Alpine Bank offers interest-free loans to furloughed federal employees
Phil Castle, The Business Times:
A Western Colorado bank offers no-interest loans to furloughed federal employees to help them get through the government shutdown.
Alpine Bank has earmarked $13 million for the program, said Clay Tufly, regional president for Mesa and Delta counties. “We want to help in any way we can,” Tufly said.
Alpine Bank will loan federal employees the equivalent of what they’d receive in their next paycheck. Those employees then can repay the loan, without interest, after the shutdown is resolved. They’ll have up to a year to pay back the loan, Tufly said.
To participate, federal employees need only bring in their last government paystub and identification. The program is open to all federal workers regardless of whether or not they’re customers of the bank.
Alpine Bank offered a similar loan program in late 1995 and early 1996 when the federal government was shut down for a total of 28 days. Tufly said hundreds of federal employees took advantage of the program at that time. “It was pretty successful.”
With thousands of furloughed federal employees in Western Colorado, Tufly said he hopes the latest effort will be equally well received.
Headquartered in Glenwood Springs, Alpine Bank operates 36 locations in Western Colorado. For more information, visit www.alpinebank.com.