City National Bank has launched an initiative to provide up to $350m in new small business loans to hundreds of minority-and women-owned small business suppliers of three of California's leading energy utilities.
The utilities are Southern California Gas Co. (SoCalGas), Southern California Edison (SCE) and San Diego Gas & Electric (SDG&E).
As part of this joint supplier diversity and lending initiative, City National will make small business loans to seasoned and qualified utility suppliers that meet the bank’s criteria.
The bank and all three utility companies are to provide educational services, including workshops that will inform utility suppliers about financial services and business banking products.
"We’re very pleased to be creating this innovative initiative, teaming up with SoCalGas, Edison and SDG&E," said City National Chairman and CEO Russell Goldsmith. "All of these companies share with City National a deep commitment to supporting Southern California’s emerging entrepreneurs.
This partnership is a great example of the determination and creativity that together we can bring to responsibly support effective minority-and women-owned small businesses and to help them solidify their finances, develop strong banking relationships and provide vital help to grow their businesses on the way up."
City National Bank is the wholly-owned subsidiary of City National Corporation, which recently announced an $11 billion, five-year commitment for community lending, investment, charitable contributions, supplier diversity and more. City National’s joint initiative with Southern California’s leading energy utilities is an important step forward in the bank’s aggressive pursuit to fulfill both this landmark commitment and maximize its positive impact for the community.
Over the term of its $11 billion community commitment, City National’s goal is to achieve the following:
* $4.2 billion in small business loans of $1 million or less;
* $4.4 billion in qualified CRA community development loans;
* $1.6 billion in qualified CRA investments;
* $700 million in residential mortgage loans funded for minority borrowers;
* More than $80 million in supplier expenditures with minority- and women-owned businesses; and
* $30 million in charitable contributions.