CRANSTON – Domestic Bank and Coventry Credit Union are the latest of numerous local financial institutions to offer special loans to businesses and individuals affected by the flooding last month.
Cranston-based Domestic Bank said it is offering a reduced interest rate on Title-I home improvement loans – a loan that is insured by the Federal Housing Administration, part of the U.S. Department of Housing and Urban Development.
The special rate for flood repairs will be 1 to 3 percent lower than the normal Title-I rate, depending on the term of the loan.
In the meantime, Coventry Credit Union is offering a special long program that features rates as low as a 5 percent annual percentage rate for terms of up to five years and a maximum loan amount of $15,000.
Numerous other local financial institutions have offered assistance such as bridge loans and payment deferrals to businesses and individuals affected by the recent historic flooding.
Coventry Credit Union, founded in 1950, is a state-chartered, member-owned financial cooperative insured by the National Credit Union Administration. To learn more, visit www.coventrycu.org.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Domestic Bank, founded in 1967, is a federally insured bank serving Rhode Island and nearby Massachusetts via its Cranston headquarters plus eight in-store branches. The bank was recently acquired by a private-equity firm, Federal One Holdings LLC. To learn more, visit www.DomesticBank.com.
