How Does ThE RISE Loan program Work?
1. What is the purpose of the RISE Loan Program?
- The RISE Loan Program is designed to support eligible learners while they complete their training at ActivateWork. This RISE Loan Program is also part of a research study with the Urban Institute to understand the effectiveness of cash assistance in workforce training programs. Your participation in the program will ideally provide valuable information to make this program more widely available in the future. See STEP 1 on the APPLY page for more details.
2. What can I use the RISE Loan for?
- The RISE Loan is a zero- interest loan to help learners cover cost of living expenses while enrolled in an ActivateWork course. Living expenses can include, but are not exclusive to, transportation, food, rent, and childcare.
3. How much is the RISE Loan?
- The RISE Loan is a total of $2,400.
4. Does my RISE Loan accrue interest over time? Does it show up on my credit report?
- No. This is a zero-interest loan. It will never charge interest. You will pay back the exact amount you borrowed. A soft credit pull is done when you apply for the RISE Loan but this does not show on credit reports and the loan is never reported to any credit agency.
5. Who is eligible to receive a RISE Loan?
- Applicants will learn about the RISE Loan Program when they apply to participate in an ActivateWork course. They
will be informed that they are eligible for the loan based on household income. All eligible learners will be invited to apply for the loan and must attend the RISE loan info session during the course kick-off day.
6. How do I apply for the RISE Loan? How long do I have to apply before the opportunity expires?
- RISE Loan applications are due by the Friday following your RISE Loan program info session. That is, if technical instruction for your class begins on July 22nd, the loan application will be due the 26th. Learners will be informed prior to their course Kick-Off if they have been selected to apply for the RISE Loan Program. During the Kick-Off meeting, ActivateWork and The Community Impact Fund (CIF), who will provide and manage the loan, will hold an information session for selected learners where they will be educated on how to apply for the RISE Loan and how to set up a Dora bank account with Dora Financial (“Dora”). An account with Dora, a mobile banking app, is required to receive the loan
disbursements and to make your loan payments in the future. You will need to use a smart phone for this step. Click here to view instructions on how to set up your Dora bank account. Important! Once you have set up your Dora bank account, you will need to have the account and routing # handy because you will be required to provide it on your RISE Loan application. View these instructions on how to locate the information you will need.
7. What do I need to be eligible to open a Dora bank account?
- a. To be eligible to open an account you must:
- 1) Have a smartphone (either Android or iPhone);
- 2) Be 18 years of age or older;
- 3) Have a government-issued photo identification document: it could be a driver’s license, identification card, U.S. Passport, Green Card, or Employment Authorization Card;
- 4) Have a SSN or ITIN number;
- 5) Have a US phone number; and
- 6) Have a US address (not a P.O. Box) to receive your physical debit card.
- b. The application will require that you provide answers to the following questions:
- 1) Have you lived at your address for 60 days? If no, you may be asked to provide additional proof of your residency.
- 2) Has your cell phone number been yours for 60+ days? If no, you maybe asked to provide additional information to verify your identity.
- 3) Is your cell phone a prepaid plan? If yes, you may be asked to provide additional information to verify your identity.
8. When will I receive my RISE Loan?
- a. Once you have established your Dora bank account and your RISE Loan application has been submitted and approved, you will receive three disbursements for a total of $2,400. You will only receive the disbursements if you are actively enrolled in your ActivateWork course.
- 1) Disbursement 1: $800, End of Course Week 2
- 2) Disbursement 2: $800, Made end of Course Week 7, Received during first few days Course Week 8
- 3) Disbursement 3: $800, Made end of Course Week 15, Received during first few days of the following week heading into Graduation Day.
- b. Please note as soon as you set up your Dora bank account, you will get access to your electronic debit card and all the banking services Dora provides. Within 5-7 business days, you will receive your physical debit card via mail. You may not receive your physical debit card by the time you receive your first loan disbursement, but you can still access the funds by using your electronic card to pay bills, etc.
