LOS ANGELES -- City National Bank of Beverly Hills said it has committed $5 million to provide interim "bridge" financing to small-business owners in Los Angeles while they await disaster relief loans from the Small Business Administration.
The unit of City National Corp., a $4.5 billion-asset holding company, said owners of qualifying small businesses may each receive up to $200,000 in interim financing.
The loans will be made at the prime rate for six months, with the option of an additional six-month renewal period, the company said.
Waiving Many Fees
City National said it will waive all application and processing fees, except for third-party expenses.
The company said the program is part of a $150 million state of California loan guarantee allocation from the Special Account for Economic Uncertainties.
Other major California financial institutions have announced special lending programs in the wake of the recent racial disturbances.