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Banks (Finance)

Commerce Bank/Harrisburg Approved as CommunityExpress Lender by SBA

Strategic Insights

— 1 min read

Commerce Bank/Harrisburg, the sole banking subsidiary of Pennsylvania Commerce Bancorp Inc., has been approved as a CommunityExpress Lender by the US Small Business Administration (SBA). This designation enables the bank to offer an SBA-guaranteed loan program focused on minority and women entrepreneurs and small businesses in low- and moderate-income areas. The program will provide access to capital and technical assistance to guide them towards success.

Key Takeaways:

  • Commerce Bank/Harrisburg has been approved as a CommunityExpress Lender by the SBA, enabling the bank to offer an SBA-guaranteed loan program for minority and women entrepreneurs and small businesses in low- and moderate-income areas.
  • The loan program will be designed to provide access to capital and technical assistance, including resources from Harrisburg Area Community College's Institute for Entrepreneurial Studies, SCORE, and the Murata Business Center.
  • Commerce Bank/Harrisburg is an SBA Preferred Lender and SBAExpress Lender, with a strong track record of SBA lending, having provided over $5 million in SBA financing in 2004.
  • The bank's new status as a CommunityExpress Lender is a significant win for women- and minority-owned small businesses in the region, with the potential to bring out the best in entrepreneurship from a more diverse range of people.
  • Commerce Bank/Harrisburg currently has assets of $1.5 billion and offers a diverse portfolio of commercial banking services, including term loans, commercial mortgages, and lines of credit.

Statistics:

  • $5 million: The amount of SBA financing provided by Commerce Bank/Harrisburg in 2004.
  • 20 years: The time since Commerce Bank/Harrisburg opened its first office in Camp Hill, PA.
  • 28: The number of branches Commerce Bank/Harrisburg has in Berks, Cumberland, Dauphin, Lebanon, and York counties.
  • 40: The number of counties in the eastern half of Pennsylvania that make up the SBA's Philadelphia District.
  • $250,000: The maximum amount of CommunityExpress loans that Commerce Bank/Harrisburg is delegated authority to approve.

Sources:

  • "Commerce Bank/Harrisburg, NA, Becomes CommunityExpress Lender - Enabling SBA-Guaranteed Loans to Minority and Women Entrepreneurs." Commerce Bank/Harrisburg.
  • "Mary Anne Van Arsdale director of Harrisburg Area Community College's Institute for Entrepreneurial Studies, quoted in the press release." Commerce Bank/Harrisburg.
  • "Harrisburg Area Community College." Commerce Bank/Harrisburg.
  • "SCORE." Commerce Bank/Harrisburg.
  • "Murata Business Center." Commerce Bank/Harrisburg.
  • "Pennsylvania Commerce Bancorp Inc. (NASDAQ:COBH)." Commerce Bank/Harrisburg.

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