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Webster Offers Dough for Computer Woes
Y2K lending program aimed at small businesses
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Business New Haven
8/10/98
By: BNH
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The Waterbury-based Webster Bank has unveiled an unusual marketing concept: a lending initiative to help small businesses prepare for Year 2000-related computer expenses.
Under the program, qualified businesses may borrow from $25,000 to $250,000 to cover the costs of computer equipment, software and outside assistance to ensure Y2K readiness.
“There is no doubt that many small businesses in Connecticut are face-to-face with the Year 2000 computer problem,” says Peter K. Mulligan, Webster's executive vice president for consumer and small-business banking. “We have put in place a highly affordable loan program to make sure these small businesses will be able to acquire the hardware, software or outside assistance they will need to ensure that their computer systems, or computer-controlled machinery, will function properly after the change of the century date.”
The three- to five-year loans will be offered at one percent over the prime rate. A Webster business checking account with direct debit for loans payments is an eligibility requirement.
The seed of the Y2K problem was planted years ago when computer programs and equipment were programmed to express years with two rather than four digits in an effort to spare what was then costly data-storage and memory space. Crossing into the 21st century could result in unreliable computations unless computer program and equipment problems are remedied. The problem extends to older “embedded” computer chips which still control a vast array of machinery and equipment.
Serving New Haven, Hartford and Litchfield counties, Webster has some $9.2 billion in assets and more than 100 branches in Connecticut.
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