By Thais Sullivan
Senior Vice President, National Director, Community Lending
Here at Valley Bank, as we celebrate Black Business Month, I encourage all to support Black businesses. And black business owners please think about your current banking relationship. Are they providing solutions for your banking needs? Have they provided you with the correct account types? Do you have a banker to discuss your business and personal goals with?
While Valley may be one of the largest regional banks in the U.S., it has deep roots and connections with the North Jersey and New York City metro communities. We’ve made the success of the people and businesses in our communities a cornerstone of our mission. If you’re not sure of the answers to these questions, we can help.
When the pandemic hit, we provided more than 13,000 paycheck protection loans totaling $2.3 billion in funding with a significant percentage going to minority and women-owned businesses. During this time, we realized a need to have a community lending group dedicated to serving minority-owned businesses. Our diverse lending team has deep expertise in commercial lending, retail bank management and a desire to support our small business community.
We collaborate with our Community Development Financial Institution and non-profit partners to provide training for business owners and offer alternative financing options. Our team connects individually with our customers and provides a holistic approach to assist business owners in achieving their business and personal financial goals.
Recently we supported a local women-owned business by replacing high interest debt with a lower rate consolidation loan allowing her to keep more capital in the business. And, we provided another small business owner with a term loan that enabled him to expand his business.
Whether you need a loan, treasury solutions, or simply want some business banking advice, our community lending team is ready and waiting to help you succeed.