City National Bank Business Loan Review

(June 2024)

City National Bank Business Loan Review

In This Article

Our Verdict

Are you looking for the best bank for your family? Check out City National Bank – a financial institution that offers better rates than the competing bank, sounds good, right? However, CNB fees can be high, but if you love to work with a community bank, then you are likely to enjoy your experience with City National Bank.

Although, CNB is in several places across the country, notice that there are not many branches like some larger financial institutions like Chase. However, compared to some of the best available options, City National Bank’s offerings simply aren’t that great.

Find relevant information here:

555 South Flower Street

Los Angeles, CA 90071

United States of America

Phone number: 800-773-7100

https: www.cnb.com

Pros

  • Suitable for small to large business.
  • Provides long-term financing options.
  • Offers wide range of banking process
  • Offers Little extra fees.

Cons

  • Charges low interest
  • Requires excellent credit score
  • Offers limited physical branch access.
  • Do not offer pre-approval with soft credit pull.

Who This Product Is Best For

Who This Product Is Best For

Choose City National Bank for your business transaction if

  • You run a business of large cash deposits and moderate transaction volume: do you know that with your elite checking plus business account you can have high combined free transaction and free cash deposits up to $25000.
  • You want reward on credit card spending: earn 1 point for every $1 you spend at City National Bank’s commercial credit cards.
  • You need access to affordable business savings products: understand that City National Bank offers the Business Builder Elite Package, which allows you to bundle a customized package of personal and business checking, savings, or money market accounts with no monthly fees and extra treasury and credit and lending benefits.

Who This Product Isn't Right For

  • You have a low monthly transaction volume: with the lowest tier account, get a steep fee of $22 and a minimum requirement of$7,500 to waive the account. Although Trust offers 50 fee-free transactions per month.
  • Your business area is outside City National Bank’s service area: don’t consider City National Bank if your business is not located within the bank area.
  • You send wire transfers regularly: if you send wire transfers daily, you may not enjoy City National Bank because the wire transfer fee can be as high as $60. Choose Mercury, if you want fee-free domestic and international wire transfers. Read more on Mercury Business Checking Review.

What This Product Offers

  • Line of Credit

Get the fund you need anytime to make business purchases like inventory, support cash flow, make supplies, or operating expenses. The truth is that you can pay your line of credit anytime without any early replacement fees.

  • Inventory Loan

Consider taking this loan if you find a new product that is a hit or a deal you need to take advantage of.

  • Real Estate and Improvement Loan

Use CNB real estate loan if you thinking of getting more land to grow your business. Know that the city national bank can help you get a loan that fits your business need.

Product Details

  • Business Line of Credit

Access your revolving business line of credit for your short-term capital needs with City National Bank. You can borrow between $250,000 to $1 million line of credit. Don’t forget that you are to renew annually with a payment of monthly interest.

  • Inventory Loan

Consider this product when you want to change your stock. Pay attention to an inventory loan if you don’t want to lose out on sales and your customers. Keep in mind that an inventory loan allows you to get some money based on the value of the business inventory, which you can get immediately. You can borrow up to $300,000 with a fixed interest rate and monthly repayment terms.

  • Real Estate and Improvement Loan

Consider various home purchase loans available with CNB. Apply online and get pre-qualified with a mortgage loan officer. You can get a loan amount of $100,000 to $ 1 million, the loan comes with monthly repayment terms.

Where This Product Stands Out

  • Offers Mobile Deposit: deposit your check through CNB mobile banking app. Apply directly from your smartphone and press the “deposit” button. The cool thing is that you can get your approval or denial as the case may be within 1 business working day.
  • Grows Your Small Checking Business: consider CNB, If you want to manage and grow your business finance. Stay away from monthly service charges if you have any of these two – positive pay, mobile checking deposit, or merchant processing.

Where This Product Falls Short

  • Limited branch: if you don’t live in California, Florida, Ohio etc, do not consider applying for this business loan. City National Bank gives business loans to those who live near their branches which creates a big disadvantage for people far away.
  • Strict qualification: keep in mind that, City National Bank has a rigorous process of business loan approval. If you don’t have a good credit score, don’t bother to apply for this loan.

How To Apply For This Product

Get the following to apply for a City National Bank business loan

  • Business name.
  • Address
  • Tax Identification Number
  • Date and state of formation
  • Annual Revenue
  • Business activities
  • Source of funds
  • Purpose of the accounts
  • Legal documents and identifying information for all individuals with over 25% ownership interest (beneficial owners)

(Bear in mind that the application process may vary based on the type of loan and location)

Alternatives to This Product

JPMorgan Chase

Consider Chase, which offers a variety of products for small-business owners, including credit cards and payment solutions. You can get a loan amount of about $5,000 with fixed and adjustable rates and repayment terms of one to seven years

Citibank

Choose Citibank for your business loan although there are fewer product on this platform. You can loan an amount of about $5000 to $5 million with fixed interest rates and terms that last up to seven years. However, you need a personal guarantee before you can apply for this loan.

U.S Bank

Get your business loan from a U.S. bank as you can have the privilege to qualify for some product even though you are less than a year in business. Access a loan term of up to $ 1 million with a fixed interest rate, also, you can get a lower loan of about $250,000 plus a quick application process. No wonder, this product is a good alternative for start-ups.

Customer Reviews

Check what customers are saying about City National Business loans online such as Trustpilot and Better Business Bureau (BBB). On Trustpilot, CNB has 2.4 stars out of 5 stars rating from 240 customers, likewise on BBB, CNB attracts 1.9 stars over 5 stars rating from 210 customers.

While few of the customers praised them, a larger percentage of the customers complain bitterly of poor service, and high bank charges. However, you can not completely rate the bank’s performance based on people’s opinions.

Methodology

We reviewed the CNB business loan based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience, and the application process. We rated PNC personal loans based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender.

Finally, we evaluated City Bank National Business Loan, customer support tools, borrower perks, and features that simplify the borrowing process—like online applications, prequalification options, and mobile apps.

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