Financial institution of Commerce is recognized as a Preferred Lender by the U.S. Small Business Administration. We’re dedicated to being a premier provider of small business financing below the United States SBA loan programs, by recognizing the specific needs of the small businesses we serve and by offering greatest in school service. The IRS will withhold any tax refund expected by the previous business proprietor and apply the amount towards the loan stability.
The financial institution’s dedication to small business in the Central and South Texas region also includes its 2015 donation of $1 million to LiftFund, the nation’s largest nonprofit small business lender, to help in the growth of entrepreneurs and small businesses.
If a business with a Catastrophe Aid Loan defaults on the loan, and the business is closed, the SBA will pursue the business proprietor to liquidate all personal assets, to fulfill an impressive balance. Financial institution of Commerce companions with native Licensed Development Companies (CDC) who work with the SBA to supply small businesses with loans normally reserved just for bigger companies.
Most banks need annual fee for loans not more than two-thirds (2/3) of prior 12 months’s working profits. The workplace opened Monday contained in the San Antonio Central Library on Soledad Street. Additionally in 2016, the bank accomplished 198 7(a) program loans in the San Antonio-Austin area amounting to more than $39 million, awarding them the honor of Lender of the 12 months in the area.
The SBA’s capability to supply loans has additionally been considerably strengthened by the American Restoration and Reinvestment Act of 2009 and the Small Business Jobs Act of 2010. The group does not offer grants or direct loans, excluding catastrophe relief loans, but as a substitute guarantees against default items of business loans prolonged by banks and different official lenders that meet the agency’s tips.