Vancouver Rent Bank faces funding shortfall as demand increases

The Vancouver Rent Bank has been helping low-income people in the city make rent for five years but now, organizers say they're the ones in need of help.

The provider of small, interest-free loans says it isfacing a funding gap that will impact itsability to help people, who would otherwise befacing homelessness, stay in their rental homes.

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"We're short about $30,000 and that typically goes to keeping lights on at the organization, making sure there's proper management and oversight of the program and a lot of advocacy and coordination on some of the bigger, systemic issues that are impacting the housing crisis," said Amanda Pollicino with the non-profit Network of Inner City Community Services Societies, which runs the bank.

"We have less ability to leverage other options for [borrowers]. We're not necessarily able to process as many when we get those high peaks, like around Christmas time.

"The loans are still going out the door, but I think they could be going out faster, and we would be able to serve clients more efficiently."

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Tenants who are struggling to make rent for a month can apply for a loan from the rent bank. They then have two years to pay the loan back, which averages about $950.

Pollicino says renters are relying on the bank's services now more than ever.

"We do an average of 120 to 130 loans a year. About 50 per cent of the people who apply get approved," she said.

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Pollicino says in order to close the funding gap, they're working on fundraising with Landlord B.C.and looking for private donations.