9. How do I receive my RISE Loan?
- Prior to completing your RISE Loan application, eligible learners will be required to set up a Dora bank account through the Dora mobile app. This is the only account where you can receive your loan disbursements. Ideally, you will also use the same account to repay your RISE Loan after graduation. However, when you begin repaying your loan you can choose to replace your Dora bank account with another personal bank account to make your repayments, if desired.
10. What document do I sign in order to receive my RISE Loan?
- The Promissory Note is an agreement you sign as part of your application process. It outlines the terms and conditions of your RISE Loan and your obligation to repay. Your Promissory Note will be an agreement between you (the Borrower) and the Community Impact Fund (the Lender). You are legally bound by this agreement as part of the RISE Loan Program.
11. When do repayments start?
- Repayments of the RISE Loan start when you graduate unless you qualify for a deferment as described in Question 12, How does the repayment process work?.
- Your first monthly repayment due date will depend on your graduation date. If you graduate before the 23rd of the month, your first payment will be due on the first day of the first month following the date that you graduate from the program. If you graduate on or after the 23rd of the month, your payment will be due the first day of the second month following the date that you graduate from the program. For example, if you graduate on the 17th of June, your repayments will begin on July 1, unless a deferment is requested by the 23rd of June However, if you graduate on the 25th of June, your repayments will begin on August 1.
12. How does the repayment process work?
- Once you have graduated from the ActivateWork course, the repayment process officially begins, as described in Question 11, When do repayments start? As more specifically described in your Promissory Note, you may defer your RISE Loan payment until the time that you have secured a qualifying job (earning at least $45,000 a year). Should you need a deferment once your repayment starts, you will need to make your deferment request by the 23rd of EACH MONTH before your payment on the 1st of the upcoming month by going to the CIF Portal which can be accessed via the program’s loan application site at https://riseprogramactivatework.communityimpactfund.org/. Around the 5th of each month you will receive an email from loans@communityimpactfund.org reminding you to make your request if applicable. If permitted by your Promissory Note, you may also make the same request via email. If you do not make a deferment request by the 23rd of the month, you will automatically go into repayment on the first of the upcoming month.
13. How do I start the repayment process?
- o ofa. Prepare your Dora bank account for repayment. If, after receiving disbursements in full from the program, you decide you would like to use an alternative account. You may connect a new bank account from which to make your repayments.
- b. As a reminder, your monthly repayment of $100 is automatically deducted from your Dora bank account (or whichever personal bank account you connect to replace your Dora account) on the first day of each month for the next 24 months until your $2400 RISE Loan is paid in full. Therefore, you are responsible for making sure at least $100 is in your account to cover your payment each month.
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- 1) You can do this by:
- a. Depositing your full paycheck or a partial amount via direct deposit to your connected bank account and making sure at least $100 is available on the day your monthly payment gets deducted; ***You will need to provide your connected account’s bank account and routing number on your direct deposit form before submitting it to your employer. For instructions on how to find your Dora account information click here.
- b. Connecting your payroll account via direct deposit to your Dora bank account (or whichever personal bank account you connect to replace your Dora account) and auto draft at least $100 a month into your account and making sure it is available on the day your monthly payment gets deducted; or
- c. Manually deposit at least $100 a month into your Dora bank account (or whichever personal bank account you connect to replace your Dora account), making sure it is available on the day your monthly payment gets deducted.
- 2. The monthly $100 payment will be deducted from your Dora bank account on your scheduled payment date each month and repaid to CIF (the Lender).
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- If you need assistance with connecting your payroll or paycheck using your Dora bank account, please refer to Question 18, How do I set up my Dora account? How do I contact Dora if I need help?, for information on how to contact Dora bank for customer support. If you are using a different bank account instead of Dora, you will need to contact your bank directly for assistance.
14. Can I skip a payment?
- In general, payments cannot be skipped. Please refer to question 16, Can I pause (defer) my payments for reasons other than job loss?. for more options.
