At Social Capital Partners, we see the value in taking a lower economic return for a higher social return. That's why we tie interest rates to the number of social hires a company makes.
The more social hires employed, the lower the interest rate becomes.
When applying for financing through SCP, the first thing we do is conduct an assessment of the organization's hiring needs. We look at where the operation is today and where, with the help of the financing package, it will be tomorrow and assess how many social hiring opportunities exist. From there, we create a interest rate table tailored to the business with rate reductions tied to achievable social hiring targets.
As of spring 2009, interest rates start out at 9.00% and scale downwards as individuals are hired through community agency channels. If enough employment opportunities are created, the rate can go as low as 5.00%. These rates are adjusted on a quarterly basis.
SCP does not leave our clients to do the hiring themselves - we actively broker connections between our clients and community agencies to produce job-ready candidates tailored to the specific hiring profiles. This HR support is critical in helping clients get the best interest rate possible and to allow us to achieve our employment creation goals. Find out more about our Social Hiring program here.