REPORT TO THE CITY COUNCIL April 4, 2019 FROM: COUNCIL PRESIDENT BRANDAU District 2 SUBJECT ..Title Agreement with BMG Money for Loans at Work, a workplace emergency loan program ..Body RECOMMENDATION That the Council approve a non-exclusive payroll deduction plan agreement between the City of Fresno and BMG Money for the Loans At Work, a workplace emergency loan program, for City employees, and authorize the City Manager to take the necessary actions to implement the program. EXECUTIVE SUMMARY N/A BACKGROUND The Loans at Work program is established by BMG Money, Inc. a Delaware corporation. BMG Money Inc,'s expertise in "Loans at Work" is the leader in workplace emergency loans, combined with recognized customer service and with 8 years of loan experience. Loans at Work has over 65 public sector client partners and is solely focused on providing emergency relief to public sector employees. The Loans at Work program offers a socially responsible and reasonably priced alternative to payday loans and other high-interest credit programs. The program would offer a fixed-rate, fixed-payment for employee emergency loans of $500 -$5,000. Qualifying employee may choose repayment terms of any term between 6 to 24 months, with no extra fees or charges. The interest rate for the program is 23.99% APR interest compared to California payday lenders who charge a much higher APR percentage. ENVIRONMENTAL FINDINGS N/A LOCAL PREFERENCE [N/A] FISCAL IMPACT Increases in staff time and resources for administration of the program are reimbursable through terms of the contract. Attachment: Agreement - BMG Loans at Work