15. What happens if I lose my job? Do I still have to pay back the RISE Loan?
- If you lose your job, you are required to notify Community Impact Fund (the Lender), by the 23rd of the month prior to the next repayment date to request a deferment due to job loss. To request a deferment, go to the CIF Portal which can
be accessed via the program’s loan application site at https://riseprogramactivatework.communityimpactfund.org/.or, if your promissory note allows, email loans@communityimpactfund.org.
- You must provide documentation proving the reason for your deferment request. Deferments for unemployment or underemployment (making less than $45,000 annually) are granted for one month before repayments resume. The Borrower must request a deferment by the 23rd of each month in order to prevent their repayment starting by the first of the upcoming month.
16. Can I pause (defer) my payments for reasons other than job loss?
- a. Deferment types
- 1) You can request a deferment due to lack of a qualifying job, loss of a qualifying job, or hardship. You will receive confirmation of your request within 2 business days. Deferments must be requested by the 23rd of each months prior to upcoming scheduled repayment date.
- 2) You will be required to provide documentation supporting your deferment request.
- b. To defer your payment, you must log into the Borrower portal on the loan application site. You can do so by clicking on the Sign In button at the top right corner of the site. Once logged in, you can submit a Flexible Payment request. You may also have the option to submit a deferment request via email if permitted by your Promissory Note.
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- c. Deferments due to lack of a qualifying job or loss of a qualifying job with supporting documentation will be automatically granted. This will be confirmed via email. To request a hardship deferment, you much email CIF at loans@communityimpactfund.org.Hardship deferments will be decided by Community Impact Fund and ActivateWork. You will be notified by Community Impact Fund if your hardship deferment is granted and be provided a timeline. Questions? Contact loans@communityimpactfund.org.
17. What happens if I leave my ActivateWork course before completion? Do I still get the RISE Loan?
- a. If you leave your ActivateWork course before its completion, you will not receive further disbursements of your RISE Loan. You ARE required to pay back any money received to date. Repayments of $100 will be automatically deducted from your Dora bank account. Repayments will begin on the first day of the month immediately following your withdrawal from your ActivateWork course. For example, if you leave on the 20th of April, your repayment will start on the 1st of May.
- b. Payments will be deducted from your Dora account until the total amount of funds received during the ActivateWork course is repaid. You are responsible for ensuring that at least $100 is in your Dora bank account each month so your payment does not default. For instructions on the repayment process, review Question 13, How do I start the repayment process?
- c. You can pay more than the monthly minimum payment of $100 at any time without penalty. Go to the CIF Portal to do so. If you leave the ActivateWork course prior to its completion, please note that you are not eligible for deferments of your payment obligation due to hardship or job loss.
18. How do I set up my Dora account? How do I contact Dora if I need help?
- a. Click here for instructions or visit https://www.bankdora.com/en/how-to-videos. If you have questions about Dora, click here to visit their Frequently Asked Questions page. Need help setting up your account? Here’s how you contact Dora for support:
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- b. To contact the Dora support team, please follow these steps:
- 1) Log into the Dora app.
- 2) From the home screen press the “more” icon on the bottom right of screen.
- 3) Next, press “Dora support”.
- 4) In the first field, select a topic that may relate to your question. If that topic doesn’t exist, please select “other.”
- 5) Type your question in the “description” box.
- 6) You can also add images/files if needed. simply click “add file” in the attachments box, under the description box.
- 7) Once you are finished, click “submit.” A ticket will be created and sent directly to the Dora support team. A specialist will contact you via the email address we have on file.
- c. If you are unable to log into the Dora app for any reason, you can also submit a ticket by emailing dorasupport@bankdora.com. A ticket will be created in the same manner as above, and a Dora specialist will contact you.
19. When will I receive my Dora debit card? What ATMs can I use? Are there any fees associated with my Dora account?
- a. When will I receive my Dora debit card and how do I activate it?
