Banks Aid in Hurricane Sandy Relief
Banks are making donations, waiving fees and originating new small business loans for those affected by the storm
Several banks, along with the city of New York have announced their plans, which include issuing new loans to small business owners, to help with Hurricane Sandy disaster relief.
The Goldman Sachs Group Inc. (NYSE: GS) announced that the firm will donate $5 million to Hurricane Sandy clean up and recovery efforts, plus provide $5 million in loans to small businesses impacted by the hurricane.
The loans match $5 million in New York City funding that will be distributed through the New York Business Development Corp.
JPMorgan Chase said it would donate up to $5 million. Of that, $2 million will go to the Red Cross, the bank will match $1 million from employee donations to the Red Cross and make up to $2 million in donations for local recovery agency efforts. The bank will also waive mortgage-related fees for customers in affected areas.
Bank of America announced on Saturday, Nov. 3, that it would make an effort to reach out to its small business customers located in communicates affected by Hurricane Sandy. The bank projected its customers will need about $2.5 billion in additional credit to recover from the storm.
Citigroup announced Sunday that it would suspend foreclose sales in declared disaster areas, wave late payment charges for 90 days and offer customers payment extension options.
Wells Fargo donated $1 million to the Red Cross Disaster Relief Fund and announced that its ATMs would accept donations to the Red Cross. The bank also waived certain fees in areas hit hard by the storm.
TD Bank also donated $500,000 to the Red Cross to support relief efforts.
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