“The pitch is simple and alluring: “We will lend you $50,000 and you only have to pay back $60,000 — and you can have the money in a day or two.” But watch out for the true cost of these short term loans – the interest can get you in trouble.
BusinessUS (www.bizbank.us) is well represented at the annual SBA Lending Technical Conference hosted by the National Association of Government Guaranteed Lenders (NAGGL), as the firm’s CEO Norris Lozano, and 27-year SBA veteran Stephanie Bitters, its Managing Director of SBA Lending & Chief Credit Officer, have arrived in Bonita Springs, Florida.
The BusinessUS executives arrive from a week of meetings on Washington and New York.
“BusinessUS strives to close at least 60% of its annual loan originations with borrowers who are members of those underserved groups, in inner cities and rural areas, who cannot get credit, capital and other resources elsewhere. Underserved markets include but are not limited to veterans, women, minorities and tribal groups as well as entire communities in which traditional lenders have lower lending activities.”
“These seven innovators are having a major influence on technology, healthcare and the government. Their ideas are changing the ways we do business and are addressing broader issues of national security, gender bias, world poverty and the state of the startup community at large. We’ve got our eye on these powerful women. You should, too.”
If you recall, we wrote about this trend 6 months ago here.
At that time, I stated the following: “Where there are concerns across the industry about particular markets that are underserved by banks, we see a real opportunity. One of our primary goals is to help provide new capital resources to small businesses owned by minorities, women tribal groups and those located in underserved geographical locations.”
BusinessUS is missioned to provide 60% of our loan volume to underserved markets.
Norris Lozano, CEO of BusinessUS, will be presenting “Delivering Capital to Underserved Communities” with Stephanie Bitters at the Lending Leadership Summit of the National Association of Government Guaranteed Lenders (NAGGL), February 20.
In speaking to the 80+ C-level executives invited to the NAGGL summit, Lozano will reach into a deep well of experience in serving underserved communities with loans and resources. He has been responsible for leading teams in delivering key financing to projects with total costs of over $1 Billion in the last decade.
For more information on Norris Lozano, please visit this link.
For the text of the press release on the NAGGL Lending Leadership Summit, please click here
Stephanie Bitters, Managing Director of SBA Lending and Chief Credit Officer of BusinessUS, is speaking on “Delivering Capital to Underserved Communities” at the Lending Leadership Summit of the National Association of Government Guaranteed Lenders in Atlanta, February 19-20.
Bitters will be presenting “Delivering Capital to Underserved Communities” with Norris Lozano, who is CEO of BusinessUS. She has 27 years lending experience and is a longtime member of NAGGL.
Norris Lozano (CEO of BusinessUS) is traveling to Atlanta February 19-20 to speak to the Lending Leadership Summit of the National Association of Government Guaranteed Lenders. NAGGL serves the needs and represents the interests of the small business lending community that utilizes SBA business loan programs.
Lozano will be presenting on “Delivering Capital to Underserved Communities” with Stephanie Bitters, Managing Director of SBA Lending & Chief Credit Officer of BusinessUS. Lozano brings over 15 years’ experience working directly with small businesses in underserved communities. He has led teams in financing projects in low-income community with a total cost of more than $1 Billion, including office, retail, manufacturing, schools, medical and arts facilities, creating thousands of FTE jobs, and generating millions in fiscal benefits to target areas.
“It’s a legacy of the financial crisis that hasn’t quite faded away: Banks are still hesitant to loan to small businesses, constraining the growth of a part of the economy lionized by politicians and the public alike. While these businesses often rely on credit cards to finance operations and expansion, that’s a risky strategy, given that they still don’t have the legal protections against fees and unannounced changes that were extended to consumer cards in 2009.
Could pawnshops be a good alternative?”
“Ideally a small business borrower works with a loan provider who can do more than just loan some quick cash,” says Norris Lozano, CEO of small business lender BusinessUS, “there is so much more to running a business, which an experienced lending team can provide.”
“So, who are these borrowers (sourcing loans from pawn shops) exactly? … it’s the sole proprietor operating without much savings and not the best credit history who needs money fast, with no strings attached.”
The US Small Business Administration is looking to non-bank small business lenders to push lending capital deeper into markets that are underserved by banks, to encourage the growth of small businesses and put Americans back to work while expanding the tax base. BusinessUS is answering this important call to action.
Following our credo “Innovative lending for American small business,” BusinessUS focuses 60% of our loan origination toward traditionally underserved borrowers such as US Military veterans, minority-owned, women-owned and tribal small businesses, and those located in low-income communities or other geographically underserved areas of our country.
“We are focused on underserved markets nationwide, “says Norris Lozano, CEO BusinessUS, “partly because of the opportunity, but more importantly because as individuals, we want to create positive impacts on the communities we serve.”