Having the funds needed to deal with life’s emergencies can be stressful, so the Chattanooga Neighborhood Enterprise is working to educate local businesses about its Small Dollar Loan program through the Community Loan Center of Southeast Tennessee.
Managed by CNE, the Community Loan Center of Southeast Tennessee allows registered employers the ability to offer their employees access to affordable, low-interest loans to up to $1,000 at no cost to the business.
Unlike payday loans that often include recurring fees and up to 400% APR, CLC small loans come with a fixed interest rate of 18% and 12 months to repay with no interest. advance payment. It is automatically deducted from the employee’s salary in the monthly payment.
“With the current challenge in recruiting and retaining employees, our program gives organizations an extra boost to add to their benefits package, at no cost to the owners jobs,” said Michael Walker, Business Development Specialist at the CNE.
Companies in the Chattanooga area already enrolled in the program include Carta, Sportsbarn, Kelly Automotive, the Chattanooga Chamber of Commerce and Top Flight, INC.
“Our goal is to offer this program to as many workers in our area as possible. There are many interesting businesses already registered. What makes this program even more exciting, employees will also have the opportunity to receive free financial advice to help them pay off debt and prepare for a financially successful future,” Walker said.
The Community Loan Center of Southeast Tennessee is a member of the Community Loan Center (CLC) franchise. Since 2011, CLC has focused on building relationships with local NGOs that will offer affordable loans to their communities. The CLC network has grown to include 23 lenders in 11 states, and in October of 2022, the loan center announced that it made its 100,000th loan.
For more information and to enroll in the Small Dollar Loan program, contact Michael Walker by email mwalker@cne.org or call 423-432-9566.
For more information about the Community Loan Center of Southeast Tennessee visit https://www.clcsoutheasttn.org/ or the CNE website.