Latest news with #SBA-guaranteed
Yahoo
19-05-2025
- Business
- Yahoo
KeyBank's SBA Loans Provide Capital To Fuel Small Business Growth
KeyBank's Small Business Administration (SBA) specialists work closely with business owners offering tailored and smart financing solutions aligned to their goals CLEVELAND, OH / / May 19, 2025 / Starting a small business takes a vision and resources that not every entrepreneur has at their fingertips. As the foundation of our communities, small businesses often require a full suite of financial of solutions* to meet their needs. That's why KeyBank's Small Business Administration (SBA) Specialists take the time to understand each business owner's needs and create tailored financial solutions that help them achieve their goals KeyBank's SBA Loans Put Businesses First As one of the nation's top SBA Preferred Lenders for over 20 years1, KeyBank offers a full suite of SBA loan programs, including the SBA 7(a) loan, the SBA 504 loan, the SBA Express Loan Program. We work closely with entrepreneurs to identify the right loan solution that fits their business goals, whether that's navigating ownership transitions or securing* growth financing to purchase new equipment, facilities, or inventory. With a fully dedicated SBA lending platform, from loan origination through closing, KeyBank ensures that business owners can efficiently access the capital* they need while receiving the highest level of service from our specialized SBA lending staff. The goal is to provide custom support to make accessing capital easier, faster, and more personal for small business owners at every stage of growth. "Getting capital* into the hands of more small businesses is a critical part of KeyBank's purpose of helping the communities we serve thrive," said Jim Fliss, National Manager of KeyBank's SBA Program. "These small businesses are the backbone of our economy and they have shown such resiliency in recent years. We are committed to helping more small businesses take advantage of the benefits the SBA lending programs have to offer." KeyBank's SBA Loans Make Real Impact SBA lending programs are pivotal to meeting the evolving needs of small business owners, and KeyBank's impact is evident in its reach. Since 2015, KeyBank has provided $2.8 billion in SBA-guaranteed financing to thousands of small business owners, with $1.2 billion financed within just the past four years.2 $11 billion in critical funding has also been dispersed through SBA-approved PPP loans.3 Visit more information. KeyBank's Commitment to Small Businesses KeyBank is committed to investing in the communities we serve by helping the businesses that power them thrive, and Key's continued growth reflects the real impact of that commitment. Complementing our industry-leading SBA offerings, Key is proud to be a true relationship bank that offers holistic financial solutions including treasury*, merchant*, and wealth management services for the company, the entrepreneur and the company employees. By emphasizing an advice-driven philosophy, KeyBank aims to strengthen relationships with business owners and help them achieve long-term success in an increasingly complex financial landscape. To learn more about how KeyBank can serve your business, visit CFMA #250513-3215228 1Source: U.S. Small Business Administration (SBA) from August, 1997 to October, 2024. 2 Source:Statistics released by the U.S. Small Business Administration (SBA) October, 2024 for total approved loans through the SBA's 7(a) lending program during the federal fiscal year ending 9/30/2024. 3 Source: KeyBank Doubles SBA 7(a) Lending Volume, Remains a Top Small Business Lender in the Country *All credit products, merchant services, treasury products are subject to collateral and/or credit approval, terms, conditions, availability and subject to change. SBA loans subject to SBA eligibility. View additional multimedia and more ESG storytelling from KeyBank on Contact Info:Spokesperson: KeyBankWebsite: info@ SOURCE: KeyBank View the original press release on ACCESS Newswire
Business Upturn
21-04-2025
- Business
- Business Upturn
Capital Southwest Announces Receipt of Second SBIC License
By GlobeNewswire Published on April 22, 2025, 01:01 IST DALLAS, April 21, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation ('Capital Southwest') (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, today announced its wholly owned subsidiary, Capital Southwest SBIC II, LP ('SBIC II'), has received a license from the U.S. Small Business Administration ('SBA') to operate as a Small Business Investment Company ('SBIC'). As an SBIC, SBIC II will be subject to a variety of regulations and oversight by the SBA concerning, among other things, the size and nature of the companies in which it may invest as well as the structure of those investments. The SBIC license will allow SBIC II to obtain leverage by issuing SBA-guaranteed debentures, subject to the issuance of a leverage commitment by the SBA. SBA debentures are loans issued to an SBIC which have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. Current SBA regulations permit SBIC II to borrow up to $175 million in SBA-guaranteed debentures, bringing Capital Southwest's aggregate borrowing capacity through the SBIC program to a total of up to $350 million of capital. The SBA program has played a pivotal role within Capital Southwest's lower middle market investment strategy since receiving its first SBIC license in April 2021. Capital Southwest received exemptive relief from the Securities and Exchange Commission that allows for the exclusion of SBA-guaranteed debentures from the definition of senior securities in the asset coverage requirement applicable to the Company. About Capital Southwest Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time. Investor Relations Contact: Michael S. Sarner, President and Chief Executive Officer 214-884-3829 Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
04-03-2025
- Business
- Yahoo
Ex-state employee gets prison time for defrauding Mass. housing agency after being fired from job
