BBVA USA begins offering secured term loan discounts on fuel efficient commercial vehicles
- Product: Provides a .75 percent rate discount for commercial hybrid, electric, natural gas or fuel-cell vehicles.
- Momentum: Announcement comes on the heels of a BBVA USA environmentally-friendly commercial real estate product launch
- Big Picture: Recent products reflect the bank's second of six pillars that guide BBVA USA's strategic plan, which focuses on environmental and economic sustainability, among other issues
Oct 15, 2020, 11:00 ET
HOUSTON, Oct. 15, 2020 /PRNewswire/ -- BBVA USA has unveiled its second product geared towards environmental sustainability, announcing a rate discount on secured term loans for fuel-efficient commercial vehicles.
The loan provides a .75 percent rate discount for commercial hybrid, electric, natural gas or fuel-cell vehicles. The announcement comes on the heels of a BBVA USA commercial real estate product launch that focuses on sustainability, a key pillar of the bank's 5-year strategic plan.
"We're confidently moving forward on products that will both support our small business clients' financial health and help them contribute to securing an environmentally sustainable future," said BBVA USA Small- to Medium-Enterprises Network Executive Elizabeth Dobers. "These product launches are significant steps in the right direction for our small businesses and communities. I'm extremely proud of this tremendous start, and look forward to continuing to move down this path beyond 2020."
Commercial clients are eligible for the secured term loan rate discount when financing commercial vehicles through BBVA USA from a licensed auto dealer. Potential benefits also include competitive low fixed rates, and terms up to five years.
In addition, commercial clients who select auto debit payments with a BBVA Business Premium Checking account can receive an additional .25 percent rate discount. Healthcare providers can receive an additional .15 percent rate discount. Commercial clients must apply by December 31, 2020.
"We want to make environmental sustainability, and the steps toward that goal, convenient for our commercial clients and their overall operations," said BBVA USA Small Business Credit Products & Processes Manager Stan Demarest. "When we develop these products, we take into account not only environmental sustainability, but how we can make it easy for these businesses to save money in a time where every dollar counts. On BBVA's side, we want these products to continue to advance the bank's overall strategy and hit measurable business and sustainability targets for our overall bottom line."
In September, the bank launched a sustainability-focused commercial real estate loan for clients across its footprint, marking a milestone in the bank's new 5-year strategic plan implemented in January 2020. The loan allows small business owners to receive a discount of 1 percent, up to $10,000, of their loan amount toward closing costs if they buy or build an energy-efficient building, or renovate an existing building to improve its energy efficiency.
The recent products reflect the bank's second of six pillars that guide BBVA USA's strategic plan, which is a focus on economic and environmental sustainability. In February 2018, BBVA announced its global strategy around climate change and sustainable development, Pledge 2025, where the bank plans to mobilize €100 billion in green finance, sustainable infrastructures, social entrepreneurship and financial inclusion through 2025.
In June, BBVA Group announced that it had secured €40 billion in sustainable finance, reaching 40 percent of its sustainable finance target for Pledge 2025 just two and a half years after its launch.
*All loans are subject to approval, including credit approval. ©2020 BBVA USA Bancshares, Inc. BBVA and BBVA Compass are trade names of BBVA USA, a member of the BBVA Group. BBVA USA, Member FDIC.
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For more financial information about BBVA in the U.S., visit bbvausa.investorroom.com.
BBVA (NYSE: BBVA) is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, and has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey's Garanti BBVA. BBVA's purpose is to bring the age of opportunities to customers by providing the best solutions and helping them make the best financial decisions through an easy and convenient experience. The institution's responsible banking model aspires to achieve a more inclusive and sustainable society. BBVA rests on three solid values: customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.
In the U.S., BBVA is a Sunbelt-based financial institution that operates 641 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 14th nationally in terms of dollar volume of SBA loans originated in fiscal year 2019.
SOURCE BBVA USA
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