Who We Are
Founded in 1995, the Rio Grande Valley Multibank (RGVMB) is a Community Development Financial Institution (CDFI) certified by the United States Department of Treasury. Our mission is to provide financial products and development services to the RGV, particularly in the area of affordable housing and consumer lending. We are proud to provide the affordable, risk-free alternative to payday and car title loans. All earnings are reinvested into the program for expansion and lending capital. The nine member banks have never taken out dividends over the 20-year history of the institution and do not plan to do so in the future.
The Community Loan Center (CLC) was established in 2011 by the RGV MultiBank in order to offer low-interest, low-fee personal loans. As of October 2011, CLC has loaned $3.9 million to borrowers in the Rio Grande Valley.
RGVMB and the Community Loan Center are administered by Community Development Corporation of Brownsville.
J.P. Morgan Chase | Wells Fargo Bank | IBC Brownsville | IBC McAllen | Bank of America | Frost Bank
Lone Star National Bank | BBVA Compass Bank | National Community Impact Corp. (Washington DC)
Your employees are more productive when they are financially stable
Benefits to Employers
Attract and retain talented employees
Zero cost to you
Loan payments are fully automated
How It Works
When an employee applies for a loan, we ask you to verify their employment. Once approved, we send you the employee’s loan repayment schedule so you can set up the automatic payroll deduction.
Becoming a Participating Employer is Simple
Sign our Memorandum of Understanding and then arrange a time for us to train your payroll staff, which only takes a few hours.
Are You Responsible for Your Organization’s Payroll?
Complete this form, and CLC will contact you in 1-2 business days.
Why Borrow From Us?
WE SAVE YOU HUNDREDS OF DOLLARS
For a $1000 loan due in 1 month, the average payday lender charges $775 in fees. We charge only $120 in fees - and we let you repay the loan in 12 months.
YOU SAVE OVER $600 & YOU HAVE 11 MORE MONTHS TO REPAY THE LOAN.
How It Works
Pending employment verification (24-48 hours), and your signature; your loan will be deposited into your checking account in 2 business days
Loans are automatically paid through your paycheck
Loans from $400 to $1000
Payback period is 12 months
18% interest; $20 administrative fees
No credit history or collateral needed
No prepayment penalties
Free financial counseling available
Minimum age is 18
Working at a participating employer for at least 3 months
Driver license or passport numbers
Social security number