volume 9 ••• Winter 2011
Amalgamated Introduces New Express Loan Program For Small Businesses
Amalgamated Bank's retail bankers recognize the impact that successful and hardworking small businesses can have on their communities in today's challenging economy. While they can play a critical role in job creation, many smaller firms are still cautiously watching their costs and expenses while trying to stay nimble enough to seize a good opportunity when it comes along.
The Bank also recognizes that business owners need an affordable and dependable source of credit. Timely financing can help move a business to the next level, and that is why Amalgamated recently introduced its Small Business Express Term Loan and Express Line of Credit. Right now, Amalgamated can provide small businesses with loans from $5,000 to $50,000 at competitive interest rates and repayment terms that run for up to five years.
"We want to help small businesses in local neighborhoods take advantage of opportunities to prosper and become more successful," said Amalgamated's Director of Retail Banking John Grasso. "These companies are seeking new approaches to grow their operations in tough times, and we are providing affordable financing they can use to meet those goals."
"Also," Mr. Grasso explained, "We are making the application process easier. For example, with Amalgamated's Small Business Express loan, a firm's owner submits "streamlined documentation" to the Bank when applying for financing. Then, the paperwork will be reviewed and a decision made in just a few days. In addition, we are waiving the application fee and the business borrower's annual renewal fee."
Equally important, the line of credit or term loan is customized to meet the specific needs of each business owner. Business Express Lines of Credit are available now with a fixed interest rate of 3.99 percent for qualified borrowers. Fixed-rate term loans currently can carry an interest rate as low as 6.50 percent, depending on a business's credit profile.
"We encourage business owners to visit one of Amalgamated's local branches," Mr. Grasso said. "Our bankers will review an owner's request in the context of Amalgamated's Small Business Express Loan program and make financing recommendations that meet the owner's needs in the most flexible and cost effective manner."
Details are also available on the Bank's website: www.amalgamatedbank.com .