BofA Community Development Bank Joins Innovative New SBA Program.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 14, 1995--Bank of America Community Development Bank said today it will participate in the U.S. Small Business Administration's new FA$TRAK TRAK Track TRAK Technology to Recover Abducted Kids (system to help law enforcement agencies) Program, an innovative effort to streamline the application process for small business borrowers who are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. loans of less than $100,000. BofA Community Development Bank, a subsidiary of BankAmerica Corporation, is one of 18 lenders nationwide to participate in FA$TRAK, a two-year pilot program that is part of an ongoing effort to adjust SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government programs to meet rising demand from small businesses for help at a lower cost to taxpayers. The program was announced by SBA Administrator Philip Lader Philip Lader, the United States Ambassador to the Court of St. James's, (the United Kingdom of Great Britain and Northern Ireland) from 1997 to 2001, is chairman of WPP Group plc, the global media/communications services company with 98,000 people in 2,000 offices in 106 countries. in a keynote speech keynote speech n. See keynote address. Noun 1. keynote speech - a speech setting forth the keynote keynote address keynote - the principal theme in a speech or literary work today before the Consumer Bankers Association's national convention in New Orleans. "We are excited about joining this innovative new SBA lending program," said BofA Community Development Bank President Mike Mantle. "We believe it will greatly enhance the existing small business programs we already offer in partnership with the SBA." BofA Community Development Bank will offer the FA$TRAK Program in California, and the Community Development Division of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , FSB (FrontSide Bus) See system bus. FSB - front side bus will offer the program in 10 western states outside California, as well as Chicago, Illinois. In 1994, BofA Community Development Bank provided more than $100 million in SBA and other government-assisted small business loans in California. SBA said it developed the FA$TRAK program for four reasons: to reduce red tape and paperwork for borrowers and lenders; find new ways to increase the number of very small loans; explore new ways to handle increased loan activity without increasing SBA staff; and lower the government's costs for SBA's loan guarantees. FA$TRAK allows participating lenders to use their own documentation and procedures, and to apply an SBA guarantee to a loan without prior review by the SBA. In return for this flexibility, participating lenders agree to limit the maximum loan to $100,000 to accept a maximum guarantee of 50 percent. The normal guarantee percentage on loans under $100,000 is 90 percent. The lower 50 percent guarantee will allow the SBA to approve more loans at a lower cost to the government and use SBA leverage to attract even more private capital to small businesses. "We are continuing to streamline the operations of this agency to improve efficiency and provide costs savings with additional benefits to our private lender partners and capital for small businesses," Lader said. In addition to government-assisted small business loans, Bank of America Community Development Bank and the Community Development Division of Bank of America, FSB provide construction and other types of financing for the multifamily low-income housing market. CONTACT: Bank of America Russ Yarrow yarrow, a plant of the genus Achillea, perennial herbs of the family Asteraceae (aster family), native to north temperate regions. Several species are cultivated as ornamentals for their flat-topped clusters of flowers and scented foliage. , 415/953-1411 |
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