- 1) Your Dora debit card is typically placed in the mail within one business day of you opening your Dora bank account. It usually takes up to 5-7 business days for it to arrive. Once you receive your card you are able to activate the debit card through the mobile app. If there are any questions about activating your card please contact 1-833-998-3672.
- b. What ATMs can I use?
- 1) You can use any ATM near you. However, please note that using an ATM outside of Dora’s surcharge-free ATM network will cause you to accrue a fee from the external financial institution as well as from Dora. To avoid these transaction fees, click here to find participating ATMs or use the ATM locator feature in the Dora mobile banking app to find participating ATMs nearby.
- c. How do I report my debit card lost, stolen, or damaged?
- 1) If your debit card is lost or stolen, sign into the Dora mobile app and select “manage cards” to freeze your card. All purchases, online and ATM, will be declined. Contact Dora support by signing in to the Dora mobile app and selecting the “More” icon to report your card lost, stolen, or damaged.
- d. Are there any fees associated with my Dora account?
20. What is Dora’s privacy policy?
21. What are Dora’s Terms and Conditions?
- Click here to review Dora’s Terms and Conditions.
22. What happens if I overdraft my Dora account? Is there a fee?
- The Dora account is designed to protect you from overdraft fees. If your account becomes negative, you will not be charged a fee. Once the account is negative, you have up to 37 days to bring it back to a positive balance before the account is closed.
23. I have the Re:Start banking app. How do I get the Dora Mobile Banking app to begin my repayments?
- If you originally set up your RISE Loan using Re:Start Bank app, you no longer have access to the app because the company was absorbed by its parent company Dora financial. Therefore, if you are ready to begin your repayments, you’ll need to download the Dora app on your Smartphone. Remember, you cannot access Dora via a website, it is only an app on your smartphone. If this applies to you, please take the following steps to set up your Dora app or CLICK HERE to download instructions.
- 1) Download the Dora app from your phone’s app store.
- 2) **** DO NOT register as a new user**** This is a critical step!
- 3) Proceed to the home screen and enter your original Re:Start log-in. (It is your email address).
- 4) Instead of typing in your password that you used for Re:Start, tap ‘Forgot?’ in the password field. You will need to create a new password.
- 5) You should be directed to the “reset your password” screen. If so, fill out the appropriate fields. The new password needs to be different from your original Re:Start password.
- 6) Once the password is successfully changed, you should be all set to use your Dora app/account.
- 7) You will need to log back in using your new credentials to begin using your app to make repayments.
- 8) If you encounter any issues with your set-up, please email DoraSupport@bankdora.com. The team there will look for tickets.
24. Who do I contact with questions about the RISE program, my RISE Loan, or my Dora app?
- a. ActivateWork RISE Loan Program 1) For any questions related to RISE Loan Program eligibility, please contact Rachel Bernstein at Rachel@activatework.org.
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- b. The Community Impact Fund (Lender and Loan Application Administration Team)
- 1) If you have technical difficulty with your loan application, questions about the Promissory Note, or anything related to your loan including repayments or deferment requests contact: the CIF loan administration team at loans@communityimpactfund.org. Their business hours are M-F 8 am-3 pm MST. They are closed on weekends and all banking holidays.
- c. Dora Financial
- 1) If you have technical difficulties with your Dora bank account, go to your Dora app and follow the steps below. If you cannot log into the Dora app for any reason, you can submit a ticket by emailing: dorasupport@bankdora.com. A ticket will be created in the same manner as above, and a Dora specialist will be in contact with you. To contact the Dora support team, please follow these steps:
- 1. Log into the Dora app.
- 2. From the home screen, press the “more” icon on the bottom right of screen.
- 3. Next, press “Dora support”.
- 4. In the first field, select a topic that may relate to your question. If that topic doesn’t exist, please select “other.”
- 5. Type your question in the “description” box.
- 6. You can also add images/files if needed. simply click “add file” in the attachments box, under the description box.
- 7. Once you are finished, click “submit”. A ticket will be created and sent directly to the Dora support team. A specialist will reach out to you via the email address we have on file.
