Banks in Illinois Offering Payroll Gap Loans to State Employees

SPRINGFIELD, Ill., July 9, 2015 /PRNewswire-USNewswire/ -- The Illinois Bankers Association has announced that banks throughout Illinois are offering payroll gap loans to their state employee customers in order to provide assistance during the current state budget impasse. The short-term loans are being provided at no or minimal cost to bank customers.

Illinois Bankers Association president and CEO Linda Koch said, "As always, banks are here to help and to support their local communities. With the July 15 payday looming, many banks are providing access to short-term financing for state workers and their families who may need assistance to get through this difficult and challenging time. We encourage state employees to reach out to their bank for more information about loan programs and other ways they can help."

The Illinois Bankers Association, the voice of Illinois' banking industry, is a full service trade association dedicated to creating a positive business climate that benefits the entire banking industry and the communities they serve. Founded in 1891, the IBA brings together state and national banks and savings banks that together employ well over 100,000 people in nearly 5,000 offices across the state. The IBA is proud of its diverse membership, serving all sizes of financial institutions from the smallest community bank in the state to the largest national bank in the country. Illinois headquartered banks and savings institutions safeguard more than $341.5 billion in deposits and extend more than $225.8 billion in loans to consumers and businesses.

SOURCE Illinois Bankers Association