Some Maryland residents are eligible to earn free $500. Here’s how.

UPPER MARLBORO, Md. - A new program will give some Maryland residents a chance to earn $500 for free while boosting their credit scores at the same time.

Council Member Edward Burroughs III, the Financial Empowerment Center at Prince George's Community College, and the Prince George's Community Federal Credit Union have created the District 8: Credit-Builder Loan Match Program.

Here’s how it works. 

Qualified Prince George’s County District 8 residents who join the program will make $44 monthly deposits for one year. At the end of the year, the participant will receive their full investment back – plus a $500 match.  Credit-builder loans help people with low or no credit, build their credit up. The amount of the loan is not available until the loan is paid in full. 

County officials say past participants in similar programs saw, on average, a 20 to 67-point jump in their credit scores after making consistent payments. 

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The program will serve up to 576 residents living within a six-mile radius around National Harbor in Prince George's County. Participants need to be 18 years old or older and pay a $5 membership fee to join the credit union.

The program is open to all Prince George's County residents, but only District 8 residents are eligible for the $500 match.

Participants are strongly encouraged to make all payments on time to avoid a negative impact on their credit score. A missed payment would cause the participant to forfeit the $500 match. However, they will not lose any of their deposits even if they don't make all the payments.

"April is Financial Literacy Month, and it’s a fact that Black and Brown people generally have lower credit scores and less access to financial services," said Council Member Burroughs. "This program aims to break the cycle by educating citizens about how improving their credit score can be life-changing, and, more importantly, allowing them to make that change."

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The program is funded through the MGM Local Impact Grant Fund,

You can find more information about the District 8: Credit-Builder Loan Match Program online.