SPRINGFIELD, Mo. (News Release) -- The Community Foundation of the Ozarks and Multipli Credit Union are partnering 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.
“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. “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 CFO 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. That’s why the loans can be offered at no interest, with only a $30 processing fee to Multipli Credit Union (formerly known as CU Community Credit Union). The processing fee will cover the cost of credit checks. The loans will require a minimum credit score of 620.
Affected federal employees who live and/or work in Greene, Christian, Dade, Dallas, Lawrence, Polk and Webster counties are eligible for the program. This region represents Multipli Credit Union’s service area.
“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. “It’s important for us to serve our community and extend our services to help solve financial issues for our neighbors.”
An estimated 2,100 federal employees work in Greene County, including the federal judicial system, Springfield-Branson National Airport services, health and human services, Social Security, the Internal Revenue Service, the Medical Center for Federal Prisoners and others.