Bank of America, Webster Bank and HarborOne Credit Union have set up relief programs and are offering reduced rates on new loans following recent flooding in New England.
Bank of America will activate its disaster relief program in seven Massachusetts counties (Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester), all designated disaster areas by the Federal Emergency Management Agency.
In addition, the Bank of America charitable foundation will donate $50,000 to the American Red Cross Disaster Relief Fund to support relief efforts in Rhode Island, which has been impacted by the worst flooding the state has seen in 100 years.
Under the company’s disaster relief program, Bank of America customers affected by severe storms and floods may qualify to receive emergency credit line increases on their existing Bank of America Visa cards, modify or extend payments on loans, credit cards or lines of credit, receive special assistance with lost, missing or late loan or card payments, access a new home equity loan or line increase through the bank’s special loan program, with no fees and preferential pricing below the current rate and avoid early withdrawal penalties on bank certificates of deposit (CDs).
Small businesses may also qualify for similar benefits on both business and personal loans.
Customers may apply for assistance under the program through May 21 in any Bank of America banking center.
Waterbury, Conn.-based Webster Bank, which operates branches in the Bay State, will offer special assistance, including reduced rates on new loans and payment deferments on existing loans, for consumers and businesses in Massachusetts, Rhode Island and Connecticut that suffered flood damage over the past week.
"For 75 years, we have been helping people to bounce back from life’s setbacks, such as the recent record-breaking floods affecting our region," said James C. Smith, chairman and CEO of Webster Bank. "Webster stands ready to help our communities to get back on their feet with special terms on financial products supported by caring and empathy from Webster bankers whose families also have been affected by the flooding."
Brockton’s HarborOne Credit Union has also activated its economic disaster recovery team to provide technical assistance to small businesses applying for economic injury disaster loans (EIDLs) through the Small Business Administration and the Federal Emergency Management Agency.
Assistance from the SBA and FEMA for businesses can include loans available up to $2 million for business property losses not fully compensated by insurance; loans up to $2 million for small businesses, small agricultural cooperatives and most private, non-profits of all sizes that have suffered disaster-related cash flow problems and need funds for working capital to recover from the disaster and loans up to $500,000 for farmers, ranchers and aquaculture operators to cover production and property losses excluding a primary residence.
