RICHMOND—Governor Timothy M. Kaine today noted the
extraordinary success Virginia State Employee Loan Program, a unique
partnership to help meet the short term loan needs of state employees. In just one
month, the pilot program has issued loans to 1,310 state employees for a total
value of $641,657.
“I believe the early success of
this pilot program clearly demonstrates that there is a need for these types of
loans. More importantly, it allows state employees the opportunity to receive
small loans without having to go to predatory lenders,” Governor Kaine said.
“The success of this program demonstrates that other large employers can
implement similar initiatives as a service to their own employees.”
The program, a
partnership between the Commonwealth of Virginia Campaign (CVC) and
Virginia Credit Union (VACU), offers small loans of $100 to $500 to
state employees facing financial difficulties.
Posted by Carolyn Spohrer at 1:40 PM - Categories: Press Releases | Financial Education