Employer Benefit Lending Program
What are Employer Benefit Loans?
TRICORP's business is lending to employed Aboriginal people through our unique Employer Benefit Loan program. Which in essence, allows lines of credit to be extended to employees that are then repaid directly through paycheque deductions.
These short-term loans are available exclusively to employees of Aboriginal businesses and organizations that have become employer partners. The loans also become a valuable benefit that employers can offer their employees.
What types of organizations are eligible for the Employer Benefit Loan program?
Aboriginal led businesses and organizations that employ Aboriginal people in BC are eligible to apply. Simply contact TRICORP and a representative will arrange a meeting to review the process and the benefits for your organization and your employees.
How can TRICORP benefit your organization?
You want your employees to be successful at work and in their lives. As an employer, you can make a real difference by providing access to the resources your employees need to build their futures and get where they want to go.
That's where TRICORP comes in. As an Employee Benefit Loan partner, you can provide your eligible employees with access to financial services when and where they need them. It's a benefit that may also help to attract and retain valuable employees. And best of all, since the funds come directly from TRICORP, the service has no impact on your organization's cashflow.
How does it work for employees?
When your organization becomes a TRICORP employer partner, a representative will meet with your employees to discuss the program and describe how it works. We will provide eligible employees with the necessary loan application forms and through your accounting representative arrange for repayments to be made to TRICORP through payroll deduction.
Once TRICORP and your company representative approve loan applications, employees gain access to loan monies quickly in the form of preloaded credit cards. These cards work just like cash and once funds are loaded they allow for Interac Point of Sale (POS), Online purchases as well as ATM withdrawals, immediately. The cards also remove delays and barriers for employees who may not have a bank account, and eliminate extra charges often applied to cheque cashing.
TRICORP offers interest rates and repayment terms that are lower and fairer than those offered by non-traditional lenders such as payday loan companies. And since repayment comes right off employee paychecks it really couldn't be simpler!
Please contact TRICORP if you are interested in becoming an employer partner.