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Promerica Bank Approved for SBA Express Loan Program

PR Newswire

LOS ANGELES, July 31 /PRNewswire-FirstCall/ -- Promerica Bank (BULLETIN BOARD: PMRA) was recently approved to offer its customers the SBA (Small Business Administration) Express loan program to its customers. Promerica Bank is the first Latino-owned bank to debut in downtown Los Angeles within the last 35 years, and is a leading financial services provider for minority small businesses. The SBA Express loan-processing program is aimed towards small business owners and those interested in borrowing up to $350,000. With the addition of the SBA express loan program, small business owners can look to Promerica Bank for a faster, less stressful experience when applying for a business loan.

"It's a huge win for the small business community," explains Alberto Alvarado, District Director for SBA of Los Angeles. "With small businesses at the forefront of the Los Angeles economy, the recent availability of this program to Promerica Bank will provide the community with easier access to capital -- especially for those who may feel a bit overwhelmed by the routine loan process." Turnaround time for the express program is thirty-six hours where the normal loan process can typically run between 7 - 10 business days.

Upon hearing the good news Maria Contreras-Sweet, Founder and Chairwoman added, "I am delighted that the SBA recognized Promerica Bank's commitment and ability to respond to small business loan requests. We welcome emerging entrepreneurs to avail themselves of the SBA Express program to help expand their business or provide capital to even out their cash flow needs."

About Promerica Bank

Promerica Bank (OTCBB: PMRA.OB), a full service bank was formed to serve the Los Angeles business community and ultimately to become the leading financial services provider for Latino entrepreneurs. As the first Latino-formed business bank to debut in downtown Los Angeles in the past 35 years, Promerica Bank is dedicated to building family wealth by empowering entrepreneurs with the requisite financial services and capital infusion for the success of their small to mid-size businesses. Promerica Bank also has a full-line of products and services including lines of credit for working capital, real estate, commercial & industrial for the non-profit community as well.

For more information about the SBA Express Loan program or any Promerica Bank services, please contact Promerica Bank at 213/613-5000. Promerica Bank, a member of the FDIC, is located at 888 South Figueroa Street, Suite 100, Los Angeles, CA 90017.

Certain statements in this press release, about the intent, belief or current expectations of the Bank, its founder, directors or officers are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and implementation of its business plans, interest rates and regulatory matters. Promerica Bank

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Source: PR Newswire

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