Cathay Bank Expands Smart Relief Loan Program To The Nine States It Serves

LOS ANGELES, May 6, 2020 /PRNewswire/ -- Cathay Bank announced that its Smart Relief Loan Program is now available to small businesses located in the nine states it serves and increased funding to the loan program to $3 million from the original $2 million. This program offers low interest rate short-term loans to small businesses ranging from $5,000 to $10,000. The Smart Relief Loan Program was first launched on April 1^st to small businesses in the Los Angeles County, and later expanded to cover all of California within the bank's assessment areas. This program aims to help small businessowners affected by the COVID-19 pandemic.   

"Many small businesses are being hit especially hard through the shutdown and stay at home order," said Chang M. Liu, Cathay Bank President and Chief Operating Officer. "Our program has been well received since its launched. Through expanding the program coverage, will hope to aid more small business owners."

To be eligible for the Smart Relief Loan Program, small businesses must be located within Cathay Bank's assessment area in California, New York, Washington, Illinois, Texas, Maryland, Massachusetts, Nevada, and New Jersey, 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, businesses can submit an interest form at www.cathaybank.com, contact your nearest Cathay Bank branch, or call us at 1-800-922-8429.

To learn more about other business resources available at the state and federal level, visit https://www.uschamber.com/co/small-business-coronavirus.

About Cathay Bank

Cathay Bank, a subsidiary of Cathay General Bancorp 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.

SOURCE Cathay Bank