3 Things You Should Know About Small Business: Nov. 12
"Based on what we have already heard from customers, we project they will need $2.5 billion in additional credit, and we are prepared to provide that on favorable terms to help them recover from the storm. If those needs increase, we will be there. We are committed to getting them through this difficult time," says David Darnell, Bank of America' s co-chief operating officer.
Under the company's disaster-relief program , Bank of America customers affected by severe storms and floods in Rhode Island, New Hampshire, Maine, Massachusetts, Connecticut, New Jersey, New York, Pennsylvania, Delaware, Maryland, Virginia and Washington, D.C., may qualify to be able to modify or extend payments on loans, credit cards or lines of credit; increase credit card limits and lines of credit; and receive special assistance with lost, missing or late loan or card payments.
The Charlotte-based bank will also automatically refund certain fees incurred between Oct. 29 and Nov. 5 for consumer and small-business customers in affected states.
-- Written by Laurie Kulikowski in New York.
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