JBS Canada announces interest-free loan program for employee housing in Brooks

By MEDICINE HAT NEWS on March 3, 2022.

https://www.medicinehatnews.com@MedicineHatNews

JBS Canada will provide an interest-free loan program to employees in Brooks toward down payments on first-home purchases or housing upgrades.

The meat-processing company announced Tuesday it would dedicate $1.7 million for the program that would forward up to $10,000 for eligible employees. The principal would be paid back at no interest over four years through payroll deductions.

JBS officials said the new offering in the firm’s “Hometown Strong” program would help workers overcome financial hurdles and stimulate the area’s economy.

Eligible home purchases must be located within 75 kilometres of Brooks. Loans would be handled by Scotia Bank, and repayment program overseen by Olympia Trust.

Officials in Brooks welcomed the announcement.

“I see this as a big economic boost, excellent for developers and the business community from the trades up,” said Brooks Mayor John Petrie.

To be eligible, the worker must commit to two years of services and earn less than $120,000 per year.