HomeStreet Bank today announced that it will extend its small business loan program for veterans and their spouses, waiving costly fees and making business ownership more affordable for them and their families.
The Small Business Administration (SBA) had paid 50 percent of associated fees for SBA Veterans Advantage program borrowers and their spouses, and HomeStreet had been covering the other half for their customers since 2016 through a program that ended this fall. Even though the SBA program ended, in honor of Veterans Day, HomeStreet will continue covering fees through June 2018 for loans up to $5 million, saving veteran-owned businesses up to $69,000 on SBA loans.
For many veterans and their spouses, these savings are significant. Funds can be used to start, buy or expand a business through the purchase of equipment, buildings, inventory and other purposes.
“Starting a business comes with plenty of challenges. If you’ve served our country, securing an affordable loan shouldn’t be one of them,” said Mark Mason, president and CEO of HomeStreet Bank. “We’ve seen veterans launch successful businesses because of our program. By extending it, we hope to give back even more to those who have served our country.”
In order to qualify for SBA guarantee loans, a business must be 51 percent owned by a veteran, active-duty military service member participating in the military's Transition Assistance Program (TAP), reservists and National Guard members, the current spouse of the above or the spouse of a service member who has died while in service. For more information on how to get involved in this program, contact Scott Harvey, Scott.Harvey@homestreet.com.
HomeStreet is an Equal Housing Lender and makes mortgage loans without regard to race, color, religion, national origin, sex, handicap or familial status. Member FDIC. For more information about HomeStreet Bank, please visit www.homestreet.com.
About HomeStreet, Inc.
Now in its 97th year, HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington and is the holding company for HomeStreet Bank, a state-chartered, FDIC-insured commercial bank. HomeStreet offers consumer, commercial and private banking services and investment and insurance products, and originates residential and commercial mortgages and construction loans for borrowers located in the Western United States and Hawaii. The bank has consistently received an “outstanding” rating under the federal Community Reinvestment Act (CRA). Additional information on HomeStreet Bank can be found at www.homestreet.com