Minnesota has approximately 17,000 federal workers impacted by the government shutdown that began in December 2018. Unplanned, out-of-pocket expenses can lead a family down a destabilizing and difficult path, forcing them to seek high-interest rate loans, default on their debts or even declare personal bankruptcy. In response to the need in our community, Highland Bank now offers assistance through our Federal Employee Loan Relief Program to federal employees who have been affected by the 2018 – 2019 Government shutdown.
Highland Bank’s Federal Employee Loan Relief Program Provides:
- Short-term, low-interest loans for up to three months of an eligible federal employee’s net monthly salary — up to a maximum loan amount of $7,500
- 12 months single pay note
- Waived application fee
Through Highland Bank’s Federal Employee Loan Relief Program, eligible recipients will receive a one-time advance at an interest rate of 5% APR for financial relief to furloughed employees.
How to Qualify:
- Provide proof of income through a Notice of Furlough, bank statement including direct deposit or year-end pay stub
- A state- or government-issued ID
- Employees of federal contractors are not eligible for Highland Bank’s Federal Employee Loan Relief Program