Native, Native Hawaiian or other Pacific Islander, and/or Hispanic or Latino. The business must be located in Colorado, have been in business for at least two years, and Gross Annual Revenue is not to exceed $10 million. What types of loans are available? Our business bankers are experts in a variety of industries, and will sit down with business owners to discuss their individual needs, their market, and how to best capitalize on growth opportunities. They can help determine the right loan to expand a business, refinance debt, purchase assets, or meet other short- or long- term needs. Businesses may qualify for lines of credit, term loans, owner-occupied real estate loans, and long-term fixed asset financing. Short-term and long-term financing is available. Short-term funds can fund immediate needs such as working capital, payroll, and accounts receivable. It can also be used for inventory purchases or marketing activities. Short-term financing can also help with seasonal shortfalls or provide overdraft protection for a business deposit account. Long-term financing can be used for commercial real estate, refinancing existing debt, or funding future growth and business acquisitions. The security of a term loan can also be used to finance permanent working capital or purchase fixed assets such as equipment, vehicles, fixtures, and furniture. Program Statistics Since the Small Business Diversity Banking Program launched in early 2021, over 12,000 applications have been received. The bank has successfully approved $469 million in small business loans for eligible businesses as of September 30, 2023. If you would like to learn more about Vectra Bank’s Small Business Diversity Banking Program, please visit us online at www.vectrabank.com to learn more and connect with a banker.
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Vectra Bank Helps Minority Business Owners with Small Business Diversity Banking Program At Vectra Bank , we want to give more businesses the chance to grow and prosper. Access to capital can be a challenge for businesses owned by minorities, women, Veterans, and the LGBTQ+ community. So we’re investing in greater equity for these communities through our Small Business Diversity Banking program. We take our role as a community bank seriously. Getting a loan doesn’t have to be a challenge, and the Vectra Bank Small Business Diversity Banking Program provides greater access to capital for minority business owners. Our knowledgeable bankers treat these businesses and business owners as valued members of the community, simplify the loan process, explain financing options, and ease the burden of securing short-term or long-term capital. The program also aims to help minority business secure financing by relaxing certain underwriting criteria for those who might otherwise not be approved under our conventional criteria. Who qualifies for a Minority Small Business Loan? In order for a business to qualify for this type of loan, more than 50 percent of the ownership or control must be held by one or more minority. The program defines minorities as Black or African American, Asian, American Indian or Alaska By RICHARDO JONES II
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