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TrueConnect Awarded Sourcewell Contract for Government Employers
St. Paul, MN – Sunrise Banks of St. Paul, MN, today announced that TrueConnect, a benefit program offered in partnership with Employee Loan Solutions, LLC, was selected by Sourcewell as an employee benefit program available to its more than 50,000 public sector and non-profit members. Sourcewell, formerly known as NJPA, conducts national competitive bid processes on behalf of their membership, so they can procure the best products and services at the best prices – saving local cities, counties and school districts the time and expense of managing their own local RFP processes.
TrueConnect is a patented employee financial wellness program, available to over 1000 employers across the United States. When employees are facing an unexpected expense – like a medical deductible or car repair – they can use TrueConnect to access a small loan online that is repaid through automated payroll deductions over a one-year term. No credit score or credit report is used, so even employees with no credit scores or poor credit can qualify.
“We are thrilled to have been selected by Sourcewell to offer TrueConnect to its member organizations,” said David Reiling, CEO of Sunrise Banks. “We have been offering TrueConnect to our own employees for several years now, so we know first-hand it will be an important benefit offering for Sourcewell’s members.”
While most employers using TrueConnect today are private sector businesses, like cable giant Comcast, a growing number of government employers have begun adding TrueConnect for their employees too – including the cities of Phoenix, Anaheim, and Albuquerque.
“This Sourcewell award should make it much easier for government employers to add TrueConnect for their employees,” said Doug Farry, VP at Employee Loan Solutions. “Although TrueConnect is available at no cost or financial risk to employers, some larger cities, states and universities have believed they needed to go through a competitive bid process to add it to their benefits package. This award allows them to benefit from the nationally sourced RFP process conducted by Sourcewell – the same process these entities have used to purchase other products and services at taxpayer expense.
About Sunrise Banks: Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and people thrive by empowering them to achieve financial wellness. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values, a public benefit corporation and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook. Member FDIC.
About Employee Loan Solutions, Inc. (www.employeeloansolutions.com) Employee Loan Solutions, Inc. developed the patented TrueConnect Loan program as a voluntary employee benefit to help employees access safe and affordable credit. The TrueConnect Loan is free for employers to offer and requires very little administration. Qualified employees get access to small-dollar loans (from $1000 – $3000) that are repaid through automatic payroll deductions. Employees do not need a credit history, but can only borrow what they can pay back with 8% of their paycheck to help ensure a successful loan repayment. On-time payments are reported to credit bureaus so borrowers can build up their credit scores. All TrueConnect Loan borrowers get 6 free credit counseling services from LSS Financial Choice, a federally accredited credit counseling program. For more information about Employee Loan Solutions, please visit www.employeeloansolutions.com or connect with us on Facebook, Twitter and LinkedIn.