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Pacific Mercantile Bank Expands Small Business Lending Programs

January 29, 2016, 07:00 AM
Filed Under: Banking News

Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp announced that it is now participating in the California State Small Business Loan Guarantee Program (“SBLGP”), as part of the Bank’s efforts to expand the amount of credit available to small business owners in Southern California.  The SBLGP offers a guarantee of up to 80% for small business loans under $20 million, thereby providing broader access to financing for small businesses having difficulty obtaining credit.

Pacific Mercantile Bank has added the features of the SBLGP to its existing Business Advantage Program that offers:

  • Business lines of credit and loans for a range of purposes:
  • Revolving lines of credit to finance temporary or seasonal working capital
  • Term loans to provide permanent working capital or purchase or refinance fixed assets
  • Vehicle loans to purchase new cars or trucks used for business purposes
  • Business revolving lines of credit with terms of up to 12 months
  • Business term loans with terms of 36-60 months
  • Local decision-making by experienced bankers who will invest the time to understand your business and financial needs

“We are excited to partner with Pacific Mercantile Bank as a participating lender under the SBLGP in conjunction with the California Infrastructure & Economic Development Bank, assisting small businesses to obtain access to capital needed to grow their companies,” said Michael A. Ocasio, President and CEO of the Small Business Development Corporation of Orange County.  “There are many entrepreneurs and companies with solid business ideas and plans who have difficulty meeting traditional underwriting criteria.  Through the SBLGP and the participation of banks like Pacific Mercantile, we can expand the number of credit-worthy small businesses and stimulate job creation throughout the greater Orange County region.”

“We are very pleased to expand the resources we have available to support small business owners,” said Kittridge Chamberlain, EVP and Head of Relationship Banking for Pacific Mercantile Bank.  “It is extremely rewarding to see a small business flourish after getting the capital it needs to pursue its growth opportunities.  We look forward to helping more small business owners thrive and grow their companies in the years ahead.”

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