Pennsylvania Gov. Edward G. Rendell singled out four credit unions as "acting in a socially responsible" manner by providing low-cost loans to strapped state employees facing payless weeks as the legislature wrangles over the budget.
"I am extremely grateful to the institutions that have responded to our requests and have agreed to develop financial products to help eligible state employees cope with these potentially difficult circumstances," said the governor at a Harrisburg press conference.
The CUs include PSECU, AmeriChoice FCU, Members 1st FCU, and Oil Country FCU. A fifth CU, Belco Community is also offering loans, according to the Pennsylvania Credit Union Association. Six banks were also recognized by Rendell.
In his remarks, the governor noted that "each of these institutions has its own criteria for eligibility and participation, programs and interest rates in establishing low- and no-interest loans and lines of credit."
PSECU said volume has jumped 20% on a 0% loan product it unveiled in May for state employees who stay on the job but don't receive a paycheck.