Release Date: July 8, 2009
Contact: Melende Ward, (559) 487-5791
Release Number: 09-11
Internet Address: http://www.sba.gov/news
Suncrest Bank Steps Up to Help Small Businesses in the Central San Joaquin Valley
Fresno – The U. S. Small Business Administration (SBA) has approved Suncrest Bank, headquartered in Visalia, California to make government backed SBA business loans. Suncrest Bank recently applied to the SBA and was approved to become a participant in the SBA's 7(a) Loan Guaranty Program.
Fresno District Director Carlos G. Mendoza said, "Cash flow is the life blood of all small businesses and a company’s ability to obtain business loans is paramount to the success in overcoming the credit crisis facing the nation. This approval comes at a time when small businesses and entrepreneurs are facing challenges in obtaining business loans. The approval of Suncrest Bank to be a lending partner with SBA programs will help the Fresno County community.”
A major concern today for small business owners is access to capital and credit. As a SBA resource lending partner, Suncrest Bank will be participating in SBA's 7(a) Loan Guaranty Program which provides several different financing options to small businesses. Loans made under the SBA 7(a) program include longer loan terms and lower interest rates than conventional loans along with broad eligibility and credit criteria to accommodate a wide range of financing needs. Small businesses may use SBA loan proceeds to expand or remodel a business, purchase machinery and equipment, working capital, finance seasonal lines of credit, construct commercial buildings and/or purchase land or buildings.
Mike Wilson, President of Suncrest Bank said, "As a relatively new bank located in the Central Valley we are excited about participating in the SBA 7(a) Loan Guaranty Program. SBA lending is a large part of our small business focus and as a Community Bank we believe it is an excellent program to extend the Bank’s reach to more small business owners and borrowers."
Mendoza said, "SBA business loan programs are a win-win situation for the participating lender, the small business concern and the local community. SBA loans reduce the risk that lenders take on financing loans by guaranteeing major portions of the loan amount which in turn allows the business to borrow capital. SBA loans enable lenders to provide financing to small businesses when funding may otherwise be unavailable on reasonable terms.”
The presentation of the participation certificate will be held at Suncrest Bank during a board meeting in Visalia, California on July 15, 2009. For additional information please contact Melende Ward, Fresno SBA Office (559) 487-5791.