The loan is intended for emergency use only. Repayment must be made within a ten month period through payroll deductions; e.g., for a $1000 loan, the minimum repayment is $50.00 based on twenty deductions.
Once approved, there is a two (2) year wait before an employee can apply for another loan and must not have an outstanding loan balance.
To apply, a Staff Loan Fund application must be completed and submitted in person to the Benefits Office. The employee will need to present in person a picture ID (employee ID card, picture license, or passport) at the time the application is submitted. The application may not be processed without review of ID, therefore applications can no longer be submitted via the mail, fax or electronically.
Applications will be reviewed to make sure the employee is eligible to take the loan. Total application processing time is 10 to 12 days.
The employee will be notified as soon as the loan check is available. It is necessary for the employee to sign a promissory note, an acknowledgement of receipt of the loan, and present ID (employee ID card, picture license, or passport) when picking up the check in the Human Resources Office.
If you have questions, please contact the Benefits office at (603) 646-3588.
Last Updated: 2/28/14