North Avenue Capital's Nationwide SBA 7(a) Lending Initiative

North Avenue Capital Expands Its Lending Services with SBA 7(a) Loans

North Avenue Capital, a recognized leader in innovative financing solutions tailored for rural America, is stepping up its game by expanding its lending offerings to include SBA 7(a) loans across the nation. This exciting initiative, which officially launched on July 1, 2024, allows North Avenue Capital to provide essential financial assistance to small businesses in urban and suburban communities as well.

Building on a Decade of Support for Rural Communities

For over ten years, North Avenue Capital has committed itself to empowering rural communities through strategic financial support, primarily utilizing USDA OneRD loans. With nearly $1 billion in small business loans facilitated in these rural areas, the company is now leveraging this expertise to offer SBA 7(a) loans ranging from $500,000 to $5 million. This transition is not just an expansion; it is a reflection of North Avenue Capital’s unwavering mission to enhance opportunities for small businesses across the United States.

Collaboration with Veritex Community Bank

The introduction of the SBA 7(a) loans is made possible through North Avenue Capital's partnership with Veritex Community Bank, a well-established SBA-preferred lender. Veritex has successfully closed more than $750 million in SBA loans, showcasing its experience and readiness to support NAC’s venture into the SBA lending domain. Together, these institutions are setting the stage to potentially surpass $1 billion in SBA lending.

CEO's Vision for SBA Lending

Joseph Rowell, CEO of North Avenue Capital, expresses that entering the SBA lending landscape is a logical extension of their core mission to provide capital that drives American business growth. He emphasizes that their experience in rural lending has equipped them with insights into the nuanced needs of small businesses, particularly in navigating the complexities tied to government-guaranteed loans. Joining forces with Veritex Community Bank allows them to champion the aspirations of entrepreneurs nationwide, regardless of geographical barriers, ultimately fostering local economic development.

A Significant Step Towards Growth

Jonathan Schneider, Executive Vice President at Veritex, endorses this expansion by stating that North Avenue Capital’s introduction of the SBA 7(a) product represents a natural progression, allowing them to utilize their extensive government-guaranteed lending acumen. This advancement aligns perfectly with Veritex’s long-term vision of enhancing their reputation as a national leader in government-guaranteed lending.

Benefits of SBA 7(a) Loans for Small Businesses

The SBA 7(a) loan program is instrumental in providing small business owners with essential funding options, allowing for various financial needs such as working capital, equipment purchases, and real estate investments. With North Avenue Capital’s newly available SBA 7(a) loans, businesses across the country can access flexible terms, competitive interest rates, and a promise of reliable execution without geographic limitations.

Key Features of the SBA 7(a) Program

• Loan Amounts: Between $500,000 and $5 million to cater to diverse business requirements.
• Funding Purpose: The loans can be utilized for a range of purposes including business acquisitions, partner buyouts, real estate ventures, and equipment purchases.
• National Reach: The SBA 7(a) loans are now available for small enterprises across all states.
• Commitment to Service: North Avenue Capital maintains the same dedication to excellence and personalized service that has characterized its rural lending for the past decade.

With this strategic move, North Avenue Capital is relentless in its quest to foster economic growth and empower small businesses on a national level. Leveraging the SBA 7(a) lending program, backed by Veritex Bank's extensive experience, NAC is poised to create a significant impact that goes beyond its historical focus on rural communities.

Frequently Asked Questions

What is the main purpose of North Avenue Capital's new SBA 7(a) loans?

The main purpose is to provide small businesses with the funding they need for various financial needs, including working capital, equipment purchases, and real estate acquisition.

Who can apply for these SBA 7(a) loans?

These loans are available to small businesses across the United States, with no geographic restrictions.

What are the loan amounts available through the SBA 7(a) program?

Loan amounts range from $500,000 to $5 million, allowing for flexibility to meet diverse business needs.

How does North Avenue Capital's experience in rural lending help in this new initiative?

Their extensive experience in rural lending has provided them with insights into the complexities of government-guaranteed lending, positioning them to better meet the needs of small businesses.

What role does Veritex Community Bank play in this expansion?

As an SBA-preferred lender, Veritex offers critical support and expertise, allowing North Avenue Capital to successfully enter the SBA lending space.

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