Focused Initially on Los Angeles County Small Businesses Affected by the Pandemic
LOS ANGELES- 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.
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.