Program makes it easier for small businesses to borrow
LOS ANGELES – In an effort to make it easier and less expensive for small businesses to borrow, City National Bank, California’s Premier Private and Business Bank®, today announced that it will waive up to $3,000 in closing costs on first trust deed loans it makes under the Small Business Administration 504 Loan Program and also waive the bank’s loan origination fees when new funds are deposited in a business checking account.
The SBA 504 program allows small business owners to borrow so they can refinance, renovate or purchase their commercial property. Owners can take advantage of record low interest rates to finance up to 90% of their property’s value.
City National is offering:
- To pay up to $3,000 for the appraisal and environmental survey fees of the loan closing costs.
- A waiver of City National Bank’s loan origination fees when $50,000 or more in new funds is in a City National business checking account at loan closing.
To qualify for the savings, borrowers must submit their loan applications by December 31, 2011.
“Owning commercial real estate can add value to your business and can also provide tax benefits,” said Jim Wullschleger, senior vice president and director of business banking. “We are committed to helping entrepreneurs get the financing they need to expand and grow. Clients can lock in occupancy costs for the long term with financing tailored to their needs.”
During the first six months of this year, City National’s loans to small businesses were up 100%, and its SBA loans increased 74% from the same time last year.
The American Recovery and Reinvestment Act of 2009 authorized that the SBA 504 Program could be used for owner-occupied commercial refinancing; previously the program could not be used for refinancings. This authorization for refinancings is slated to expire in September 2012.
“Access to credit is key to the success of any small business,” said Wullschleger. “These are the companies that will help our economy recover and create jobs.”
Small Business Banking at City National
City National, a SBA Preferred Lender, also offers conventional loans and lines of credit; business deposit and treasury management services; international banking and foreign exchange; and check and Visa® commercial credit cards.
In 2011, City National Bank won 10 excellence awards for business banking from Greenwich Associates, a leading global financial services research and consulting firm. This was the sixth consecutive year that City National has been recognized for its performance serving the financial needs of growing companies.
About City National
City National Bank is the wholly owned subsidiary of City National Corporation (NYSE: CYN). It is backed by $22.5 billion in total assets, and provides banking, investment and trust services through 79 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City and Nashville, Tenn. The company and its investment affiliates manage or administer $58.5 billion in client investment assets, including more than $36 billion under direct management.
For more information about City National, visit the company’s Website at cnb.com