LAS VEGAS, March 15, 2007 (PRIME NEWSWIRE) -- Business Bank of Nevada, a wholly-owned subsidiary of City National Corporation (NYSE:CYN), today announced that it has further enhanced its Accelerated Loan product to allow business owners to use the equity in their primary residence as collateral for business loans up to $250,000. The Bank today also announced that it has further streamlined this credit score product for small business loans to include quicker property valuations and title insurance on primary residences taken as collateral.
The Bank developed its Accelerated Loan product approximately four years ago for small businesses that needed to access smaller amounts of capital in a relatively short period of time. The rollout of the Accelerated Loan also featured a streamlined application process, limited financial data such as one year's financial statements and debt schedule or two year's worth of tax returns, and rapid loan decisions and funding.
"Small business owners typically face a number of challenges in the first few years of operation because they can't generate enough cash flow to access the necessary capital to grow and expand their business," said Mark Phillips, executive vice president and chief credit officer of Business Bank. "The appreciation of home values in our market over the last several years provided us with a great way to help small business owners secure the capital they need by using the equity in their home to fund their business needs."
Phillips added that with increased demand for the Accelerated Loan product, the Bank was able to increase the maximum loan amount for this product from its original level of $150,000 to the current amount of $250,000. "Since introducing this product several years ago, we've seen a dramatic increase in the average size of small business loan requests both at our bank and throughout the state."
The Bank recently launched a major media advertising campaign to promote the enhanced features of its Accelerated Loan product for small businesses. The Bank is utilizing primarily print and radio ads to generate awareness about this small business loan product. The Bank also developed an array of merchandizing material for its branches to promote and educate its existing clients about the enhanced features of this product. (For an image related to this story, go to http://www.bbnv.com/bbael.php )
"We've always marketed ourselves as the bank for small and medium size businesses, and the Accelerated Loan product reaffirms that commitment we've had ever since the bank opened its doors more than 11 years ago," Phillips said. "The enhancements to this and other bank products and services demonstrate our ability to be flexible and responsive to the needs of our clients as well as market conditions."
Business Bank offers a full array of Commercial Loan Products such as Construction, Land and Real Estate Development, Business Equipment and Machinery, Insurance Premium Financing, Tenant Improvement, SBA 504 Loans, Unsecured Small Business Loans, and much more. The Bank offers a variety of Consumer Loans such as Auto, RVs, Boat/Trailer, Home Equity Credit Lines (HECL), and more.
About Business Bank and City National
Business Bank has seven branch offices in Nevada, with three in Las Vegas, one in North Las Vegas, one in Reno, one in Carson City and one in Minden. City National Corporation is a financial services company with more than $15 billion in total assets. Its wholly owned subsidiary, City National Bank, is California's Premier Private and Business Bank(r). On a combined basis, City National now provides banking, investment and trust services through 61 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City.
The Business Bank of Nevada logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3462
City National and its nine investment affiliates manage or administer more than $48 billion in client assets, including $27.9 billion under direct management.
For more information about Business Bank and City National, visit the company's websites at www.bbnv.com and www.cnb.com