Now’s the time to hire staff and get them up and running to take full advantage of economic recovery. But if you’re asking “How can I pay for this?” don’t worry. We can help!
Our new low-rate Agency Staffing Loan offers a full 90 day deferment to get your new hire up and producing. And, at our lowest rate, payments are just $200/month for every $10,000 borrowed after the deferment period — which means your hires can pay for themselves!
- $15,000 max per hire ($45,000 max total, $1000 min)
- Rates as low as 8.24% APR† with Direct Deposit and Folio Deduction
- 60 month term
- Financing available for existing staff hired within the last 90 days
- Available to Agents and District Managers
Application is easy as 1-2-3.
Step 1: Apply for loan. Include name, expected hire date (or recent hire date if already an employee) and monthly salary for candidate (s). Receive decision.
Step 2: Tell us when you want the funds released. Remember, first payment won’t be due for 90 days.
Step 3: Confirm staff name (s), start date (s) and release of funds date.
Also available—Protégé Loans for agents participating in the Protégé AP program. More information here.
Whether new to Farmers or established, we have a loan designed for you. Our business consultants can help you decide which options work best—to get you above the line faster!
For more information contact your Business Consultant or call us at 800.877.2345.
* Agency Staffing Loan – Effective beginning 9/1/2020 - This loan offering is available subject to 1) terms and conditions; 2) document verification; and 3) Credit Approval as underwritten by Farmers Insurance Group Federal Credit Union (FIGFCU): Maximum loan amount $15,000.00 per hire / $45,000.00 maximum TOTAL loan amount. Minimum loan amount $1,000.00. Applicant may qualify for maximum loan amount depending on number of hires. Final loan amount determined by taking the new hire’s monthly salary and multiplying by 4 but not to exceed $15,000.00. Existing staff that was hired a maximum of 3 months before loan application may also qualify. Offer letter, to be provided, must include new hire name, hire date, salary and signature of Agent and new hire. Maximum 60 month repayment term. Rates as low as 8.24% (APR=Annual Percentage Rate) after a discount of 1% for Direct Deposit and Folio Deduction, subject to FICO© score and FIGFCU underwriting criteria. Both Fixed and Variable rates are available, contact a Loan Representative for full details. Full 90 day first payment deferment available, subject to loan payment due date of the 5th of the month. Interest will accrue from date of funding. Verification of Income required with YTD 1099 Income Summary Report. Certain creditworthiness criteria will apply for loan approval. Agency Membership in good standing with FIGFCU is required. If you are not currently a member, open a membership with as little as $5 to take advantage of this offer and set up the required Net Folio Deposit AND Automatic Payment/Folio Deduction. FIGFCU is federally insured by NCUA.
- If member wants to come back for an additional loan for upon an additional new hire, provided the first hire is still employed. (Proof from MASS will be required). Otherwise, proceeds from original loan will need to be used for replacement hire subject to credit approval.
- A copy of a signed Agent Appointment Agreement/Corporate Agent Appointment Agreement including any subsequent Addendums may be required.