1871 PARTNERS WITH MEMBER COMPANY PEANUT BUTTER TO OFFER STUDENT LOAN
REPAYMENT
1871 Member Companies Now Able to
Offer Student Loan Repayment as Benefit to Employees; Announcement Follows
Launch of 1871 Health and Benefits Exchange
CHICAGO (FEBRUARY ##,
2016) – 1871 joined
its member company Peanut Butter today to announce a new student loan repayment
benefit that will be available to all 1871 companies, as well as alumni members
who have graduated from the space but maintain membership. Through a special
arrangement, member companies will be able to use Peanut Butter’s platform to
offer a student loan repayment program as a benefit to their employees. This
announcement follows the launch of the 1871 Health and Employee Benefits
exchange late last year, which made 1871 the first incubator in the world to
offer a private health exchange to its members.
“Peanut Butter is a straightforward tool for companies
large and small, as well as a powerful resource for employers to recruit and
retain top talent,” said 1871 CEO Howard A. Tullman. “Adding this student loan
repayment benefit to our robust set of resources further distinguishes 1871 and
its member companies as they develop their businesses and make new hires.”
Peanut Butter’s technology helps organizations make regular,
secure contributions to their employees’ student loan debt and track the impact
of those payments. The company provides support for employee enrollment, loan
verification, and the coordination of payments to student loan servicers.
“1871 is helping alumni and member companies equip
themselves with the employee value propositions that will attract the creative
forces of top developers, designers, digital marketers, and account executives,”
said Peanut Butter CEO David Aronson. “Paying off student debt is often one of
the most meaningful accomplishments in the early part of one’s career.
Companies that adopt student loan repayment are sending a clear message that
they care about the financial well-being of employees and are working to
establish a culture of shared achievement.”
While more than 25% of the U.S. workforce currently
holds student debt, that figure is estimated to be close to 50% in the
technology industry, in which most employees hold at least one degree and many workers
are in their 20s or 30s.
“Student loans are a major consideration for many millennials
who are being considered for hire by entrepreneurs", said Kaitlin
Reimann, 1871 member and co-founder/CEO of uBack, a free mobile app
designed to seamlessly connect donors to nonprofits and allow them to give in
seconds. “As a company focused on the millennial workforce, I
see Peanut Butter as an incredible benefit to
help millennials support their financial well-being and help
companies attract the best talent. It's exciting 1871 and Peanut
Butter have made it possible.”
In addition to student loan repayment, 1871 also
offers its members plans for health insurance, dental insurance, vision
insurance, identity theft protection, telehealth services, and pet insurance.
All of these offerings are part of an ongoing effort from 1871 to make entrepreneurship
more accessible to everyone.
The Peanut Butter student loan repayment plans will be
available to 1871 companies beginning today. To learn more, visit http://www.1871.com/getpeanutbutter and read 1871 CEO Howard Tullman’s
article about the company here.
About Peanut Butter, Inc.
Peanut Butter helps companies attract and retain millennial
employees through unique benefit programs. By facilitating company
contributions to employee student loans, we help reduce our clients' turnover
and hiring costs while differentiating their employee value propositions.
Together, we're helping to solve America’s $1.2T student debt problem. Peanut
Butter, Inc. is a Chicago-based benefits administrator incubated at 1871.
About 1871
1871 is the home of more than 350 early-stage,
high-growth digital startups. Located in The Merchandise Mart, this 120,000
square foot facility is also the headquarters of nationally recognized
accelerators Techstars Chicago and the Good Food Business Accelerator; impact
investing fund Impact Engine; half a dozen industry-specific incubators in key
areas such as real estate, education technology, food and financial technology;
several emerging tech talent schools (Flatiron, The Fullbridge Program,
Designation and the Startup Institute), and the state's leading technology
advocate, the Illinois Science and Technology Coalition. It is the second home
to Chicago-based VCs, Pritzker Group Venture Capital, MATH Venture Partners,
Hyde Park Angels, OCA Ventures, OurCrowd and Chicago Ventures, as well as
satellite offices for Northwestern University, University of Illinois,
University of Chicago, Loyola University Chicago, Illinois Institute of
Technology, and DeVry. 1871 has fast become recognized as the hub for the
city’s entrepreneurial/technology ecosystem and has been featured in Inc.
Magazine, TechCrunch, The Wall Street Journal, The New York Times, Chicago Tribune
and Crain’s Chicago Business among other top media. 1871 is the flagship
project of the Chicagoland Entrepreneurial Center.
