CommerceWest Bank is helping small to mid-sized businesses obtain financing through Main Street Lending Program. The Bank is assisting clients and non-clients impacted by COVID-19 to determine if they meet the program’s requirements. Ivo Tjan, Chairman and CEO of CommerceWest Bank highly recommends reaching out to the Bank to explore this program, since it expires December 31, 2020.
It is prudent for you to have a Banking Partnership that is safe and secure. CommerceWest Bank is FDIC insured and operates with a Fortress Balance Sheet, Strong Liquidity and Strong Capital Ratios that are well above regulatory required levels. The Bank is simply built to last!
Email Ivo Tjan at itjan@cwbk.com to discuss further.
General Main Street Lending program requirements are as follows:
- Borrower must have been in operation prior to March 13, 2020
- Borrower must either have less than 15,000 employees or 2019 annual total revenues of $5 billion or less
- Borrower must be a US based company with the majority of employees based in the US.
- Borrower can only have one Main Street Loan
- Borrower cannot be a type of business listed in section 13 of the Code of Federal Regulations part 120.110 items (b) through (j) and (m) through (s)
- Loan amounts from $250,000 to $300,000,000
The following is needed to be considered for eligibility by the Bank:
- Proven ability to manage debt
- Reasonable leverage
- Evidence of thoughtful balance sheet management relative to competition
- Proven management team
Loan amounts can be up to 6 times 2019 EBITDA.
Experience “Bank on The Difference”