Federal Employee Loan Program

Program Purpose

To provide short-term financial relief to federal employees affected by a government shutdown who are temporarily without pay. The program ensures fast access to funds with minimal documentation, with repayment structured around receipt of back pay once government operations resume.

Eligibility

  • Current federal government employees furloughed or working without pay.
  • Proof of employment: recent government pay stub and valid government ID.
  • Most recent bank statement showing payroll deposits and month to date transaction history.
  • Alaska resident or current Northrim customer.

Loan Terms

  • Loan Amount: Up to 100% of one month’s net pay (limited to program maximum of $10,000).
    • This includes any previous Government Employee Pay Distribution Loans from Northrim Bank.
  • Term: 12 months 
    • 60 days until first payment and no interest accrued during the first 60 days. 
  • Interest Rate: 0% APR for 60 days and will change after consummation to Prime + 1%.
  • An example loan payment on a $10,000 loan at 8.75% APR (with the current prime rate of 7.75% as of 3/4/2026) for 12 months would be $906.25 per month. 
  • No origination fees.

Repayment

  • Payments deferred 60 days from loan origination.
  • No interest accured for the first 60 days. 

Application Process

  1. Online application for the Federal Employee Loan Program.
  2. Upload pay stub and government ID.  
  3. E-sign certification of non-payment status.