ST. JOHN VALLEY and ASHLAND, Maine — Acadia Federal Credit Union wanted a way to offer assistance to Maine’s furloughed workers affected by the U.S. government shutdown that has halted steady income for nearly 800,000 people across the country.
The credit union is offering offering a newly developed ‘shutdown loan’ designed specifically for those affected by temporary loss of income.
With proof of government employment, applicants are eligible for a special loan which boasts a 0 percent annual percentage rate for the first 90 days and a 4.99 percent APR for the remainder of the term. A maximum of $5,000 can be borrowed with up to a 12-month term.
“As a strong community supporter with a deep commitment to our members and government employees, Acadia was motivated to find a way to offer assistance during this time of financial distress,” said Michele Martin, Acadia FCU’s vice president of lending.
“The management team got together to create an attractive loan type that could help furloughed workers out of this tough time. We’re happy to offer this zero-to-low interest, short-term loan.”
Acadia FCU is also willing to work with existing federally-employed loan members to defer payments during this time.
All who are experiencing loss of income may contact any of the credit union’s branches for financial assistance or guidance in working through the government shutdown.
