CITY NATIONAL BANK EXPANDS SBA LENDING
CITY NATIONAL BANK EXPANDS SBA LENDING PROGRAM
TO SUPPORT FLORIDA’S ENTREPRENEURIAL SPIRIT
By Richard Westlund
Small businesses are the lifeblood of Florida’ economy, creating new jobs, and delivering important products and services to their customers. However, companies with less than $5 million in revenue often find it difficult to finance their growth plans or take advantage of new market opportunities.
To support that entrepreneurial spirit, City National Bank of Florida (CNB) recently expanded its Small Business Administration (SBA) lending products, which make it easier and more affordable for small companies to obtain financing.
“City National Bank prides itself on being a trusted resource to businesses in the communities we serve and our expanded SBA lending is another example of our dedication to supporting the growth of small businesses,” said Bernard J. Adrover, Senior Vice President, Director of Business Banking. “We enjoy helping entrepreneurs fulfill their dreams.”
The bank now offers SBA 7(a), SBAExpress and SBA Export Express loans in addition to SBA 504 term loans, which the bank has offered for the past two years, and allow CNB to serve companies with as few as five employees. The new small business lending products complement the bank’s other services, including professional lines of credit, term loans, working capital lines of credit and treasury management services.
“When conventional financing is not available, these SBA-guaranteed loans can help small businesses reach the next level,” Adrover said. “Because they have longer amortization periods the monthly payments are lower, reducing demands on a business’ cash flow. Also, the SBA’s automated technology accelerates the application and approval process.”
SBA 7(a) is the most popular Small Business Administration loan. It provides up to $5 million with broad eligibility requirements and credit criteria to accommodate a wide range of financing needs. The SBAExpress gives clients the same flexibility as the 7(a) with a fast and easy term loan or line of credit of up to $350,000. SBA Export Express offers speedy approval on financing up to $500,000 for exporters who are looking for short-term working capital. CNB has a dedicated SBA department that assists small businesses in a wide range of sectors, from manufacturers, distributors and retailers to physicians, veterinarians and other service providers. “We also do selective financing of franchises,” Adrover said. “When an entrepreneur is ready to sell, we can also provide financing to the new owner.”
Expanding business banking has been an integral part of City National Bank’s success during the last three years, according to Adrover, who added, “Today, CNB’s Business Banking division serves the needs of businesses up to $20 million in revenue and the bank’s Corporate Banking division caters to firms with revenues over $20 million, giving CNB the ability to serve any size business in Florida.”