"Clients pay us at a very slow rate, and some don't repay us at all," Lee says.
She says she hopes to raise the repayment rate to 75 percent over the next year.
To boost their level of capital, program leaders say this semester they are focusing primarily on fundraising, and will be offering fewer loans to clients.
New Opportunities
Originally founded as an organization to help transition people from homelessness to housing with capital of $30,000, HOP was able to offer loans of up to $4,000.
The program received its support from the Harvard faculty, with about a dozen professors making individual contributions of $50 to $5,000.
HOP has continued to rely on the same group of about a dozen professors, all anonymous, who typically make regular contributions of about $200.
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