Virginia State Loan Program a Success
Posted by Carolyn Spohrer at 10:44 AM Press Releases
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.