CT Flood Assistance | Ion Bank

CT Flood Assistance

In August 2024, several local towns suffered tremendous damage to homes and businesses from massive flooding with the most impacted areas in the Naugatuck Valley. 

Ion Bank has developed a loan program to assist our customers with cleanup and restoration efforts for those impacted by flood damage. We also donated $25,000 to TEAM, Inc. to assist with their Valley Flood Relief Fund for residents in Oxford, Southbury, and Naugatuck for items such as refrigerators, mold cleanup, water heaters, etc.

Ion Bank Flood Disaster Relief Loan Program

Business Loan

Eligibility: Existing CT Ion Bank commercial/business banking customers
Amount: Maximum of $25,000
Terms: Maximum 6 years. Up to 12 months interest only converting to a 60 month fully amortizing term loan
Rate: 7.50% fixed
Prepayment Penalty: None
Fee: None
Collateral: Unsecured
Conditions: Proof of flood damage, (pictures, insurance claim, contractor’s estimates, etc.) and loan payments must be auto-debited from an Ion Bank account

For more information or to apply for a flood relief loan, please contact Virgilio Lopez at 860.773.3655 or vlopez@ionbank.com.

Consumer Loan

Eligibility1: Homeowners in Fairfield, Litchfield, and New Haven counties
Amount: Maximum of $25,000
Terms: Maximum 5 years
Rate2: 7.25% fixed
Prepayment Penalty: None
Fee: None
Collateral: Unsecured
Conditions: Proof of flood damage, (pictures, insurance claim, contractor’s estimates, etc.)

Apply Now.

1Subject to credit approval; minimum credit score of 680 and stable monthly income.
2A $25,000, 5-year term loan has an APR (Annual Percentage Rate) of 7.25% and 60 monthly payments of $497.98.  Rate is subject to change without notice.

State of CT Micro-Grant Program

Governor Ned Lamont has announced a $5 million micro-grant program aimed at aiding small businesses in western Connecticut affected by recent flooding. Grants of up to $25,000 will be available for small businesses and nonprofits in Fairfield, Litchfield, and New Haven counties with fewer than 100 employees that suffered damage due to the storms. Learn more here.

TEAM, Inc. Valley Flood Relief Fund

For basic needs, please visit TEAM, Inc., email info2@teaminc.org, or call 203.736.5420.   

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