Eastern Bank, America’s oldest and largest mutual bank, and Eastern Bank Charitable Foundation today announced over $10 million in funding to help offset the impact of the coronavirus in the communities it serves. Eastern Bank Charitable Foundation will target $3 million in financial support to area nonprofit partners focused on COVID-19 relief, while Eastern Bank has created two loan funds that will provide a total of $7 million to its individual and small business customers experiencing financial hardship as a result of the coronavirus crisis. Specifically, the Consumer Impact Loan Fund will provide $2 million in lending to local individuals and families, and the Small Business Impact Loan Fund will provide $5 million in lending to small businesses. Additional services are also being provided to offer greater flexibility for deposit customers. In addition to these programs, Eastern continues to offer its full suite of financial services and advice to consumers and businesses.
“The levels of disruption, uncertainty, and resulting stress our community, local economy, and we as individuals and families are experiencing are unprecedented, and Eastern is making a substantial commitment to offer our support and provide relief where we can,” said Bob Rivers, Chair and CEO of Eastern Bank. “When so many are facing such widespread negative impacts, the Eastern Bank Charitable Foundation is focused on helping our community partners do what they do best – providing critical skills and services to the community where they’re needed most. The loan programs we are announcing are designed to help customers experiencing financial hardship during this extraordinarily challenging time.”
Consumer Impact Loan Fund
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$2 million loan fund for existing individual customers in need.
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Low interest and flexible repayment terms, with 0% interest and no payments for the first three months and low fixed rate of 3.99% thereafter.
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Customers can borrow up to $5,000.
Small Business Impact Loan Fund
- $5 million loan fund for existing customers in need of working capital to help fund their operations.
- Low payment and flexible terms, with interest only payments for the first six months and low interest rate of 3.99%.
- Customers can borrow up to $25,000.
Additional Support For Our Customers
For Individuals and Families
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Clients can request refunds including overdraft fees, non-sufficient funds fees, and monthly maintenance fees.
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Increased ATM and debit card cash withdrawal limits.
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Increased mobile deposit limits.
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Waived penalties for early CD withdrawals of up to $50,000.
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Deferral of mortgage and other loan payments, as needed.
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Waiver of loan late charges, as needed.
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We have also paused foreclosures, evictions, and repossessions.
For Businesses
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Clients can request refunds including overdraft fees, non-sufficient funds fees, and monthly maintenance fees.
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Waived penalties for early CD withdrawals of up to $50,000.
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Increased ATM card withdrawal limits.
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Eastern’s traditional and Small Business Administration (SBA) loan programs for additional financing to existing and new customers.
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Payment relief on commercial and small business loans, as needed.
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Waiver of loan late charges, as needed.
“Eastern is partnering with relief efforts already underway by our local governments, agencies, and community leaders, as we all come together to support each other and our community. We are incredibly grateful to everyone on the front lines helping our neighbors in the midst of this pandemic,” Rivers added.
