Up to 50 percent of SBA loan fees to be covered by City National Bank

Facing a 70-percent drop in U.S. Small Business Administration loans since federal funding ended, City National Bank will pay for half of the SBA fees for LLC loans.

The American Recovery and Reinvestment Act of 2009 made federal financing available in an effort to stimulate economic recovery and provide capital for small businesses. But the program expired in May, and entrepreneurs are in need of financing.

In an effort to do its part to help the economic recovery, City National Bank is offering to pay 50 percent of SBA loan fees (up to $3,000) for new loan applications received by September 10 and funded before the end of the year.

Jim Wullschleger, the business banking manager at City National, said the bank has a reputation for supporting entrepreneurs.

“Small businesses remain hamstrung in their efforts to invest in and grow their businesses,” Wullschleger said. “And that comes at a time when small businesses – typically a key employment driver – have a vital role to play in our economic recovery.”

When Congress returns to session in September, it will consider a new small business and jobs bill that is supported by President Barack Obama.ADNFCR-3052-ID-19927565-ADNFCR

Melissa Clark
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Melissa Clark

Head of Content & Customer Marketing at Incfile
Melissa sets the vision for Incfile's content marketing and customer relationship management. Melissa has more than 10 years experience in various marketing roles, and a passion for supporting small businesses as they incorporate and grow. She loves sharing information that will help business owners maximize their LLCs, Corporations and Nonprofits. In her spare time, Melissa is an active member of The Junior League and enjoys running half marathons.
Melissa Clark
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