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.
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