Citizens to provide loans to families seeking to adopt children

Citizens Financial Group Inc. last week announced a partnership with the National Adoption Foundation to provide financing to families planning to adopt children.
Citizens Financial Group Inc. last week announced a partnership with the National Adoption Foundation to provide financing to families planning to adopt children.

PROVIDENCE – Citizens Financial Group Inc. last week announced a partnership with the National Adoption Foundation to provide financing to families planning to adopt children.
The average cost of adoption is $30,000, according to the NAF, and the partnership provides an “affordable option for families to finance adoption and its related expenses,” according to a press release.
The Providence-based bank will provide low-APR personal loans in partnership with NAF. With each personal loan made through the organization, Citizens will donate $100 to the NAF mission.
“Many wonderful potential parents face financial barriers due to the high cost of adoption, so I’m especially excited about this new partnership, which helps our customers pursue their dreams,” said Brad Conner, Citizens Bank vice chairman of consumer banking.
Conner is an adoptive parent.
“This partnership means a lot to me personally,” he added. “I’m happy that Citizens can play a role in future adoptions.”
Citizens has already provided more than 6,000 loans to adoptive parents since launching its loan program launched in March. The company didn’t disclose how many loans were made since partnering with NAF in July, but the loan total during that time has exceeded $200,000, according to the company.
“Having Citizens Bank as our partner, with their flexible adoption loan program, gives us every confidence the financial needs of the adoption community can now be served in a fair and timely manner,” said Norman Goldberg, founder of the National Adoption Foundation. “And most importantly, this lets prospective parents focus their attention on what really matters – the creation of their families.”

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