Champlain National Bank announced the establishment of a $1,000,000 low-interest rate loan fund to help homeowners and business owners in Clinton, Essex and Franklin counties impacted by Hurricane Irene.
The program will allow people that have incurred physical losses on their primary residence or business due to the storm to borrow up to $50,000 for 10 years at an annual percentage rates as low as 1.99 percent.
“We at Champlain National Bank wanted to do the right thing in helping our neighbors in a time of need,” stated bank president and chief executive officer Jon Cooper. “We are a community bank that believes in assisting the community. While we are no doubt giving up significant income with this program, we feel it is more important to assist in the rebuilding of our communities and the people’s lives that live in them.”
The program can be applied for by stopping at any one of the bank’s nine branch offices and completing an application.
The program will be in effect until Tuesday, Nov. 1, unless funds are used up prior to that date. Current underwriting criteria will be applied in evaluating the creditworthiness of the applicants. It will be necessary to establish proof of loss. Individuals will not incur any closing costs.