New Banks Join DOT Short Term Lending Program
The U.S. Department of Transportation (DOT) Office of Small and Disadvantaged Business Utilization (OSDBU) is pleased to announce the addition of three new participating lenders in the Short Term Lending Program (STLP):
Community Bank & Trust (CB&T) of Sheboygan, Wisconsin has 11 branches located in the eastern towns of Wisconsin, ranging from Appleton in the north to Milwaukee in the South. CB&T was originally formed by 14 local Sheboygan investors who felt a need for a locally owned and independent bank founded on the principle of community involvement and personalized customer service.CB&T has won several awards including the state Minority Lender of the Year.
Zions Bank of Salt Lake City, Utah will cover Utah and Idaho. Zions has 119 branches in Utah and 30 in Idaho. Zions has its own Business Resource Center which is available to the public at no charge. The center offers a library, staff, computer centers, literature, and seminars to provide small businesses with financial and technical information. Zions has been the top SBA 7(a) lender in Utah for the past 16 years, and the top SBA 7(a) lender in Idaho for the past 8 years.
Virginia Commerce Bank is located in Chantilly, Virginia and has a strong Government Contract Lending division to assist small firms who work to provide services to the government. The bank has 28 branches in Northern Virginia and is the largest community bank in the Washington Metro Area. Virginia Commerce Bank will be able to service the entire state of Virginia.
Under the STLP, DOT guarantees up to $750,000 in loans for eligible small and disadvantaged businesses. The loan guarantee provides a revolving line of credit for work on transportation related contracts. Funds are used to meet the short term costs of performing the contract being financed.
For more information, please visit: http://www.osdbu.dot.gov/financial/stlp.cfm.