Growth Corp is proud to be a 504 partner with local community banks. Here are just some of the many ways community banks are the cornerstone of their community:
- They are locally owned and operated.
- They constitute 96.8% of all banks.
- Community banks are the primary source of lending for small businesses and farms. Even though they compose just 10% of the banking industry by assets, community banks with less than $1 billion in assets made 37.5% of outstanding bank loans to small businesses.
- They reinvest deposits almost exclusively within their local communities. Nearly 95% of the bank’s investment is put back in your community through residential mortgages, small business loans, agricultural and student loans.
- They are led by local people — and your neighbors, family, and friends may be employed by local community banks.
- Because they are themselves small businesses, they understand the needs of small-business owners.
- Their board of directors are made up of local citizens who want to advance the interests of the towns and cities where they live and where their banks do business.
- Community banks offer a wide range of banking services and products designed to meet the needs of consumers and businesses.
Celebrating Community Banks
Community banks play a strong role in building stronger communities through the quality products and services they provide – all with the relationship banking experience that customers can expect from a local financial institution.
Community banks are an integral part of Main Street because they reinvest local dollars back into the community and help create local jobs. Their relationship banking philosophy is ingrained in the way they conduct business, one loan—one customer—at a time. Local reinvestment helps small businesses grow and helps families finance major purchases and build financial security.
Growth Corp is a Partner to Community Banks
We know the focus of community banks is supporting the community and entrepreneurial sector. And so is ours! The 504 Loan Program is a partnership with community banks that offers many benefits:
- Banks reduces their risk to 50%
- Banks gets first lien position on a 504 loan structure
- When clients are struggling with pending balloons, Growth Corp’s 504 offers refinancing options
- Banks can offer their clients a low, fixed rate product with a long loan term
- SBA lending helps Banks fulfill CRA, Rural and Public Policy goals
Remember, SBA 504 Loans are offered in conjunction with local banks…not in competition with them.
Contact Growth Corp to learn more about the 504 Loan Program. We are a mission-based Certified Development Company with over 30 years of experience in partnering with banks of all sizes in helping businesses access the capital they need to grow.