Bank of A. Levy to Make SBA-Backed Loans
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Ventura-based Bank of A. Levy has committed itself to making $5 million in federal Small Business Administration-backed loans in the next six months.
The bank, Ventura County’s largest, said in a statement that the program is aimed at helping the county’s small business operators, “who are experiencing one of their worst economic recessions in years.”
On SBA loans of more than $50,000, Levy will charge interest no higher than 2.75% above prime rate. The term can run as long as 25 years, lowering monthly payments, the bank said.
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