Starbucks (SBUX) already offers its employees help paying their college tuition. Now, everyone’s favorite omnipresent coffee shop is offering its employees an added benefit aimed to help ease their cost of living – interest-free loans to help them pay their rent.
But there’s one catch. The program is currently only available in the U.K.
The Telegraph has the details of the “home sweet loan” program, which was developed by Starbucks along with housing charity Shelter. The progam provides Starbucks employees with an interest-free loan to help cover the cost of a rental deposit, which is rising significantly in the U.K.
From the Telegraph:
“We know the cost of living is a key concern for many, with the average rental deposit in England now £1,226,” said Kris Engskov, president of Starbucks EMEA.
“And with over half of our partners being under 25 years old, that rent affordability is an issue that affects them. These initiatives are two of the ways we are able to support the great people that work with us.”
According to the always-reliable Google, £1,226 currently equals $1855.55.
Again from the Telegraph:
The rental deposit scheme applies to employees who have been at Starbucks for more than one year and will see the company lend a maximum of one month’s wages, which the employee pays off over 12 months.
No word if the “home sweet loan” program will make its way to the U.S. as well, but with Americans paying more in rent than ever before, a stateside version of the program certainly couldn’t hurt.
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