How does the Small Dollar Loan program benefit employers?

Financially stable employees are more productive.

Offer an innovative benefit to attract and retain talented employees

100% free to employers, with minimal time to administer.

Decreases in employer turnover

Reduces associated costs with financial stress, including absenteeism and illness.

Improves company morale.

Frequently Asked Questions

No, you are never responsible for an employee’s outstanding loan. If an employee leaves a participating CLC employer, we simply will deduct the remaining payments directly from the borrower’s checking account that they provided us during the initial loan application.

No, there is no fee to offer this innovative benefit to your employees. We would argue that offering the Small Dollar Loan program to your employees actually saves you money since financially stable employees are more productive, have a higher employment retention rate and have reduced costs associated with financial stress, such as absenteeism and illness.

We know that your time is valuable, that’s why we strive to ensure that offering the Small Dollar Loan program is not labor intensive for your HR Staff. We do this through offering an automated software program (KENN) that allows you to easily verify employment, set-up payroll deductions, utilize reports and stop payments once the loan is paid in full.

To assist you in promoting the Small Dollar Loan program, we provide you with marketing materials – including promotional flyers, template language for an email announcement, a Small Dollar Loan benefit sheet and we will happily host an in-person information session at your workplace.

At the Community Loan Center, a borrower’s credit history does not factor into our decision to assist them with a Small Dollar Loan. If an employee is in need of money, the Small Dollar Loan program is easily accessible to them through their employer.

Our repayment period is 12 months, unlike many credit unions that have a 6 month payback period. Most credit unions require borrowers to be a member in order to take out a loan, but with the Small Dollar Loan program, a borrower must simply work for a participating employer, there is no membership required.

Becoming a participating employer is simple

Contact us to learn more about how you can increase employee productivity through offering the Small Dollar Loan program at your workplace.