A former state employee will serve time in federal prison for defrauding a Massachusetts housing agency after being fired from her job, and defrauding the U.S. Small Business Administration in connection with the pandemic Paycheck Protection Program. Alihea Jones, 51, of Brandon, Fla., was sentenced in federal court to 10 months in prison, to be followed by three years of supervised release, U.S. Attorney Leah Foley said in a statement on Monday. Jones was also ordered to pay $222,074 in restitution and to forfeit $222,074. U.S. District Court Judge Patti B. Saris handed down Jones' sentence. In September 2024, Jones pleaded guilty to five counts of wire fraud. In 2022, Jones worked remotely for the Massachusetts Department of Housing and Community Development for six months, Foley said. She worked with the agency's Residential Aid to Families in Transition program, which provides funds to assist low-income Massachusetts residents facing eviction and other housing emergencies. Prosecutors said after Jones was fired from the agency, she was still logged into the RAFT database and accessed the files of four RAFT program participants. She authorized electronic payments to their landlords in the amounts of $7,500, $8,800, $6,925 and $10,000. Jones changed the routing and bank account numbers from the landlords' accounts to four unauthorized accounts in Georgia: an account in the name of Jones's business, Beauty Concepts by Alihea LLC; Jones's personal account; and the accounts of two of her friends. Jones did this 'all without knowledge or permission' from the state agency, prosecutors said. After the transfers went through, her two friends each paid Jones a $2,000 kickback, prosecutors said. Earlier, in 2021, Jones also fraudulently obtained a $187,000 PPP loan from a Massachusetts lender, which the SBA later forgave, prosecutors said. Jones spent most of the money on personal expenses, including clothing and restaurants. Under the PPP, authorized lenders issued SBA-guaranteed loans to small businesses during the COVID pandemic to help keep workers employed. If a business spent the money on payroll and other permissible business expenses, the SBA forgave the loan. Jones submitted a PPP loan application to a Massachusetts lender falsely stating that Beauty Concepts had 17 employees and an average monthly payroll expense of $74,800, prosecutors said. In fact, Beauty Concepts did not employ anyone. Unaware that Jones's information was false, the SBA agreed to guarantee a $187,000 loan to Beauty Concepts, prosecutors said. The lender transmitted the loan proceeds to the Beauty Concepts account in Georgia. Jones later applied to have her loan forgiven. 'Again, she included false employee count and payroll information,' the U.S. Attorney said in her statement. 'Unaware that Jones's representations were false, the SBA forgave the loan principal and accrued interest.' In total, Jones caused a loss of $222,074, with $33,225 payable to the Department of Housing and Community Development and $188,849 payable to the SBA, Foley said. This is a developing story. Check back for updates as more information becomes available. Download the FREE Boston 25 News app for breaking news alerts. Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
Associated Press
18-02-2025
- Business
- Associated Press
OptimumBank Achieves SBA Preferred Lender Status
Fort Lauderdale, Florida--(Newsfile Corp. - February 18, 2025) - OptimumBank (NYSE American: OPHC) proudly announces that it has been designated as a Preferred Lender under the U.S. Small Business Administration (SBA) Preferred Lenders Program (PLP). This prestigious designation, the highest recognition an SBA lender can receive, streamlines the SBA loan approval process for OptimumBank, allowing the Bank to better serve small businesses across Florida and beyond. Under the Preferred Lenders Program, OptimumBank is now authorized to make final credit decisions on behalf of the SBA. This significantly accelerates the loan approval timeline and enhances the Bank's ability to provide flexible financing solutions to small business owners. SBA 7(a) loans, which can be used for working capital, equipment purchases, commercial real estate, and other business needs, are available in amounts up to $5 million with favorable terms and competitive interest rates. 'Achieving Preferred Lender status is a significant milestone for OptimumBank. This designation demonstrates our deep commitment to helping small businesses grow and thrive,' said Tim Terry, CEO of OptimumBank. 'With this enhanced capability, we can expedite the financing process, enabling entrepreneurs to seize opportunities quickly and achieve their goals.' As a community-focused financial institution, OptimumBank understands that every small business has unique financial needs. 'Everyone deserves access to financing that is right for their business. Our Preferred Lender status opens up more opportunities for us to meet borrowers where they are and provide financing solutions that truly fit their circumstances,' said Moishe Gubin, Chairman of the Board of OptimumBank. 'This achievement reflects our ongoing commitment to empowering business owners with the right tools to succeed.' Chris Tomlinson, Senior Vice President and SBA Director at OptimumBank, added, 'Our SBA lending team is dedicated to understanding each client's individual goals and crafting lending solutions that align with their vision. The Preferred Lender status gives us the autonomy to approve SBA loans more efficiently, ensuring that small businesses can access the funding they need without unnecessary delays.' The SBA Preferred Lenders Program is designed for high-volume, experienced SBA lenders that have demonstrated a proven track record of success. It grants participating banks the authority to approve, close, service, and liquidate SBA-guaranteed loans, streamlining the process for business owners seeking capital. For more information about OptimumBank's SBA lending solutions or to apply for an SBA loan, please contact Chris Tomlinson at [email protected] or visit About OptimumBank Holdings, Inc. OptimumBank was founded in 2000 in Ft. Lauderdale, Florida. Our customers found a bank that is strongly service oriented with reasonable fees, unseen at larger financial institutions. OptimumBank has seen explosive growth this decade, and we look to capitalize on our momentum in the coming months and years ahead. The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start and grow their businesses. To learn more, visit
