LOS ANGELES, April 1, 2020 /PRNewswire/ -- Cathay Bank today
announced that it has launched a Smart Relief Loan Program to help
small business owners affected by the COVID-19 pandemic. This
$2 million loan program offers a low
interest rate short term loan ranging from $5,000 to $10,000
and is initially being offered to small businesses located in Los
Angeles County.
"This is an unprecedented time for all of us, and we know many
small businesses are being hit especially hard by the stay at home
order," said Chang M. Liu, Cathay
Bank President and COO. "We want to do our part to help our
community through this challenging time and hope they will thrive
when this is over. We encourage our communities and peers to join
our efforts in helping this important business segment during this
trying time."
To be eligible for the Smart Relief Loan Program, small
businesses must be located within Cathay Bank's assessment area in
Los Angeles County, must be in
business for at least one year, and have an annual revenue not
exceeding $1 million. Those that
qualify will receive an 18-month term loan with a 0% interest rate
for the first six-month period with no payment due, followed by a
2% interest rate with full amortization of the fixed principal and
interest due monthly for the remainder of the term. Application fee
for Smart Relief Loan Program will be waived as well.
To apply for a Smart Relief Loan, please email our Business
Banking Group via BusinessBankingGroup@cathaybank.com, contact your
nearest Cathay Bank branch, or call us at 1-800-922-8429.
For other business resources available at the state and federal
level, visit
https://www.uschamber.com/co/small-business-coronavirus or
https://www.sba.gov/offices/disaster/dfocw/resources/1658272 to
learn more.
Member
FDIC
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Equal Housing
Lender
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About Cathay Bank
Cathay Bank, a subsidiary of Cathay General Bancorp (Nasdaq: CATY),
offers a wide range of financial services through nine states in
the U.S. as well as a branch in Hong
Kong and representative offices in Beijing, Shanghai, and Taipei. Founded in 1962 to support
Los Angeles' growing Chinese
American community, in the past half century the bank has expanded
and grown with its customers, providing them with the tools and
services they need to achieve their goals. Learn more
at cathaybank.com. FDIC insurance coverage is limited to
deposit accounts at Cathay Bank's U.S. domestic branch
locations.
Contact:
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Chris Lu
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(626)
279-3837
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SOURCE Cathay Bank