Starbucks ‘Home Sweet Loan’ rental deposit scheme has been extended to UK partners (employees) who are sub-letting rooms and have been with the company for over 6 months
Announcement is made at The Prince’s Seeing is Believing visit in partnership with Business in the Community and London First to highlight the housing crisis in the capital, and how businesses can help
27th June, 2017; Celebrating a year since the first candidates benefitted from the Home Sweet Loan scheme in the UK, Starbucks is expanding the reach of its pioneering housing employee benefit. More partners in its UK workforce could now benefit from an interest-free loan, to help cover the cost of rental deposits when moving home.
Home Sweet Loan was the first scheme of its kind by a private company in the UK, developed in partnership with Shelter and Generation Rent and launched in September 2015. The interest-free loan can be paid back over twelve months and aims to help Starbucks partners, particularly those aged under 25 years old, to tackle the cost of living.
At the Business in the Community Seeing is Believing visit today, Martin Brok, president, Starbucks Europe, Middle East and Africa (EMEA) said: “A lot of our partners live in cities close to our stores where the cost of living is soaring and we believe with Home Sweet Loan we can make a real difference to their lives by offering this benefit. This month we have had the highest number of applicants, so we hope by extending the scheme, more partners will take advantage of this initiative.”
Jasmine Whitbread, Chief Executive Officer, London First – “London has persistently failed to build the number of homes it needs which has put huge pressure on renters, and caused tenancy deposits to regularly top £3,000. It’s great that leading employers like Starbucks are doing what they can to help. But ultimately, the crisis is one of undersupply, and there’s no substitute for the government and City Hall building the homes we need.”
About Starbucks Home Sweet Loan rental deposit scheme
The scheme is available to Starbucks partners working in company-owned stores (approximately 5,500) who have been with the business for six months or more and would like to apply for a loan to help pay their rental deposit when moving home, or sub-letting a room.
Starbucks will loan a maximum amount of one month’s wages, paid within four weeks of application, to be repaid over twelve months.
About Fifty Thousand Homes
Fifty Thousand Homes is a business-led campaign, launched by London First, to double housebuilding in London to at least 50,000 homes a year by 2020, in order to protect and enhance the capital’s competitiveness as a global city.