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CITIBANK ANNOUNCES MAJOR CREDIT PUSH IN NEW YORK SMALL BUSINESS MARKET

 NEW YORK, June 21 /PRNewswire/ -- Citibank today announced that it is making $1 billion in loans available for New York metro area businesses. The money will be lent via a variety of products designed specifically for the small business and professional market at new rates as low as 1 percent over the prime lending rate. The program will be supported by a major advertising and sales campaign which begins the week of June 20.
 "We want business owners and professionals to know that Citibank is willing to put considerable resources behind its commitment to help small businesses grow," said Pamela P. Flaherty, executive in charge of Citibank's Eastern Branch Division. "We have the resources and expertise to create full financial relationships with small business -- and that, of course, must include credit."
 The $1 billion commitment is for 1993 lending to businesses with less than $20 million in sales and to professionals, such as physicians and attorneys. Loans will be made throughout the metropolitan area, including New York City, Long Island and Westchester, Rockland, and Orange counties. The money will be lent through standard small business products such as business credit lines, monthly payment business loans, Business Checking Plus, which is used for funds availability and overdraft protection, and customized loans for special purposes and industries. In addition, Citibank is a preferred lender with the U.S. Small Business Administration (SBA) guarantee program.
 The bank said that it is introducing new rates on many of the products it offers to its small business customers. Among these is the popular Business Ready Credit product, which offers a credit line of up to $99,000 to qualified businesses. For businesses which meet the bank's credit and deposit criteria, this product will now be available at rates as low as 1 percent over the prime lending rate.
 "We recognize that credit availability is one of the most important financial issues facing small business," said Kapo Kasanda, director of Community Business Banking at Citibank. "That's why we've embarked on this campaign -- to let small business know that we are serious about being their complete financial resource."
 The bank plans a major advertising campaign, themed "Citibank's Billion Dollar Loan For Small Business" to support the new offering and low rates. Newspaper ads will begin appearing the week of June 20 in the New York Times, The Wall Street Journal, and local papers throughout the metropolitan area; and 30-second radio sports will begin airing this summer.
 -0- 6/21/93
 /CONTACT: Susan Weeks of Citibank, 212-559-0580; Michael Sullivan of Ruder-Finn, 212-715-1513, for Citibank./
 (CCI)


CO: Citibank ST: New York IN: FIN SU:

LG-LR -- NY036 -- 3984 06/21/93 10:43 EDT
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Publication:PR Newswire
Date:Jun 21, 1993
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