HomeStreet Bank Extends Small Business Loan Program for Veterans, Waiving Costly Fees
November 09 2017 - 10:00AM
Business Wire
HomeStreet Bank today announced that it will extend its small
business loan program for veterans and their spouses, waiving
costly fees and making business ownership more affordable for them
and their families.
The Small Business Administration (SBA) had paid 50 percent of
associated fees for SBA Veterans Advantage program borrowers and
their spouses, and HomeStreet had been covering the other half for
their customers since 2016 through a program that ended this fall.
Even though the SBA program ended, in honor of Veterans Day,
HomeStreet will continue covering fees through June 2018 for loans
up to $5 million, saving veteran-owned businesses up to $69,000 on
SBA loans.
For many veterans and their spouses, these savings are
significant. Funds can be used to start, buy or expand a business
through the purchase of equipment, buildings, inventory and other
purposes.
“Starting a business comes with plenty of challenges. If you’ve
served our country, securing an affordable loan shouldn’t be one of
them,” said Mark Mason, president and CEO of HomeStreet Bank.
“We’ve seen veterans launch successful businesses because of our
program. By extending it, we hope to give back even more to those
who have served our country.”
In order to qualify for SBA guarantee loans, a business must be
51 percent owned by a veteran, active-duty military service member
participating in the military's Transition Assistance Program
(TAP), reservists and National Guard members, the current spouse of
the above or the spouse of a service member who has died while in
service. For more information on how to get involved in this
program, contact Scott Harvey, Scott.Harvey@homestreet.com.
HomeStreet is an Equal Housing Lender and makes mortgage loans
without regard to race, color, religion, national origin, sex,
handicap or familial status. Member FDIC. For more information
about HomeStreet Bank, please visit www.homestreet.com.
About HomeStreet, Inc.
Now in its 97th year, HomeStreet, Inc. (Nasdaq:HMST) is a
diversified financial services company headquartered in Seattle,
Washington and is the holding company for HomeStreet Bank, a
state-chartered, FDIC-insured commercial bank. HomeStreet offers
consumer, commercial and private banking services and investment
and insurance products, and originates residential and commercial
mortgages and construction loans for borrowers located in the
Western United States and Hawaii. The bank has consistently
received an “outstanding” rating under the federal Community
Reinvestment Act (CRA). Additional information on HomeStreet Bank
can be found at www.homestreet.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171109005116/en/
Barokas PR for HomeStreet BankChris Sanchez,
206-264-8220homestreetbank@barokas.com
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