Yadkin Bank is now providing rapid decisions for small business loan applications.
The new program, Business Express, allows small business owners seeking a business loan less than $250,000 to receive a loan decision with less hassle and paperwork and, in many cases, within the same day.
Through the roll-out of Business Express loan process, Yadkin Bank said customers can receive same‐day loan decisions by working with their personal banker.
According to the bank, many loan decisions can be made with minimal paperwork in as little as 20 minutes. The bank said Business Express loan interest rates are highly competitive, and repayment options can be customized to monthly, or even quarterly, payments.
“We are pleased to be able to offer the Business Express loan program to our customers,” said Joe Towell, president and CEO of Yadkin Bank. “We understand that getting a small business loan can be difficult. There are often hoops to jump through and an extended waiting period — waiting time that could be costly to our customers. Through this new program, we are dedicated to providing small business loan options to our customers, without asking for extraneous paperwork and without the long wait. Small business owners can now work one‐on‐one with their personal banker and gain approval on their loan within the same day.”
Yadkin Bank said no financial statements are required for loans less than $50,000. For loans greater than $50,000, two recent tax returns, a personal financial statement and a commercial debt schedule will be required.
It is unknown on how many small businesses will take advantage of the new program, or if the roll-out will only expedite a loan rejection.
However, bank officials said the program opens a larger dialogue with the bank.
“Although no financial statements are needed for loans under $50,000, there is a credit review process and certain restrictions will apply,” said a bank spokesperson via email. “Business owners who may have been turned away for loans in the past may now be eligible for a loan, or their personal banker can advise them on where they are falling short and how to seek financial stability for future loan requests. The best course of action for all business owner is to speak with his or her personal banker at any Yadkin Bank branch to come up with the best solution for their particular loan need.”
Customers seeking additional information on a Business Express loan can visit any of the 33 Yadkin Bank branches or learn more online at www.yadkinbank.com.
Anthony Gonzalez may be reached at 336-835-1513 or on Twitter @newsgonz.