Customers Bank is offering financial relief to those devastated by Hurricane Sandy. The financial institution, with a local branch in Rye Brook, announced they are starting a relief loan program.
The no-fees business loans are being offered to businesses and individuals who need financing for cleanup, repairs and other needs that would ensure they can cover from the storm.
Customers are being encouraged to take advantage of the loans which are being offered with a fixed interest rate of 4.5 percent or a flexible rate at prime with a cap of 4.99 percent.
The maximum loan amount businesses can obtain is $100,000, with a minimum loan level of $10,000. Those who qualify for the program can get up to a seven-year term, with a two-year interest-only advance period. After that, the balance will automatically term out for the rest of the loan period.
Customers Bank consumer-oriented relief loan program offers borrowers “very attractive rates” according to Warren Taylor, president of community banking for Customers Bank.
Additional loan terms and conditions may be applicable to the relief loans.
For more information about the relief loans go to customersbank.com or contact a local bank branch.