Hibernia Provides Hurricane Recovery Lines of Credit to Small Businesses
05 October 2005 - 3:22AM
Business Wire
Hibernia National Bank (NYSE:HIB) is providing lines of credit to
small businesses affected by hurricanes Katrina and Rita to help
them begin recovery efforts while they await longer-term
assistance. "We realize that our customers need funding now so they
can start to rebuild their businesses, serve their customers and do
their part to restart the Louisiana and Southeast Texas economies,"
said Hibernia's Paul Bonitatibus, president of Retail and Business
Banking. "The new products we are announcing today will provide
short-term cash until business owners receive insurance
settlements, loans from the Small Business Administration or other
assistance." Hibernia is offering two small-business products, both
featuring unsecured lines of credit with minimal documentation and
quick funding turnaround: -- Line of Credit Up to $10,000 - This
unsecured line of credit is offered to businesses in the
hurricane-affected areas at the current prime rate published in the
Wall Street Journal. -- Line of Credit Up to $25,000 - Also
unsecured, this higher line of credit is offered to small
businesses awaiting settlement of a property insurance claim from
their insurance company. The rate is the current prime rate
published in the Wall Street Journal. Customers applying for this
larger line of credit must have proof of a filed property insurance
claim. Bonitatibus said the first payment on either line of credit
will not be due for 60 days to further assist these businesses in
getting back on their financial feet. "Because these products
require no documentation other than a short application, approved
customers will be able to receive their funds quickly," Bonitatibus
said. "We are eager to assist them in getting their businesses back
up and running." Small businesses that currently do not bank with
Hibernia are welcome to apply as well, he added. To apply,
small-business owners can visit any Hibernia branch office or call
Hibernia's Direct Bank at 800-996-8671. Hibernia is on Forbes
magazine's list of the world's 2,000 largest companies and Fortune
magazine's list of America's top 1,000 companies according to
annual revenue. Hibernia has $22.1 billion in assets and 321
locations in 34 Louisiana parishes and 36 Texas counties. Hibernia
Corporation's common stock (HIB) is listed on the New York Stock
Exchange.
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