Dealflow | March 22, 2021

CIM backs Salary Finance to provide affordable loans for underserved workers

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, March 22 — Community Investment Management is providing Salary Finance with $150 million in debt financing over the next three years to provide affordable loans for working Americans financially impacted by COVID, especially those in underserved communities.

U.K.-based Salary Finance partners with employers to help workers contribute automatic savings and refinance debt. It expanded to the U.S. in 2018 with the goal of helping 10 million Americans get rid of debt and save money.

CIM, a San Francisco-based provider of strategic debt capital to responsible lenders, raised $10 million in July to help fintech lenders get small business loans flowing to underserved businesses in Colorado (see, “Community Investment Management raises $10 million for COVID lending in Colorado”).