Country Bank has announced that it is expanding its SBA lending footprint to include New York, New Jersey, Connecticut, Pennsylvania and Delaware. Country Bank will consider fixed- and floating-rate loan transactions secured by owner-occupied real estate in conjunction with the SBA 7(a) and SBA 504 lending programs within the five-state region. In addition, Country Bank will consider transactions that qualify for the USDA Business and Industry (B&I) lending program within these areas.
“Country Bank has always been active in SBA lending, ramping up significantly since 2009 when President Obama signed the American Recovery and Reinvestment Act (ARRA) that increased loan eligibility limits to $5 million for the SBA 7(a) and SBA 504 programs,” commented Tim Moffett, Vice President and head of Government Guaranteed Lending at Country Bank. “Furthermore, the SBA 504 refinance program enacted in February is providing low-cost refinancing capital for business owners, as the SBA portion of the 504 loan that features 20-year fixed rates is under 5% at this time.”
Country Bank will begin marketing to small business owners in these markets immediately,” commented Carolyn Murphy, Vice President of Marketing for Country Bank. “The bank has committed significant resources to growing its SBA production for 2012.”
Country Bank is a New York State chartered commercial bank with five offices in the New York City metropolitan area and $450 million in assets at December 31, 2010. The bank provides lending and deposit services to small businesses in the New York City metropolitan area.
ValueXpress will be assisting Country Bank in the processing of its SBA loans. “The model for successful community banks is service,” commented Michael D. Sneden, Executive Vice President of ValueXpress. “We have been assisting Country Bank and its clients for a number of years, and we will provide resources to ensure that Country Bank clients have a positive experience through the SBA process.”
