BBVA USA has unveiled its second product geared toward environmental sustainability, announcing a rate discount on secured term loans for fuel-efficient commercial vehicles. The loan provides a 0.75% discount for commercial hybrid, electric, natural gas or fuel cell vehicles.
“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,” says Elizabeth Dobers, small- to medium-enterprises network executive at BBVA USA. “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% rate discount. Healthcare providers can receive an additional .15% rate discount. Commercial clients must apply by Dec. 31.
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 five-year strategic plan implemented in January. The loan allows small business owners to receive a discount of 1%, 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.
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