June 3, 2015
By Bob Coleman
Editor, C-Suite Small Biz Lending Challenges Report
Houston-based Integrity Bank has reduced the down payment required for SBA loans under $150,000 from 30 to 20 percent for qualified borrowers. The bank also will loan the borrower 25 percent toward the required down payment, not to exceed $7,500. Repayment of this loan is deferred for two years to help borrowers get their businesses started.
“This program is about working to lower one of the barriers preventing minorities, women and veterans from opening or expanding a business,” says Jerry Tarnopol, SBA manager and senior vice president of Integrity Bank. “They’re simply not getting their share of SBA loans.”
“If recent events have taught us anything, a strong urban center makes for a strong city,” Tarnopol adds. “Sometimes a smaller amount of working capital is all that is needed to start or expand a business.”