HOUSTON & FORT LEE, N.J.--(BUSINESS WIRE)--Jan 18, 2021--
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Unity National Bank of Houston, N.A. (“Unity”) the only African American owned banking institution in Texas and one of only two African American owned banking institutions with a national bank charter, has been authorized by the Small Business Administration (SBA) as a designated lender in the next round of the Paycheck Protection Program (“PPP Second Draw Program”). The SBA Paycheck Protect Program began April 3, 2020. On December 27, 2020, Congress extended the program to March 31, 2021, to ameliorate the financial burden put on small businesses due to the COVID-19 pandemic.
A key element to success in business is securing financing so that the business is properly capitalized. In this webinar presented by SCORE Mentor and owner of Business Finance Depot, Paul Bosley will provide a road map for preparing a financing application and will review various financing products available in today’s market. Financing Your Small Business or Start-Up; SBA Resource Guide for Small Business - Houston; Houston Association of Government Guaranteed Lenders (List of financial institutions that accept SBA loan guarantees) SBA Loan Programs and SBA Lender Match; What information do most banks ask for when you: Start a new business; Buy an existing business.
“During round one of the SBA Paycheck Protection Program, Unity Bank served nearly 500 small businesses and saved about 4,000 jobs. Our new partnership with Cross River will enable us to utilize technology to expand our reach and serve even more small businesses in need,” said Laurie Vignaud, Unity National Bank’s President & CEO.
Just as it did during the first distribution, Unity is once again ready to provide a lifeline to minority-owned and small business owners financially impacted by the COVID-19 pandemic. During the initial round of the SBA Paycheck Protection Program, Unity served nearly 500 small businesses and saved about 4,000 jobs. Now, Unity has partnered with Cross River Bank (“Cross River”) to reach even more small businesses in the PPP Second Draw Program. Utilizing its streamlined technology and comprehensive lending platform, Cross River originated nearly 200,000 PPP loans during the initial round of the SBA Paycheck Protection Program, saving close to 1 million jobs.
“We are celebrating the life and legacy of Dr. Martin Luther King Jr. by announcing this historic partnership with Unity National Bank, to help increase access to the Paycheck Protection Program,” said Phil Goldfeder, SVP Public Affairs at Cross River. “Our average loan size of $33,000 during the first round of PPP was the absolute lowest among leading lenders and demonstrated our desire to help the smallest businesses across the country, and with this round we hope to do even more.”
Cross River combines the trust and reliability of a bank with the cutting-edge innovation of a technology company. Unity’s partnership with Cross River offers small businesses the banking and technology services necessary to procure loans quickly and efficiently under the PPP Second Draw Program.
As an additional response to the COVID-19 pandemic, Unity and Cross River will also partner to provide virtual financial literacy programming around COVID-19 relief and recovery.
For more information and to apply, please visit: www.crossriversba.com/unitynationalbank
About Unity National Bank
Unity, originally founded in 1963 and later chartered in 1985, is the only African American owned banking institution in Texas and only one of two African American owned banks with a national license. Banks like Unity popped up across the nation during the 1960s civil rights movement. Unity’s leadership remains committed to the vision of providing banking services to historically underserved businesses and individuals and developing the bank into a dynamic banking franchise, serving a diverse customer base.
About Cross River
Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise of a bank. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210118005324/en/
CONTACT: Unity National Bank
Sherifat Lawal Price
SBAPPP@unitybanktexas.com
Phone: 281.835.2419Cross River
Eden Hoffman
ehoffman@crossriver.com
Phone: 201.808.7000 x538
KEYWORD: UNITED STATES NORTH AMERICA TEXAS NEW JERSEY
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Unity National Bank and Cross River
Copyright Business Wire 2021.
PUB: 01/18/2021 08:34 AM/DISC: 01/18/2021 08:35 AM
http://www.businesswire.com/news/home/20210118005324/en
Houston Small Business Loans: Getting Approval For Funding
Houston small business loans help local entrepreneurs get starting and growth capital. While the process can seem daunting, especially for new business owners, there are a few things entrepreneurs can do to increase the chances of approval, and expedite the loan process.
Houston Small Business Loans Require A Plan
Securing small business loans is like asking someone to believe in you and your abilities. Lenders want to see that you have a plan beyond the ideas in your head. Remember, most local banks and other traditional lending channels view Houston small business loans as a risk. To reduce that risk, you need a thorough business plan. There are a number of free resources online to find templates for business plans. By including sections for forecasts, financial requirements, targeted audiences, and potential profitability, along with demonstrating an understanding of the market and your competition, lenders will be more likely to approve applications for Houston small business loans.
Clean Up Your Credit Report
Houston small business loans almost always require a credit check. Making sure your credit report is up to date and free of any red flags is of the utmost importance. At least a month before applying for a small business loan, Houston area business owners should acquire a detailed credit report and go through it line by line. Clear up any outstanding balances. Since credit agencies are very large entities, some entries fall through the cracks. Business owners may notice outstanding balances which were corrected a while back, but are still lingering due to a possible database error. Take care of these as soon as possible. Because credit reports take a few weeks to reflect any changes or zeroed-out balances, it is important to take care of your credit report well in advance of seeking out Houston small business loans.
Houston Small Business For Sale
Choosing The Right Lender For Houston Small Business Loans
There are two things Houston area entrepreneurs should know before applying for small business loans. The first is that the Small Business Administration (SBA) is not a lending institution. The SBA simply creates the guidelines for small business loans. When applying for Houston small business loans, look for lenders who are recognized as “Preferred Financial Services” companies. Lenders with this title have the ability to sidestep the red tape of banks and other lending institutions, and fast track loans requests. What’s more, they can also get the best terms and rates in Houston, TX.
Houston Small Business Financing Guide Companies
At Capital Addition Finance, we offer a wide range of funding programs and small business loans designed for Houston area business owners. As a Preferred Financial Services company, we will expedite your requests to ensure you get the funding you need, when you need it. Contact our offices today at 281-969-8712 to get started.
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