Governor Timothy M. Kaine says the Virginia State Employee Loan Program has issued $641,657 worth of emergency loans to 1,310 employees since it was launched in mid-July.
The goal of the loan program is to prevent state workers who face financial problems from turning to payday or car title lenders.
The program offers non-probationary employees emergency loans of $100 to $500 with no credit checks and no late fees at an annual interest rate of about 25 percent. The program is a partnership between the Commonwealth of Virginia Campaign and the Virginia Credit Union.
Jonathan Wilson reports...