1st Source Bank this week announced plans to provide aid to clients affected by the government shutdown. The standoff in Congress has caused federal government employees to not be paid if they are considered “non-essential,” and businesses are also impacted if their government contracts are in limbo or if payment is not being made for work that has been completed or is in process. This lack of pay could cause hardship to the bank’s clients who are tied to the federal government.
To address these hardships, 1st Source Bank will offer notes to clients who are not receiving their federal paycheck. The amount will be based on the take-home pay they would normally receive over 60 days and must be paid back when clients receive their back pay due. Alternatively, a payment schedule will be worked out of their work weeks are completely lost. A recent paystub will be used for verification.
For business clients whose cash flow has been interrupted due to the government shutdown, the bank will also help, but businesses are asked to contact their business banker for an individualized solution.
The president of 1st Source Bank, Jim Seitz, said the bank believes in keeping its clients’ best interests in mind and would like to be proactive with its clients, keeping their bills manageable, their lifestyle intact and their credit rating unaffected.
Those who believe they might take advantage of the Bank’s program are asked to call LoanSource, 888-255-6644, or stop by their nearest banking center for more information.