In its latest effort to win over budding entrepreneurs, East West Bancorp in San Marino, Calif., will offer a series of live online video seminars on services available for small businesses.
The $2.4 billion-asset companys Web site will host a seminar Jan. 16 in which East Bank experts will discuss Small Business Administration loans and cash management. Outside consultants will talk about opportunities in electronic commerce and review business-to-business Web sites.
The seminar will be broadcast in Chinese, to cater to East Wests niche market in California, as well as in English. Participants will have to enter a name and telephone number.
The seminars will outline how East Wests SBA lending program and cash management services could benefit emerging companies, and viewers will be able to e-mail questions to the speakers after the seminar concludes.
The company has introduced a string of Internet services to attract business customers. East West says it was one of the first companies to offer online banking, and in August it became the first domestic bank to offer Web banking in Chinese. Its Web site offers cash management services, and last month the company began producing online letters of credit for international trade customers.
Dominic Ng, chairman and chief executive officer of East West, said it is launching online products as fast as it can to satisfy its customers growing appetite for anything related to the Internet.
Our customer base is very much interested in high-tech, he said. More than 11% of our checking account customers have signed up for online banking, and well continue to have innovative online products to market.
The SBA seminar will target start-ups, Mr. Ng said. East West has flooded the regions local business press with announcements of the pending seminars, in the hopes of attracting potential business customers.
There are so many small businesses in California, and every day there is a new player trying to learn about programs that may be available to help them, Mr. Ng said.
SBA loans make up just a tiny fraction of East Wests $1.8 billion loan portfolio. The company says it hopes the seminar will help it make about $10 million to $20 million of SBA loans this year.
East West also says it hopes to increase its cash management services. The company currently manages about $200 million of deposits from business customers.
The company will be able to reach the viewers, even if they do not ask for follow-up information, Mr. Ng said. They need to register to view the seminar online that way we can later call them to sell our services.
A second round of seminars, scheduled for late April or early May, will feature East Wests international trade finance staff. One seminar will offer importing and exporting advice for start-ups, and another will offer advanced troubleshooting for more experienced companies.
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