Funds for Families
A loan to help build families through adoption
West Michigan Community Bank and Adoption Associates, Inc. are bringing adoption within your reach by offering a loan that will help you complete your family. The Funds for Families Loan was created to assist families who have the desire to adopt, but may not have the initial funds it takes to pay the fees involved in adoption. The Funds for Families Loan helps clients of Adoption Associates, Inc. bridge the gap between the time funds are needed during the adoption process and the time it takes to receive the federal tax credit/refund for adoption expenses.
Applying For the Loan
To apply for the Funds for Families Loan, simply complete this short application (PDF) and fax it to 616.669.7944. You also have the option to mail it to West Michigan Community Bank, 5367 School Avenue, Hudsonville, MI 49426.
Response From West Michigan Community Bank
West Michigan Community Bank will respond to your loan request within one business day from the date the application is received and will notify both you and Adoption Associates, Inc. of the loan decision. Adoption Associates, Inc. will then contact you to help you determine which of your adoption fees are eligible under the loan program and to provide more information on when and how the loan funds will be disbursed.
Applying Loan Funds to Your Fees
Proceeds from the Funds for Families loan may only be used for adoption placement fees. Families will still pay out-of-pocket for fees related to the home study process and for international travel. Prior to disbursing funds from your loan, West Michigan Community Bank will forward loan documentation to you or to the Adoption Associates, Inc. office with which you are working for signing and signature notarization. When the completed loan forms are received by the bank, the funds will be forwarded upon request of Adoption Associates, Inc. directly to the corporate office for payment on your account.
Loan Payments
Funds for Families payments are lower than those associated with more conventional personal loans because you pay only the interest on the principal balance each month, with the principal balance being repaid in a lump sum on or before the loan maturity date. For your convenience, payments can be made via automatic deductions from your checking account.
Loan Terms and Conditions
Your loan is unsecured so there is no need for surveys, appraisals, or other expensive qualifying requirements. Please contact West Michigan Community Bank for rates and terms.
Questions?
If you would like to know more about the Funds for Families Program, call West Michigan Community Bank at 800.664.1778 ext. 376 or 616.669.1280 ext. 376. For more information about West Michigan Community Bank visit www.wmcb.com.
Fax completed applications to 616.669.7944.
