Salary Finance secures $150 million from Community Investment Management to help working Americans transition from debt to savings

BOSTON–(BUSINESS WIRE)–Salary Finance, the leading global provider of financial education and salary-related benefits for employees, today announced a new round of Community Investment Management (CIM) funding. The $150 million investment over the next three years will be used to fund low-cost loans for hard-pressed American workers.

“Americans are facing unprecedented financial stress due to COVID-19 and the worst economic recession since the Great Depression,” said Dan Macklin, CEO of Salary Finance Inc. “Many don’t have enough money to make ends meet. The federal government offers help, but it is not enough for those who have lost their income or whose family members have lost their jobs. By working with progressive employers who understand the financial strains their employees face, we are committed to lifting millions of Americans out of debt and saving and helping communities in desperate need of financial relief.

CIM is an institutional impact investment firm that provides strategic debt financing to demonstrate and scale responsible innovation in lending to underserved communities. Founded in 2014, the company’s mission is to advance financial inclusion, promote economic development, and drive the widespread adoption of such responsible innovation by the mainstream of finance.

“We are thrilled to announce this funding from CIM, which allows us to provide affordable credit to thousands of additional employees and further validates our unique payroll deductions model,” Macklin said.

In the latest Salary Finance survey, two-thirds of American workers are struggling financially. This stress often manifests in physical and mental illnesses: nearly three-quarters of American workers who experience financial stress have physical symptoms, and they are seven times more likely to suffer from depression.

The financial disparity experienced by underserved communities is also staggering. According to Pew Research, half of black households have no emergency funds and almost half of black and Latinx people struggle to pay their monthly bills.

“We salute Salary Finance’s dedication to improving the financial health of American workers — especially those who are historically underserved — and their efforts to partner with companies seeking to help their employees deal with financial challenges. Capital affordable, fair and transparent Salary Finance offers is a lifeline that can reduce financial stress for employees and ultimately build the resilience of our communities,” said Jacob Haar, Managing Partner of CIM. looking forward to this partnership and what we can accomplish together.”

About salary financing

Founded in 2015, Salary Finance is an award-winning organization that partners with employers to provide financial wellness solutions that help employees be financially healthier and happier. A company founded on social purpose, we are driven by an ambitious mission in the United States: to help 10 million Americans get out of debt and save. Salary Finance is a corporate partner of United Way Worldwide and works with over 600 of the world’s leading employers. Salary Finance is a founding member of the Conscious Capitalism Senior Leaders Network and a member of the American FinTech Council. To learn more, please visit www.salaryfinance.com/us.

About Community Investment Management

Community Investment Management (CIM) is an institutional impact investment firm that provides strategic debt financing to demonstrate and scale responsible innovation in lending to underserved communities. We believe that responsible financial inclusion for the underserved is essential to equitable economic growth, job creation and retention, and the health and sustainability of local communities. More information is available at http://www.cim-llc.com.

Jill E. Washington