SPRINGFIELD, Mo.—Multipli Credit Union here is partnering with the Community Foundation of the Ozarks on a program to offer no-interest loans to federal
employees in a seven-county region affected by the partial government shutdown.
Beginning immediately, federal workers who are not receiving paychecks can apply for a no-interest loan of up to $1,500, with repayment terms based on receipt of a paycheck after the shutdown ends, according to the organizations.
“The goal of this effort is to create a bridge for these workers and their families, many of whom are continuing to perform their jobs during the partial shutdown,” said Brian Fogle, CFO president and CEO, in a statement. “We don’t want these workers to suffer any additional stress or feel the need to consider a high-interest ‘payday loan’ to help them weather the shutdown.”
The Community Foundation of the Ozarks is making an interest-free Program-Related Investment to the credit union to provide up to $500,000 as a no-cost source of funds for the loans. The loans are being offered at no interest, with only a $30 processing fee to Multipli Credit Union, which recently changed its name from CU Community Credit Union. The processing fee will cover the cost of credit checks. The loans will require a minimum credit score of 620, the credit union said.
“We are happy to partner with Community Foundation of the Ozarks to help the people in our community and fulfill our credit union motto of people helping people,” said Judy Hadsall, president and CEO of Multipli Credit Union, in a statement. “It’s important for us to serve our community and extend our services to help solve financial issues for our neighbors.”
CUToday.info has compiled more than 90 credit unions providing assistance to furloughed federal workers here.