Cambridge, Mass. – East Cambridge Savings Bank today announced a series of initiatives to bring relief to their business customers who have been impacted by the ongoing COVID-19/Coronavirus outbreak. Nearly every sector of the economy has been negatively affected by the pandemic and the disruptions to work and business taking place across the region. Local banks are in a unique position to work with their customers to find solutions to ease their concerns and help them through these difficult and unsettled times.
For Business Customers Experiencing Hardships:
• A new loan program to help customers quickly access credit
• $20,000 maximum loan
• 9 months of interest only payments
For Business Customers Who Need Flexibility with Loan Payments:
• Interest only payment options
• Loan modification and forbearance available for commercial and business customers
Other Ways the Bank is Helping Customers:
• Direct outreach to all business customers to develop customizable solutions to meet their needs
• Increased mobile deposit limits
• As always, providing flexibility and considerations to assist customers that are experiencing financial hardship
These difficult and uncertain times require flexibility and understanding. Any customer who is concerned about loan payments or hardships they are experiencing that could impact their financial situation are encouraged to contact the Bank.
“We recognize that there may be some federal and state relief coming at some point. However, with so much demand and an unknown timeframe of funds availability; we knew we had to step in to fill the void to offer immediate assistance,” stated Gilda M. Nogueira, the Bank’s President and Chief Executive Officer. “We have been a cornerstone of this local business market for 165 years. We have the financial strength and stability to help our business neighbors through this pandemic until they can confidently open their doors once again.”
Business customers who are interested in applying for a 9-month interest only loan should contact their commercial loan officer or Business Development Officer Catia Aruda at 617.551.2477 or caruda@ecsb.com
For current Bank customers who are experiencing hardships and would like more information about deferring payments and forbearance, please call 866.354.3272 or email customerservice@ecsb.com
About East Cambridge Savings Bank
East Cambridge Savings Bank is a full-service mutually-held savings bank that believes in connecting with customers. The Bank was established in 1854 and is dedicated to providing businesses and individuals with a full line of banking services in the communities it serves. Headquartered in Cambridge, the Bank has locations in Arlington, Belmont, Cambridge, Chelsea, Malden, Medford, Somerville, and Waltham, as well as an educational training facility at Cambridge Rindge and Latin School. The Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).
CONTACT:
Leo Gayne
Assistant Vice President, Public Relations Officer
East Cambridge Savings Bank
617-551-2353
lgayne@ecsb.com