Sovereign Bank – a subsidiary of Banco Santander (S.A.), announced establishing a financial assistance program. It is meant to extend support to small businesses and the bank’s customers who have faced the brunt of damages caused due to Hurricane Sandy.
The financial program of Sovereign bank will help customers see waiving of certain fees levied on them before. It will also open opportunities for them to obtain emergency loans and help them gain access to cash. Businesses and consumers impacted by the storm can thus gain access to cash very easily. Sovereign Bank is extending full support to communities that sustained losses to their property from Hurricane Sandy.
Loans up-to $10,000 will be made available at low interest rates for the victims of Sandy. There will also be re-fund of fees such as late payment fees, overdraft fees, and insufficient fund fees.
There is also a small business loan program under Sovereign Bank to assist businesses with the much needed repairs and cleanup. Under this program, businesses can find grants of up-to $25,000 at low interest rates. For the first three months, there won’t be principal payments and no origination fees. To apply, businesses can visit any of the 721 branches of Sovereign Bank or contact small business specialists online.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org