No-Fee SBA Loan Launched by Banco Popular in Los Angeles and 30 other Markets

Keywords for this post: SBA, Small Business Administration, small business loans, minority business loans, microloans

Banco Popular North America (BPNA) announced the launch of a comprehensive small business loan solutions program featuring loans under the SBA Express Program guidelines.

Loans will range from $5,000 to $150,000 with a very short turnaround time (48 hours!). Best of all, they are NO FEE LOANS.

For loans qualifying under the SBA Express Program, Banco Popular will pay the SBA guarantee fee on behalf of its customers. In addition, approved loan applicants will have access to a free small business checking account, a debit card and a gift. The loans can be accessed through a line of credit, a business credit card or a term loan with a maturity of up to 7 years. The Small Business Loan Program will enable branch managers and business banking specialists at Banco Popular branches to serve business customers' needs at the branch level.

The Small Business Loan Program is the result of close collaboration between Banco Popular and the Los Angeles District Office of the SBA. The Program is being launched first in Los Angeles, to be followed soon in all other markets where Banco Popular operates in North America. In support of this program, the L.A. SBA District Office and Banco Popular have agreed to sponsor monthly small business seminars for customers that will be held at Banco Popular branches in the Los Angeles and Orange County markets.

Watch for a similar program in your area. Banco Popular also announced that it has been granted Preferred Lending Program (PLP) status in the following 31 District Offices:
Augusta, Maine;
Montpelier, Vermont;
Concord, New Hampshire;
Boston, Massachusetts;
Providence, Rhode Island;
Hartford, Connecticut;
Buffalo, New York;
Baltimore, Maryland;
Washington, D.C.;
Richmond, Virginia;
Charlotte, North Carolina;
Columbia, South Carolina;
Indianapolis, Indiana;
Philadelphia and Pittsburg, Pennsylvania;
Louisville, Kentucky;
Cleveland and Columbus, Ohio;
Nashville, Tennessee;
Kansas City and St. Louis, Missouri;
Atlanta, Georgia;
Las Vegas, Nevada;
Phoenix, Arizona;
Fresno, California;
Detroit, Michigan;
Minneapolis, Minnesota;
Salt Lake City, Utah;
Seattle and Spokane, Washington;
and Portland, Oregon.

Kudos to Banco Popular!