1st Source Bank is announcing plans to aid clients who are being affected by the government shutdown. Because of the standoff in Congress, federal government employees are not being paid if they are in non-essential job categories. Businesses are also impacted if their government contracts are in limbo, or if payment is not being made for work completed or in process. This may cause a hardship to the Bank’s clients who are tied to the Federal government.
In order to alleviate concerns, 1st Source 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. The notes are to be paid back when clients receive their back pay due, or a payment schedule will be worked out if their work weeks are completely lost. A recent paystub will be used for verification.
For business clients with cash flow interruptions because of the government shut down, 1st Source can also help. They are asked to contact their business banker for an individualized solution.
According to Jim Seitz, President of 1st Source Bank, “1st Source believes in keeping our clients’ best interests in mind. We’d like to be proactive with our clients, and help to keep their bills manageable, their lifestyle intact and their credit rating unaffected. We don’t want our clients to suffer or fall behind because of a government stalemate. In our 150 years, we’ve seen good times and bad, and are happy to help.”
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.