Webster offers CT, Mass. storm aid

Waterbury regional lender Webster Bank is offering consumers and businesses in northern Connecticut and western Massachusetts ravaged by last week’s tornados special access to credit, low rates and other services to help them recover.

Specifically:

• Affected consumers can take advantage of a Webster Unsecured Personal Home Improvement Loan at an interest rate that is 1.5 percentage points below the standard rate.  With loan amounts of $1,000 – $15,000 available, this fixed rate loan will provide a simple way for affected residents to gain fast access to funds without having to use home equity or high rate credit cards.

• Payment alternatives, including payment deferments, for existing customers with mortgages or home equity loans where their home has suffered tornado damage or where employment has been disrupted by the tornado.

• Webster is offering conventional loans for qualified businesses that were directly and indirectly impacted by the tornadoes. Loans are available up to a maximum of $500,000 at a reduced rate of 5.49 percent for up to 5 years. The bank will charge fees only for its out-of-pocket expenses.

• Webster is offering expedited 90-day bridge loans up to a maximum of $200,000 to qualified businesses that have applied for and are awaiting disaster recovery loans from the Federal Emergency Management Agency and the SBA Disaster Office. The application for bridge loans is available immediately. A copy of the FEMA Disaster Loan Application number is required, or in the case of an SBA Disaster Loan a copy of the SBA Disaster Loan Application is required. The short-term bridge loans will be priced at one percentage point below the Bank’s conventional lending rates and the Bank will charge fees only for its out-of-pocket expenses.

• As an SBA leader in the lending industry, Webster is assisting qualified businesses seeking SBA loans on a non-disaster basis with an expedited application process. These loans are for those impacted directly or indirectly by the recent tornadoes, including vendors or other external business partners.

• Webster Bank is offering SBA loans to those business impacted by the tornado with a reduced fixed rate of 5.49 percent for up to five years. The Bank will charge fees only for its out-of-pocket expenses.

• Webster will review all requests to assist in payment deferments and modifications for existing business borrowers who have been impacted by the tornadoes.

Current and prospective customers should contact Webster at (888) 493-2783. For information regarding SBA and other small business loan products, contact Scott Frazer, vice president, business and professional banking, at (413) 782-4818.