Hibernia Provides 'Rebuild Your Business' Flexible Line of Credit

NEW ORLEANS--Hibernia National Bank (NYSE:HIB) today announced another product designed to help companies rebuild their businesses following hurricanes Katrina and Rita.

The "Rebuild Your Business" equipment line of credit features 100 percent financing and flexible, deferred payments to allow businesses to quickly lease needed office equipment, computers, furniture, telephone systems, restaurant equipment, tractors, trailers and more.

Chris Bucher, Senior Vice President and Equipment Finance manager, said the equipment line of credit will be structured with no down payment, immediate funding and deferred payments until 2006. It will offer long-term financing that corresponds to the useful life of the equipment.

"We recognize the challenges many businesses in Louisiana and Southeast Texas face in getting their companies up and running," Bucher said. "These equipment leases are designed to help supply the equipment needed to rebuild their companies so small businesses can quickly return to serving the needs of their customers."

Bucher said Hibernia will work with customers to structure a payment plan that matches their cash flow.

Hibernia earlier announced two unsecured line-of-credit products that provide short-term cash until business owners receive expected funding from the Small Business Administration or an insurance settlement. They also feature minimal documentation and quick funding turnaround. Bucher said the first payment on these lines of credit will not be due for 60 days to further assist businesses in getting back on their financial feet.

Small businesses that currently do not bank with Hibernia are welcome to apply for these equipment leases as well, he added. To apply, small-business owners can visit any Hibernia branch office or call Hibernia Small-Business Leasing at 1-800-871-6125.

Hibernia is on Forbes magazine's list of the world's 2,000 largest companies and Fortune magazine's list of America's top 1,000 companies according to annual revenue. Hibernia has $22.1 billion in assets and 321 locations in 34 Louisiana parishes and 36 Texas counties. Hibernia Corporation's common stock (HIB) is listed on the New York Stock Exchange.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.