This week, (April 28 - May 4) is National Small Business Week. The U.S. Small Business Administration (SBA) has celebrated this week for more than 60 years, aiming to acknowledge the critical contributions of America’s entrepreneurs and small business owners. At Tompkins we strive to provide financing options to our customers that fit their unique needs. Our SBA loans are an example of Tompkins working to provide business financing opportunities to the local businesses that help our communities grow and thrive.
An SBA loan is a financing solution that can provide crucial support for a wide range of business ventures such as acquiring business, growing a business, or funding a startup. SBA loans are backed by the Small Business Administration (SBA), a government agency, dedicated to aiding entrepreneurs and small businesses. Depending on your situation an SBA loan can offer numerous advantages over traditional business loans.
SBA loans can be a smart and strategic choice for financing various stages of your business journey, providing the necessary support to fuel your growth and success.
Todd Ferrara, SBL Business Line Manager, describes SBA loans as "a partnership between the SBA and our bank. We look at our loan policy carefully and what our traditional credit standards are, but there are times when we want to do a loan outside of those parameters, so we bring in the SBA to help us make the deal. There are certain industries that are high risk due to the rate of failure, and a lot of that is outside of the businesses control. There are also times when a startup just doesn’t have the collateral in order to secure additional financing to establish their business. These are situations where the SBA partnership comes in to help us grow communities, and develop local economies."
Small businesses are one of the key drivers of economic growth in local our communities and we are proud to partner with the SBA to help provide alternate opportunities for financing.
Want to learn more about SBA loans? Visit: https://www.tompkinsbank.com/small-business-administration-loans