Coastal States Bank offers small business loan decisions in 48 hours
Lender's commercial, industrial portfolio totaled $139M in Q1
Coastal States Bank announced a small business loan program aimed at speeding access to capital for qualified businesses.
Under the program, Coastal States Bank offers loan decisions within two business days after a completed application is submitted, according to a May 4 Coastal States Bank release. The program targets businesses with less than $5 million in annual revenue and at least three years of operating history.
The streamlined process and local decision-making helps business owners secure funding more quickly for needs such as working capital, inventory, equipment and owner-occupied real estate, according to the release. Atlanta Regional President Gary Dowell said faster credit decisions will help small businesses act on opportunities and navigate a changing economy.
Coastal States Bank has about $2.3 billion in assets, according to the release. Its commercial and industrial loans, which include equipment financing, totaled $139 million in the first quarter, down 4.7% year over year, according to the company’s April 20 earnings release.
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