CITIZENS BANK said it is offering special products to individuals, nonprofits and small businesses that were affected by Irene. COURTESY CITIZENS BANK

By PBN Staff

9/2/11

PROVIDENCE – Citizens Bank said it is offering special loans and 0 percent interest credit cards to those affected by Irene.

Existing customers – individuals, small businesses, and nonprofits - in Delaware, Philadelphia, New York, New Jersey, Connecticut, Rhode Island, Massachusetts, New Hampshire, and Vermont can apply for the special products as of Friday.

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

Small businesses and nonprofits can apply through Citizens for a 0 percent interest credit card, with expedited next business day shipping, and disaster bridge loans for those who have applied for federal disaster aid assistance from the U.S. Small Business Administration.

The bridge loans aim to help businesses meet their immediate financial needs until federal funding comes through, according to a Citizens spokeswoman.

Small business customers can borrow up to $200,000 with interest-only payments (4 percent) for 90 days; nonprofits can borrow the same amount at a 3 percent rate.

Individuals can borrow up to $10,000 at a 5 percent interest rate, with no prepayment penalty, from one to seven years. To qualify, applicants must meet credit standards and have an annual income of less than $200,000, Citizens said. The bank is also offering a 0 percent credit card with lines up to $15,000 for individuals.