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In the wake of the pandemic, over 41% of black-owned businesses across the United States have closed for good. As many small to mid-sized businesses struggle across the nation – the fight continues as they do everything realistically possible to keep the doors open.
One Dallas bank in particular has stepped up to the plate, with a focus in funding and saving as many small businesses as possible. With a slogan of “entrepreneurs banking entrepreneurs” and a rich 108-year history of doing so, Vista Bank is the name around town for small business lending and subsequent aid through programs such as the Paycheck Protection Program (PPP) and now, with the latest to hit the circuit, the Main Street Lending Program (MSLP) administered through the Boston Federal Reserve Bank.
“Unfortunately, many business owners we talk to don’t know about the Main Street Lending Program. So on behalf of community banks throughout the state, thank you for covering it so we can help keep our local Texas communities strong,” Vista Bank President and CEO, John D. Steinmetz said. “The reality is, with capital tightening and loans harder to come by, Main Street lending could be a lifeline for businesses that were healthy pre-COVID.”
Vista Bank funded over $161 million in PPP loans across its 15 locations throughout West Texas, Austin, Dallas and Fort Worth. And now, as one of initially 13 Texas lenders to offer the MSLP loans (to date, now one of 21 Texas banks), Vista is looking to step in once again as a catalyst for businesses and funding as a source to sustain during the ongoing Coronavirus pandemic.
“As one of the few Texas banks participating in the program, Vista Bank elected to participate in this program for the same reason we did PPP loans – we bank entrepreneurs, many of whom need a community bank now more than ever before,” Steinmetz explained. “At Vista, 75% of our PPP loans and 77% of our Main Street loans to date have been to new clients.”
There are three loan types that Vista lenders will explore with Eligible Borrowers, and depending on the circumstances and financial condition, they could qualify for a loan that is 4 times or 6 times their 2019 adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). Under the new program, Eligible borrowers may only receive one loan and it is ineligible to be forgiven. Terms and conditions of each loan type are available at bostonfed.org.
For those interested in seeking a Main Street loan from Vista Bank, visit VistaBank.com/resources/main-street-program and fill out the contact form today.
“Our 108-year-old bank has seen business owners through the Dust Bowl, two World Wars, September 11th and the Great Recession,” Steinmetz claimed. “This generation of Vista bankers is equally committed to seeing today’s entrepreneurs through this challenging time, helping small businesses put America back to work.”