BOSTON, Sept. 6, 2011 /PRNewswire/ -- Sovereign Bank, a wholly owned subsidiary of Banco Santander, S.A., today announced that it has established a disaster relief program to assist consumers and small businesses in the Bank's footprint who were impacted by damage caused by Hurricane Irene.
The program offers special loan products for businesses and consumers, as well as deferment options on Sovereign loans for customers from communities impacted by the storm.
"We offer our full support to the communities affected by Hurricane Irene," said Jorge Moran, president and CEO of Sovereign Bank and country head of Santander businesses in the United States. "These are the communities where we live and work. It is our hope that this aid provides individuals, families and businesses with the financial relief they need to help them recover as quickly as possible."
Sovereign Bank has prepared a financial assistance program focused on residents who have sustained losses to their property from hurricane damage. The program will provide loans up to $10,000 at a low interest rate. To apply for the loans, consumers should visit their local Sovereign Bank branch. Loan applications are subject to credit approval.
In addition, Sovereign is offering payment deferments on auto, home equity and personal loans to customers in areas impacted by the storm. Customers with an existing Sovereign loan may be eligible to defer loan payments for up to three months based on individual circumstances.
Small Business assistance:
Sovereign Bank has prepared a small business loan program to assist with urgently needed repairs and clean-up. Businesses may be eligible for low-interest term loans up to $25,000 with no origination fee and no principal payments for the first three months. In addition, business customers that have existing Sovereign loans may be eligible to defer their loan payments for up to three months.
Loan applications and payment deferments are subject to the Bank's standard credit guidelines. To apply for assistance, business owners should visit their local Sovereign Bank branch.
About Sovereign and Santander
Santander Holdings USA, Inc. (SAN.MC, STD.N) is a wholly owned subsidiary of Banco Santander, S.A., and is the holding company for Sovereign Bank and Santander Consumer USA. Banco Santander is a retail and commercial bank, headquartered in Spain, with a presence in 10 main markets: Spain, Portugal, Germany, the UK, Poland, Brazil, Mexico, Chile, Argentina and the U.S. Founded in 1857, Santander has 92 million customers, approximately 14,000 branches -- more than any other international bank -- and over 170,000 employees. For more information on Santander, visit http://www.santander.com.
Sovereign Bank is a financial institution with principal markets in the northeastern United States. Sovereign has more than 700 branches, nearly 2,300 ATMs, and approximately 8,000 team members. For more information on Sovereign Bank, visit http://www.sovereignbank.com or call 877-SOV-BANK.
SOURCE Sovereign Bank