Tuesday, April 1, 2014

Yadkin Bank makes push on small loans

Yadkin Bank said Tuesday it has developed a program to quickly make small loans to business customers, joining the fray of community banks competing for a piece of that market. In some cases, the bank won't ask to look at financial statements.

Called "Business Express," the program will make decisions on loans smaller than $250,000 in as quickly as the same business day. Yadkin Bank also says it has cut down on the paperwork required. No financial statements are required for loans less than $50,000.

Yadkin Bank's initiative comes as banks both large and small have pressed harder into small business lending. NewDominion Bank has also created a program to make decisions on most loans within 48 hours. Bank of America and Wells Fargo have also added bankers to handle small business customers.

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