(Crankers) The $1K Project continues to help families due to these trying times. Its purpose is to help people in financial trouble by giving families $1,000 per month for three months. This project is volunteer-led. As reported by GeekWire, Seattle, and New York capitalists started the project.
What sets this aside is that both the families and donors are anonymous. Also, donors can give smaller gifts as a form of contribution.
The project was founded by Seattle’s Minda Brusse and Alex Iskold. Brusse is the founder of First Row, a venture capital firm. In GeekWire’s report, she said, “I want to help someone who really needs it, and I want to help them directly. The feeling is that help is not coming fast enough.” Iskold, on the other hand, is a New York-based venture capitalist. They were able to launch the $1k Project, which is a service that provides direct assistance.
According to the report, they were able to help over 180 families in at least 30 states. From eight people, the $1k Project was able to become a team with forty people. This includes Yoko Okano, Brusse’s business partner.
Recipients are selected by a third-party. For example, a former boss can refer the employees they had to lay off or organizations helping families who belong in the low-income bracket.
The $1k project’s network has about 700 trusted sources to nominate and vouch for the people in need. The nominees’ backgrounds are reviewed before their names are shared with the sponsors.
The organization works with what is a “referral chain.” Sponsors go through short profiles and select a match. Then, they contribute to a GoFundMe account established for the recipient. The “referral chain” tracks the people through the family they nominated. The organization does not handle the money, so it is not tax-deductible.
$1k Project focuses on people who are not under government assistance or social safety-net programs. They focus on young children, single moms, families with no income and savings, people with disabilities, and those who can’t get a job.
As of the moment, over 30 vetted families are waiting for sponsors.