Having the funds needed to handle life’s unexpected events can be stressful, which is why Chattanooga Neighborhood Enterprise is working to educate local businesses about its Small Dollar Loan program through the Community Loan Center of Southeast Tennessee.
Operated by CNE, the Community Loan Center of Southeast Tennessee allows area employers who enroll the ability to offer their employees the opportunity to take out affordable, low-interest loans of up to $1,000 at no cost to the business.
Unlike the payday loan alternative typically inclusive of recurring fees and up to 400% APR, the CLC’s small dollar loans come with a fixed 18% interest rate and 12 months to repay with no prepayment penalties. Affordable monthly repayments are automatically deducted from the employee’s paycheck.
“With the current challenge to recruit and retain employees, our program gives organizations an additional perk to add to their benefits package, with no cost to the employers,” Michael Walker, Business Development Specialist at CNE, said.
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 employers in our area as possible. Several incredible businesses have already enrolled. What makes this program even more appealing is that employees will also have the opportunity to access free financial counseling to help them pay off debt and prepare for a prosperous financial 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 nonprofits that will offer affordable loans to their communities. CLC’s network has grown to include 23 lenders across 11 states, and in October of 2022, the loan center announced that it had made its 100,000th loan.
For more information and to enroll in the Small Dollar Loan program, contact Michael Walker by emailing mwalker@cne.org or calling 423-432-9566.
To learn more about the Community Loan Center of Southeast Tennessee visit https://www.clcsoutheasttn.org/ or CNE’s website.