COSTA MESA, Calif., Jan. 27, 2016 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today 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."
For business owners interested in applying for a small business loan, please visit the Small Business Lending section of the Pacific Mercantile Bank website and contact the closest commercial branch.
About Pacific Mercantile Bank
Pacific Mercantile Bank opened for business March 1, 1999. The Bank, which is FDIC insured and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business owners and business professionals through its combination of traditional banking offices and comprehensive, sophisticated electronic banking services.
The Bank, headquartered in Orange County, operates a total of nine offices in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties. In addition, the Bank offers comprehensive online banking services accessible at www.pmbank.com. Pacific Mercantile Bancorp (NASDAQ:PMBC) is the parent holding company of Pacific Mercantile Bank.
This news release contains statements regarding our expectations, beliefs and views about our plans to continue to build our loan portfolio and supporting systems and processes. These statements, which constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, can be identified by the fact that they do not relate strictly to historical or current facts. Often, they include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are subject to numerous risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond our control. These risks and uncertainties include, but are not limited to, the following: the impact of interest rates and other external economic factors and competition among financial services providers. We undertake no obligation (and expressly disclaim any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the factors set forth under the headings "Risk Factors" in our most recent Form 10-K and 10-Q reports and to our most recent Form 8-K reports, which are available online at www.sec.gov. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition.
Contact: Kittridge Chamberlain EVP & Head of Relationship Banking 714-438-2500