NEW YORK, May 14, 2020 (GLOBE NEWSWIRE) — Esusu today announced the launch of a national Rent Relief Fund which will provide rental assistance for those most impacted by COVID-19. In just one month, Esusu’s Rent Relief Fund raised over $180,000 through its crowdfunding campaign. The campaign quickly exceeded initial funding goals, bringing in nearly $30,000 in individual contributions. With philanthropic investments from Acumen Fund and the Global Good Fund, the company will support hundreds of renters across the country. The fund will continue to accept donations as the pandemic progresses.
Nearly one-third of American renters (an estimated 69% of surveyed renters) did not pay their rent for April, according to data from the National Multifamily Housing Council. Renters on Esusu’s platform are predominantly immigrants, minorities, and low-to-moderate income households with limited access to resources and job opportunities.
“We estimate 65% of renters on Esusu’s platform are affected by COVID-19 and the economic downturn. As a result, they are not able to make their monthly rent obligations and eviction concerns are looming. Today we have an opportunity to prevent that eviction scenario,” said Samir Goel, Co-Founder, Esusu. “We believe housing is a fundamental human right which is why we created a program to alleviate renters facing financial distress. While we cannot control when this crisis will end, we can control how we show up to help others. Now is the time to live by our values,” said Wemimo Abbey, Co-Founder, Esusu.
All US-based renters experiencing hardship are encouraged to apply here: https://esusurent.com/rent-relief/. Approved applicants will be notified quickly and funding will be distributed to landlords. Loan size will consider total monthly rent, loss of income, net rent excluding housing credit, and household size.
“We are inspired by Esusu’s leadership and quick action to leverage their platform and network to provide much-need relief to low-income renters in response to the financial devastation of the COVID-19 pandemic,” said Eliza Golden Roady, Associate Director of Acumen America. “With the sudden loss of jobs and income, vulnerable renters who were already facing extreme housing cost burdens prior to COVID-19 are at risk of becoming housing insecure, and the short-term public assistance measures that have been enacted will not be sufficient to meet the tremendous need.”
“Esusu is a model for all business leaders. Their work to help renters build credit was essential before the economic crisis and is even more critical as we rebuild the economy. Esusu stepped up to provide rent relief to those who need it, and we are proud to support this effort,” said Carrie Rich, CEO, and Co-Founder of The Global Good Fund. “The world needs more social entrepreneurs, and the Esusu team is a great source of inspiration.”
Esusu’s dedicated Rent Relief Fund continues to accept donations from individuals, corporate, and foundation partners. Contributions are tax-deductible as the fund is being managed by Esusu’s charitable 501(c)3 partner organization Rent Reporter. Join us in this meaningful effort to assist our nation’s most vulnerable communities. Donate now: https://esusurent.com/rent-relief/
Esusu is the leading financial technology platform that leverages data solutions to empower tenants and improve property performance. Founded in 2016, Esusu is at the forefront of paving a permanent bridge to financial access by providing financial solutions for low-to-middle income consumers. Esusu’s groundbreaking rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. This allows tenants to build and establish their credit scores while helping property owners attract tenants, reduce turnover, and improve collections to increase their net operating income. Learn more at www.esusurent.com and follow us on Facebook @myesusu and on Twitter @getesusu.
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4c2a54a-738a-44d6-8e11-0026ad9d17a9