The rent bank may issue low income individuals and families a one-time crisis loan. The maximum amounts for loans are: $1,200 for a single person or $1,600 for a family

These loans can be used for rental arrears or utility arrears owed to BC Hydro or Fortis BC. The Rent Bank may also provide a damage deposit and first month’s rent in special circumstances. For example, if you are fleeing an abusive situation or are currently homeless and have found housing, the Rent Bank may be able to assist you, if you meet the eligibility criteria and have a means to repay the loan.

The Rent Bank loan program is self-funded through donations generated at the Source’s annual Coldest Night of the Year event, along with support from the BC Rent Bank project.

Note: Loans are not guaranteed

You can apply for the Rent Bank loan program by completing and submitting the Rent Bank Pre-Assessment application and providing 3 months of bank statements to the Newton Resource Centre.

The form is available:

• In Person at Newton Resource Centre (102-13771 72A Avenue, Surrey)
• Online https://bcrentbank.ca/surrey/
• By completing the Rent Bank Pre-Assessment Application Form and submit the application and 3 months of bank statements:

• • In person: Newton Resource Centre
  • By fax: (604) 596-2319
  • Email: srb@sourcesbc.ca

Note: Completion of form does not guarantee a loan

There are specific eligibility criteria you must meet in order to be eligible for a loan some include:

• Income must be below BC Housing's Housing Income Limits (HILS). Residents of Surrey, White Rock, North Delta, and Langley should have income below the limit listed for Vancouver based on household size.
• Applicants must reside within, or be moving to, the cities of Surrey, White Rock, North Delta or Langley.
•  Applicants must be experiencing an unexpected one-time crisis which has caused them to be behind on rent or utilities.
• Applicants will need to provide proof of debt (e.g. eviction notice, disconnection notice, etc.)
• Applicants should be unable to access other government assistance. Recipients of Income Assistance, Persons with Persistent Multiple Barriers, and Persons with Disabilities assistance should first reach out to the Ministry of Social Development and Poverty Reduction about a shelter crisis supplement.
• Have the means to repay the loan (certain amount of disposable income is required each month for repayment).
• Have no outstanding debt or undischarged bankruptcies.

You will also need to provide 3 months of bank statements, photo ID and a Tenancy Agreement.

If you are not eligible for a loan, the Rent Bank may be able to assist in providing other income supports and resources. They will try their best to find another community resource that will be able to better assist you.

If approved, it can take between 1 to 3 weeks from when the application is received to when the cheque is ready for pick up or payment is sent to the landlord or utility company. This waiting time can vary depending on the complexity of the situation and whether any additional documents are needed in order for the loan to be approved.

Once the loan is approved and the loan agreement has been signed, it can take up to one week for the cheque to be issued and delivered to the landlord. This wait time cannot be waived or expedited. Because of this, it’s best to apply as soon as you know you will have difficulty paying your rent or utilities.

If approved, the Rent Bank will issue a cheque in your landlord’s name or make payment directly to your utility company. The Rent Bank is not able to make the cheque in the applicant’s name or send funds to your landlord via e-transfer.

The loan is repaid on a monthly basis and withdrawn through pre-authorized payments through your bank account. The payback is calculated based on the loan terms and the amount borrowed. The maximum loan term is 24 months. There is no interest on the loans, only a small processing fee each month and an initial application fee. Both these fees are calculated in to your monthly pay back.

For Rent Bank applicants who are receiving assistance from the Ministry of Social Development and Poverty Reduction (MSDPR), repayments are sent directly from MSDPR to the Rent Bank and deducted from the client’s monthly benefits until the loan is paid off. The same administrative fees apply to Ministry clients and clients who repay their loan by pre-authorized withdrawal.