Zero Interest Loan Program for Federal Workers

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SPRINGFIELD, Mo. It’s day 24 of the longest government shutdown in history and a lot of federal workers without paychecks are struggling financially.

The Community Foundation of the Ozarks and Multipli Credit Union announced a new program to help federal workers.

It’s a $500,000 zero-interest loan program to help those federal workers affected by the partial government shutdown.

“We’re now experiencing the longest federal government shutdown in history,” said Brian Fogle, CEO of the Community Foundation of the Ozarks, “and that is very unfortunate for our community and for our nation. There are 800,000 some federal workers that are working, some of them, and some of them not working. But did not get a paycheck when they were supposed to on Friday.”

He said there are people really suffering financially from this government shutdown.

“Four out of ten households in America could not meet a $400 unexpected expense without borrowing money or without selling something,” Fogle said.

“The mission of credit union since the test of time has been people helping people,” said Judy Hadsall, CEO of Multipli Credit Union.

These are the seven counties that this program serves.

Any federal employees who work or live in any of those counties will be eligible for the loan.

“2,400 in a seven-county region that are federal employees who didn’t get their paycheck on Friday are significantly facing hardship by not having that,” Fogle said.

Employees can either apply for the amount of their paycheck, or $1,500, whichever is less.

And also to be eligible, you need to meet these requirements:

Pay a $30 processing fee, a credit score minimum of 620, proof of furlough and two pay stubs, and sign an agreement about repayment. 

Hadsall said the loans are given out on a first-come-first-serve basis.

“They’ve given us $500,000 to work with, and so we’ll see how long that lasts. Hopefully will go back to work here,” Hadsall said.

The repayment term will be defined after the shutdown ends.

There are two ways to apply for the loan. 

One is online, and another is going into a branch.

There are two Multipli Credit Union branches in Springfield:

818 N Benton
Springfield, MO. 65802

or

1017 E Republic Road
Springfield, MO. 65807

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