Valley National Bank (NASDAQ:VLY) today announced the launch of a Community Lending platform to streamline processing as it ramps up its efforts to provide more financial products, resources and connections to women and minority-owned businesses.
In 2021, Valley made more than 6,181 small business loans in low-to-moderate-income census tracts and to businesses with a gross annual revenue of $1 million or less. Valley’s Community Lending Team, which focuses specifically on providing financing solutions to women and minority-owned small businesses within this space, quickly realized the need for a separate platform to organize the program across the Bank’s four states. This new platform makes the application and lending process much easier and faster by reducing a great deal of paperwork that would normally take weeks to process.
The new platform offers women and minority-owned businesses easier access to traditional products such as payroll, commercial mortgages and merchant services, while also looking at qualifications for loans with a different lens. Instead of just considering traditional requirements related to cash flow and having three years of business history, the bank is also considering personal and business credit scores.
Under the leadership of National Director of Community Lending Thais R. Sullivan, the department now consists of 15 dedicated professionals and reaches across Valley Bank’s U.S. footprint from New York south through Florida, into underserved communities where businesses often don’t qualify for traditional lending.
“The Community Lending team is committed to looking at financing for these small businesses differently,” said Sullivan. “We examine their growth potential rather than their current size to determine how we can help drive long-term growth. The launch of this platform will help us as we help small businesses along the path to growth and future success.”
Sullivan and her team of experienced professionals worked to create the products, resources and relationships to ensure the Community Lending team could provide timely access to the crucial elements to help businesses in need.
The regional leaders for Community Lending are:
- Luis De La Hoz, Regional Director of Community Lending New Jersey
- Martine Pierre-Paul, Regional Director of Community Lending Florida/Alabama
- Michael Warrington, Regional Director of Community Lending New York
“During the pandemic we became painfully aware how many businesses weren’t in a position to qualify for emergency funding programs like the Paycheck Protection Program,” said Sullivan. “Minority-owned businesses in particular were less likely to apply, not because they didn’t need the funding, but because they weren’t set up to qualify.”
With a lack of professional relationships or experienced mentors that could help find paths to financing, many small business owners lacked the vital documentation needed to obtain a traditional loan. In addition to providing access to its own banking products and services, Valley Bank’s Community Lending solutions include leveraging strong partnerships with national and regional organizations that can provide additional education, mentorship and financing resources. These organizations include such groups as the Small Business Administration (SBA), Palm Beach County Black Business Investment Corporation (BBIC), and National Entrepreneurship Association (NEC).
Valley Bank’s Community Lending team members have been working with underserved small businesses for more than two years to create custom financial solutions that make a difference. As two examples:
- Juan Garay, a disabled veteran and president of Facility Services Solutions Group in Edison, New Jersey, first turned to Valley Bank in 2020. “Valley helped to connect us with loans and grant opportunities,” Garay said, “and guided us in certifying our organization as a Disabled Veteran Owned Business, Minority Business Enterprise and Small Business Enterprise.”
- Dr. Angie Mason, DPT, OTR/L and Dr. Tyre Patterson, DPT were struggling to get financing for their startup business Dynamic Duo PT+ in West Palm Beach, Florida, despite having over a decade of experience in their field. “Valley Bank provided us real financial guidance and connected us to other professionals we needed to help our business thrive,” said Dr. Angie Mason. “We opened the doors to our office in May of this year.”
Learn more about Valley Bank’s Community Lending services on its website.
About Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $54 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Service Center at 800-522-4100.
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