Citizens Bank Offers Loans for Businesses, People Affected By Irene

will offer a variety of financial support to individuals, small businesses and nonprofit organizations affected by Hurricane Irene.

Existing customers in Delaware, Philadelphia, New York, New Jersey, Connecticut, Rhode Island, Massachusetts, New Hampshire and Vermont are eligible for special products created in response to the hurricane that impacted the east coast on Sunday, Aug. 28 and Monday, Aug, 29, 2011. 

“We are pleased to offer financial assistance to those who were adversely affected by Hurricane Irene,” said Ned Handy, president, Citizens Bank, Rhode Island. “We hope this support provides the immediate resources people need to clean up from the devastation left by the hurricane.”

Citizens Bank in-store branches operate extended hours from 10 a.m. to 7 p.m. Mondays through Fridays, 10 a.m. to 5 p.m. on Saturdays and 11 a.m. to 3 p.m. on Sundays. Customers who may have experienced issues with their accounts because of Hurricane Irene are invited to visit their local branch and speak with a banker or contact the bank’s 24-hour Call Center at 1-888-850-4068 to speak with a representative who will provide assistance. 

To help consumers, Citizens Bank will offer the following products:

• $10,000 Unsecured Emergency Loan – Individuals can borrow between $1,000 - $10,000 with an unsecured loan at 5.00 percent from 1 to 7 years with no prepayment penalty. To qualify, applicants must meet credit eligibility standards and have annual income less than $200,000. 

• 0% Interest Credit Card for Six Months – Individuals can apply for a new card with credit lines up to $15,000 with zero percent interest on new purchases and balance transfers for six months.

Customers can apply for $10,000 Unsecured Emergency Loan and the 0% credit card offer beginning September 2. Customers can apply for these products/special offers by visiting a Citizens Bank branch, or by calling 1-888-850-4068. Loans are subject to credit eligibility.

To help small business and nonprofit customers, Citizens Bank will offer the following products:

• 0% Interest Credit Card for Six Months – Small business customers can apply for a new card with zero percent interest on new purchases for six months. Citizens will expedite the processing and delivery of the card so customers will receive it the next business day after it has been approved. Beginning September 2, customers can apply for a credit card by visiting a Citizens Bank branch, or by calling 1-877-949-7505.

• Disaster Bridge Loans – For small business and nonprofit customers who have applied for federal disaster aid assistance from the U.S. Small Business Administration as part of the federal government’s response to hurricane Irene.  For additional information on the SBA programs and qualifying areas please call 1-800-659-2955.

These bridge loans will provide money immediately to individuals and businesses to pay their obligations and necessary operating expenses until such time as long-term government funding is obtained through the SBA’s Disaster Loan Program. 

Beginning Sept. 2, small business and nonprofit customers can apply for a bridge loan at any Citizens Bank branch, or by calling 1-877-949-7505. A FEMA Disaster Loan Application number is required to apply for a Citizens Bank bridge loan.

• Small business customers can borrow up to $200,000 for 90 days at 4.00 percent, with payments of interest only.

• Nonprofit customers can borrow up to $200,000 for 90 days at 3.00 percent, with payments of interest only.

For additional access to disaster help and assistance from the Federal Government, customers can visithttp://www.disasterassistance.gov/.