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New Special Purpose Credit Programs (SPCPs) help entrepreneurs and potential homebuyers access capital
LOS ANGELES & NEW YORK, Jan. 11, 2023 (GLOBE NEWSWIRE) — City National Bank today announced the launch of a massive new lending initiative in underserved communities across the country.
City National has a strong history of supporting and financing small businesses, founded by a group of entrepreneurs who had no access to capital in 1950s Los Angeles. The bank was established with a focus on serving businesses, entrepreneurs and entrepreneurial people.
Today, City National is one of the nation’s top lenders of Small Business Administration (SBA) 504 loans. The bank also focused on SBA 7(a) loans in 2022.
In the coming months, City National will expand its product set and launch a Special Purpose Credit Program (SPCP) for both commercial and residential loans to underserved populations.
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City National offers a small business financing program aimed at helping underserved business owners run and grow their businesses.
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The program’s features are informed by a community engagement initiative conducted by City National to understand the needs of underserved business owners.
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It plans to launch first in the greater Los Angeles area, where the bank is headquartered, in 2023, and then expand the program to other communities it serves.
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Due to its focus on commercial business, mortgage lending has historically not been City National’s focus. However, the bank will be devoting more resources to this area in the future to serve the needs of a broader range of customers and communities in regions including California, Georgia, New York, Nevada, Tennessee and Washington DC.
City National CEO Kelly Coffey said: “We take our duty to ensure that all businesses and consumers have an equal opportunity to apply for and obtain credit very seriously. We believe we have a role to play in empowering entrepreneurs and expanding access to home ownership to help build wealth beyond.”
The initiative follows the bank’s announcement last fall of the launch of its new Community Lending team and the hiring of Vanessa Montañez to the newly created role of Community Lending National Sales Manager. The team focuses on strategies and programs such as community outreach and financial education to extend mortgages to historically underserved borrowers.
City National is focused on improving access to home ownership in all the communities it serves, averaging $20 million to $30 million annually in community development loans that directly support affordable housing. Offer dollars. Additionally, since 1996, City National has participated in the Affordable Housing Program (AHP). The bank sponsored over 100 successful applications, totaling $77.4 million. This has rebuilt or created more than 7,000 affordable homes within the community.
City National has helped build and maintain affordable rental housing for over 20 years through its investment in the LIHTC (Low Income Housing Tax Credit). Banks so far he has invested over $500 million and has impacted thousands of units.
The bank’s philanthropy and culture underscore these commitments. In 2022, City National will invest over $11 million in organizations focused on affordable housing, financial education, racial justice and economic development. Also last year, he renewed his $1 million three-year commitment to financial education for high school students in the Los Angeles Unified School District (LAUSD) in underserved communities.
Bankers are also passionate about helping their communities, having donated more than $1 million annually to charities through the Workplace Giving Campaign for the past 11 years. In 2022, colleagues donated more than her $1.7 million. A City National colleague also took the time to put her more than 23,000 hours into volunteering for fiscal year 2022.
About City National
With assets of $95.3 billion, City National Bank has locations in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Washington, DC and Miami*. In addition, the Company and its investment affiliates manage or administer $83.6 billion of client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of the world’s leading diversified financial services companies. RBC serves more than 17 million individual, corporate, public sector and institutional clients through offices in Canada, the United States and 27 other countries.
For more information on City National, please visit their website at cnb.com.
*City National Bank operates in Miami and Florida as CN Bank.
Media contact:
Debora Vrana, City National Bank
213-673-7631
Media@cnb.com
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