LOS ANGELES, June 1, 2015 (GLOBE NEWSWIRE) -- City National Bank announced today it has launched an initiative to provide up to $350 million in new small business loans to hundreds of minority-and women-owned small business suppliers of three of California's leading energy utilities — 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. In particular, the initiative is intended to help small and diverse businesses owned by women, minorities, service-disabled veterans, and lesbian, gay, bisexual and transgender (LGBT) persons seeking to establish strong banking relationships and needing financial support in order to fulfill their contractual opportunities with these utilities.
"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 (NYSE:CYN), 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.
About City National
City National Corporation has $32.7 billion in assets. The company's wholly owned subsidiary, City National Bank, provides banking, investment and trust services through 75 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. City National and its investment affiliates manage or administer $62.0 billion in client investment assets, including $48.4 billion under direct management.
For more information about City National, visit the company's Web site at cnb.com.