The Importance of a Reliable Banking Partner for the Road Ahead
SBA Lending Division Head
As the owner of a small, minority-owned business, we realize that you may feel overlooked by banks. According to the Small Business Administration (SBA), minority-owned businesses are much less likely to apply for commercial loans than their white counterparts and are historically more likely to be turned down for financing.
Additionally, minority-owned businesses were hit harder by the COVID-19 pandemic and many were unable to get the help they needed. According to Forbes, just 12% of black and Latino business owners who applied for the first round of the Paycheck Protection Program received the funding they asked for. In these difficult times, you need a banking partner who sees your value and potential and is ready to willingly lend a helping hand.
At Valley Bank, we’ve placed an increased emphasis on supporting women- and minority-owned businesses that had been hit especially hard by the health crisis and the resulting economic downturn. Valley understands that your success is vital to the success of the communities in which we all live and is crucial to our nation’s economic development. We’re committed to the growth of minority-owned small businesses like yours and offering resources to support your success and innovation.
Let’s look at some of the ways we can help your business grow:
Our new Community Lending team is focused exclusively on serving the needs of minority-owned businesses with targeted outreach to black and Latinx businesses. We’re committed to helping underserved businesses like yours through development and innovation. We look at your growth potential rather than your current size in determining how we can help drive your long-term growth.
Valley’s Women in Business Program
For driven, motivated, hardworking, inspired and inspiring women in business, Valley’s program fosters connections between members by hosting social and educational events that provide opportunities for growth, learning and networking. Members also have access to exclusive perks like branch conference rooms and meeting spaces, discounts on safe deposit boxes, a Women in Business Checking account and more.
For your business, you have the option to take advantage of loans built for your needs. SBA 7(a) loans are commercial loans that are partially guaranteed by the Small Business Administration (SBA). The guarantee allows Valley to provide loans that might not fit conventional guidelines.
2020 was a year unlike any other. A global pandemic, economic turmoil, political division and social and racial injustice — all challenged us to come together as a society to confront these issues.
We’re proud of our ongoing relationship with the Tampa Bay Chamber’s Minority Business Accelerator program to support entrepreneurship efforts, workforce development, and economic inclusion, and continue to in our efforts to provide financial services, resources, and programs to help minority-owned businesses thrive.
Valley Bank in Florida is here to help. We can provide your company with the financial services and advice you need to ensure that your business recovers today and thrives tomorrow. To learn more, contact Chris Kneer at (813) 514 – 9340 or by email at [email protected].