Disaster recovery

James Smith, who recently completed his gradual transition out of banking, was spearheading a public-private economic development plan for Connecticut when the coronavirus pandemic hit. The crisis made the need for the plan greater — and the job harder.

Many banks are offering low-interest loans to help consumers and small businesses withstand the economic shocks of the pandemic. Some are also doing away with ATM, overdraft and late fees because, as one CEO put it, that revenue “is not the most important thing right now.”

As part of the continuing rebuilding effort in Puerto Rico after Hurricane Maria, Banco Popular's nonprofit foundation has several startups working out of its main location in San Juan. For Camille Burckhart, it is part of a mission to help the island get back to normal.

Popular's 16% gain in deposits and a recent acquisition bode well for its future even though there has been a major net loss of residents since Hurricane Maria.

The San Juan company has largely recovered from the hurricane that hit a year ago, and it has made extensive preparations for future natural disasters. Yet its home market is still suffering from debt and net outmigration of residents.