How does the Impact Loan Program work?

This Impact Loan Fund is governed by The Community Impact Fund. CIF is a nonprofit 501(c)(3) organization responsible for responding to all inquiries, vetting all applications, and distributing funds to approved applicants.

CIF offers a 0% interest loan with a flexible payback schedule to individuals in need. To qualify for a loan, an individual (Borrower) applies to CIF for consideration. CIF conducts diligence to ensure the borrower qualifies for assistance under IRS regulations and CIF policies and procedures. 

Applicants must be employees of one of the program’s participating Greater Vancouver Chamber member organizations:

-Bleu Door Bakery and Cafe, CDM Caregiving Services, Chick-fil-A (Vancouver, WA), Greater Vancouver Chamber,  Northwest Association of Blind Athletes (NWABA), On Line Support Inc., Partners in Careers,  or Royal Oaks Country Club. 

-You must be a FT or PT employee employed for at least 90 days BEFORE submitting an application.

Loans are based on the needs cited in the application. The minimum loan amount you can request is $500. The maximum amount is $2,400.

Participants are only eligible to have one loan at a time. This is a pilot program, so participants will only be eligible for one loan as part of the initial rollout of this program. 

As part of the application process, applicants must sign a Promissory Note agreeing to pay the loan back within the outlined terms. The Promissory Note exists between the Borrower and the Community Impact Fund. Borrowers must pay back the loan even if their employment with the fund’s sponsoring organization or partnering organization ends. A loan repayment schedule will be set up automatically for the full loan amount divided over 12 months. For example, payments for a $2,400 loan will be $200 per month. Payments are automatically deducted from the personal banking account connected by the Borrower during the application process. Borrowers can select the day the payment is deducted and change this date as needed through the Borrower portal hosted on this site. 

No, this loan has a 0% interest rate throughout the entirety of its term. There are also no fees at all at any time.

Approval decisions are made based on the information provided by the applicant such as household income, needs statement, and overall financial position based on a soft credit pull. Your credit score will not be checked as part of this application and thus will have no influence on your existing credit score. Applicants are required to provide a completed application which includes connecting both their primary checking account as well as a savings account. 

Loans will be distributed by CIF to the approved recipient directly to the applicant’s connected checking account.  Payments will be sent within 1 to 4 BUSINESS DAYS of the loan being approved depending on your bank’s requirements. Remember, weekends and national banking holidays affect this process.

No, at this time Impact Loans are not reported to the Credit Bureaus.

Any loans received by applicants WILL NOT be deemed as taxable income.

Sometimes you may be in a situation where you can’t make a payment. CIF does our best to support you by allowing you to occasionally defer a monthly payment. This moves the payment to the end of your repayment schedule so you will still need to pay it eventually but it does not collect interest. Borrowers have the option to make a prepayment to pay off the loan faster and any prepayment will be applied to the final monthly payment schedule. 

TO REQUEST A PAYMENT DEFERMENT, sign in to your borrower portal on your loan application site using the SIGN IN button located at the top right of the screen. Here you can submit a special request for deferment or make payments on missed payments to return your loan status to good standing.

HOWEVER PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must submit your FLEXIBLE PAYMENT REQUEST through the portal at least FIVE DAYS before the day your normal monthly payment is due.

Questions? Contact loans@communityimpactfund.org and provide your first and last name and the company for which you work.

Yes, prepayments are applied to the final monthly installment. The borrower can access the platform by logging in and manually making a payment. HOWEVER PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must email loans@communityimpactfund.org at least FIVE DAYS prior to the day your payment is due.

We want you to have success with your loan. The loan remains a 0% interest loan. If you cannot make one or multiple monthly loan payments, they remain due. Any missed payments due to insufficient funds in your connected bank account are automatically added to the end of your repayment schedule and thus, your loan payback term is extended.

Even if your monthly payment fails due to insufficient funds, your payment next month will still be automatically deducted. You will be expected to pay next month’s payment and all remaining payments.  If you anticipate not being able to meet your monthly payment requirements due to unexpected circumstances, please refer to the FAQ, Can I SKIP or DEFER a payment? , for more information on how to address repayment challenges. The CIF loan administration team wants you to feel safe and supported through your loan borrowing process. We are here to help and want to help so PLEASE contact us with any information or questions so that we can help you pay back your loan in full.

Whether or not you are still employed by the organization you were employed with when you received your loan, you are still expected to pay back your loan in full, even if it takes several more months to do so. It is important to remember that every dollar paid back goes back into the loan fund so that others in need can request and receive a loan.

As part of your application, you may be required to have a complimentary financial wellness coaching call with our program partner: Save First Financial Wellness to receive your loan. If this is a requirement for your application, you will be notified by our loan team via email. The email will provide you with instructions on how to complete this requirement. You may contact Save First at any time:

The Greater Vancouver Chamber and your employer is committed to your long-term financial well-being. Therefore, as part of the Impact Loan Program, they are also offering you the opportunity to earn money towards your Emergency Savings account.

Please visit the Savings Incentive Program page, https://greatervancouverchamber.communityimpactfund.org/savings-incentive/, to learn about the program.

Please reach out to CIF’s loan administration team at loans@communityimpactfund.org. 

Our business hours are Monday-Friday, 8 am-3 pm MST.  We are closed on weekends and all banking holidays. For fast assistance please always share your first and last name and who you are currently employed as part of The Greater Vancouver Chamber program.