SIOUX FALLS, S.D. (KELO) — With the federal government shutdown now ended and 68 federal employees helped, First Dakota National Bank has announced it will suspend its no-interest, no-fee loans for federal employees.
The loan program began Monday, October 20, and lasted through the government shutdown.
According to a press release, First Dakota provided nearly $700,000 in no-fee loans to federal employees who weren’t being paid during the record-long government shutdown. The average loan amount was approximately $10,000 per person. Loan recipients are mostly located in southeastern South Dakota, with a few in Iowa and Minnesota.
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Rob Stephenson, First Dakota National Bank President & CEO Rob Stephenson said in an interview with KELOLAND News, being in the business of money, they saw an opportunity to help those that were directly impacted by the shutdown…