Glendale Federal Bank to Offer "Prime Plus Nothing" Loans to California Small Businesses.GLENDALE, Calif.--(BUSINESS WIRE)--June 2, 1998-- New loan to offer low introductory rate; Bank lets small firms know "we're here to do business" Glendale Federal Bank is again raising the stakes in the battle for California's small business customers with the announcement today that, beginning now and until July 31, 1998, it is offering a special loan program called "Prime Plus Nothing" with a low introductory rate equal to the "prime rate" variable lending benchmark rate. "This campaign underscores the seriousness of our commitment to lending to small businesses," said Glendale Federal Executive Vice President Terry Hess Hess , Walter Rudolf 1881-1973. Swiss physiologist. He shared a 1949 Nobel Prize for his research on the brain's control of the body. , director of Business Banking. "Our special offer is destined des·tine tr.v. des·tined, des·tin·ing, des·tines 1. To determine beforehand; preordain: a foolish scheme destined to fail; a film destined to become a classic. 2. to create an abundance Abundance See also Fertility. Amalthea’s horn horn of Zeus’s nurse-goat which became a cornucopia. [Gk. Myth.: Walsh Classical, 19] cornucopia conical receptacle which symbolizes abundance. [Rom. Myth. of interest among small business owners and managers looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a good financing deal." Hess noted that smaller firms typically have obtained loans at prime plus two to five percent, and sometimes higher. The bank will use the prime rate published daily in the WallStreet Journal, which was 8.5 percent on Friday, May 29, 1998. The introductory rate will apply until October 31, 1998, at which time loans made under the program will convert to Glendale Federal's standard rate of between prime plus one percent to prime plus three percent. To qualify for the "Prime Plus Nothing" introductory loan rate, applicants must first meet the bank's credit criteria. "Once a business has met our lending standards, it will end up with a loan that will be less costly, require a smaller payment and free-up funds for other business uses, including projects that can help a business grow," Hess said. The "Prime Plus Nothing" program is the next in a series of innovative products and services that have made Glendale Federal one of the most aggressive among the state's major banks in attracting small business customers. Currently, the bank has more than $711 million in commitments to California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). firms and is broadening the types of products and services offered to businesses. Glendale Federal has kicked off the program with a new series of "teaser teaser an animal used to sexually tease but not to impregnate the members of the opposite sex. Usually males and they may be surgically prepared to ensure that they cannot mate or are not fertile. " billboard ads now appearing along California's freeways and major thoroughfares. The ads are unique since, initially, they will not mention the bank's name, products or services, or take the usual humorous poke at Verb 1. poke at - to push against gently; "She nudged my elbow when she saw her friend enter the restaurant" nudge, prod jog - give a slight push to elbow - shove one's elbow into another person's ribs its major bank competitors. Instead, depending on where they appear, the billboards will carry only the following wording -- "You're good for nothing," "A big fat nothing," "Nothing is about to happen," or the Spanish language Spanish language, member of the Romance group of the Italic subfamily of the Indo-European family of languages (see Romance languages). The official language of Spain and 19 Latin American nations, Spanish is spoken as a first language by about 330 million persons take on a popular fast food commercial, "Yo quiero nothing." For more information or to apply, small business owners can call 1-800-41FEDUP FEDUP Federation of the Urban Poor (South Africa) . Glendale Federal Bank is California's leading community bank, serving the business and consumer banking needs of Californians through 192 banking offices and 26 loan offices. Customers can reach the bank by calling 1-800-41FEDUP, or get information through its Internet site at http://www.glendalefederal.com.
CONTACT: Glendale Federal Bank
Lisa Brown, 818/409-4180
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion