SEATTLE – October 20, 2014 – HomeStreet Bank announced today the launch of a Community Business Loan Program to benefit businesses within its retail branch footprint, including branches in the Western United States and Hawaii. Through the Community Business Loan Program, businesses can apply for loans up to $250,000. Larger loans are directed to the bank’s Commercial Business Loan Program.
“We’re excited to offer a hands-on, highly flexible loan program to help businesses solve challenges such as bridging a cash flow gap or expanding their business through the purchase of new equipment,” said Vice President Debbie Webber.
“Oftentimes small businesses are judged solely by their credit scores, which may not give a complete picture of the underlying value and potential of the business,” continued Webber. “We evaluate and underwrite each loan in-house. We pride ourselves in a very quick turnaround, since we understand that small businesses generally need to move quickly and can have significant fluctuations in their cash flows and other available resources.”
HomeStreet’s new Community Business Loan Program compliments the bank’s existing Commercial Business Loan Program and its Small Business Administration loan program. Last year, HomeStreet Bank received national Preferred Lender Program status from the U.S. Small Business Administration.
Now in its 94th year, Northwest-based HomeStreet Bank is a diversified financial services company, currently with 33 retail deposit branches and 61 lending centers in the Western United States and Hawaii. For more information on HomeStreet Bank’s commercial banking and lending services, visit www.homestreet.com/business.