In the nation, Butte Community Bank had the fourth largest number of
guaranteed loans and the fifth largest dollar amount. Administrative Vice
President
Butte Community Bank participated in the B&I Guaranteed Loan program through USDA Rural Development which guarantees up to 80% of the loan made by a commercial lender for qualified businesses in eligible rural areas. The primary purpose of the B&I program is to stimulate the local economy, create additional employment, attract additional commercial investment capital and support potential growth in tax revenue, which will improve the quality of life for rural residents.
The B&I program is a useful tool to Butte Community Bank because it expands their lending capabilities to include a wider range of rural business projects. Loan proceeds may be used for working capital, equipment, buildings, real estate and certain types of debt financing. All rural areas are eligible, excluding cities of more than 50,000 population and their adjacent urbanized areas.
In addition to being a top Business and Industry Lender, Butte Community Bank is also certified by the Small Business Administration as a Preferred Lender, which means they have the authority to underwrite and approve SBA loans locally.
About Community Valley Bancorp
Community Valley Bancorp (Nasdaq: CVLL) is the parent company of Butte
Community Bank, a progressive
Founded in 1990, Butte Community Bank is
For more information visit: http://www.communityvalleybancorp.com
Forward Looking Statement Disclosure
This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Community Valley Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements describe the Company's expectations regarding future events and developments and are subject to risks and uncertainties and include information about possible or assumed future results of operations. Many possible events or factors could affect the Company's future financial results and performance. This could cause results of performance to differ materially from those expressed in the Company's forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. All forward-looking statements are representative only on the date hereof.
SOURCE Community Valley Bancorp