The program, known as MainStreet Small Business Lending (MainStreet), will augment Umpqua’s current lending programs and make available funds to underwrite loans that fall outside Umpqua’s standard underwriting requirements. The bank is targeting loans in the $10,000 to $100,000 range.
Through this program, small businesses throughout Umpqua Bank’s footprint can apply for loans to be used for working capital, business expansion, leasehold improvements, equipment purchases, and other general business expenditures. Should an application be declined it will automatically go through a secondary review process to determine if it meets the new underwriting criteria established especially for this program.
Ray Davis, CEO of Umpqua Bank, said: “While Umpqua has loaned more than $1.7bn over the past 12 months, we recognize the critical role that small businesses play in jumpstarting the economy. Over the past several years, many small businesses have found it difficult to obtain the bank loans they need to run their companies, often for reasons beyond their control. Umpqua is in a position to do even more to support the growth of our local businesses and communities, and is pleased to introduce a new source of funding through our MainStreet program.”
