims to address that cost. It offers a 1 percent interest loan to immigrants eligible to apply for citizenship. There are nine million immigrants eligible for citizenship in the U.S., BlueHub estimates, but the program has started small. Since it began in March, about 70 people have applied, according to Elyse Cherry, BlueHub’s C.E.O.

“We have built this to be a scalable model, so we expect it to work with thousands and thousands of borrowers,” Cherry told DealBook. “What we’re really trying to do here is to build out a community of immigrants and all of the folks from the country who support them.” The loan has no credit requirements or late or hidden fees."

Read the full story.