Pennsylvania Commerce Bancorp (MM) (NASDAQ:COBH)
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From Jul 2019 to Jul 2024
Commerce Bank/Harrisburg, NA, the sole banking
subsidiary of Pennsylvania Commerce Bancorp Inc. (NASDAQ:COBH), today
announced that the U.S. Small Business Administration has approved the
bank's status as a CommunityExpress Lender, enabling it to offer an
SBA-guaranteed loan program focused on minority and women
entrepreneurs and small businesses in low- and moderate-income areas.
"Access to capital is an obstacle that too many minority and women
entrepreneurs experience," said Kelly Neiderer, senior vice president
of Commerce Bank's Specialized Banking Group, which focuses on serving
women- and minority-owned businesses. "Commerce Bank is taking action
to change that. Building on our leadership as an SBA Preferred Lender,
Commerce now offers a loan program especially designed for minority
and women business owners and small businesses in economically
disadvantaged areas. In addition to financing, the program connects
borrowers with vital technical assistance to help guide them on a path
of success."
Mary Anne Van Arsdale, director of Harrisburg Area Community
College's Institute for Entrepreneurial Studies, said, "Commerce
Bank's new status as a CommunityExpress Lender is a significant win
for women- and minority-owned small businesses in our region. It's
initiatives like this that can help bring out the best in
entrepreneurship from a more diverse range of people. We are eager to
assist Commerce Bank borrowers as they grow small businesses in their
communities."
HACC's Institute for Entrepreneurial Studies is home to the
college's Business Start-up Center and Women's Marketplace, two of
several business counseling resources that Commerce will draw on to
provide technical assistance to borrowers. The Business Start-up
Center helps minority and women entrepreneurs develop business plans.
The Women's Marketplace assists women business owners with free
marketing, sales and advertising counseling. Among the other technical
assistance resources the program will use are the Harrisburg and York
chapters of SCORE and Murata Business Center in Carlisle.
The CommunityExpress loan program is a pilot collaborative effort
between the SBA and the National Community Reinvestment Coalition
(NCRC) and its member organizations. Under the pilot, designated
lenders such as Commerce Bank are authorized to implement a program to
increase SBA lending to pre-designated geographic areas generally
comprising low- and moderate-income areas and to women, minorities and
veterans. Commerce Bank is delegated authority to approve
CommunityExpress loans up to $250,000.
Commerce Bank/Harrisburg continues to be a leading lender for the
SBA. The bank currently ranks eighth among more than 80 financial
institutions for loan originations in the SBA's Philadelphia District,
which comprises 40 counties in the eastern half of Pennsylvania.
In addition to its new CommunityExpress Lender status, Commerce is
an SBA Preferred Lender and SBAExpress Lender. In 2004, the bank
provided more than $5 million in SBA financing.
Commerce Bank/Harrisburg, "America's Most Convenient Bank," opened
its first office in Camp Hill, PA, in June of 1985. In the 20 years
since, the bank has cultivated a unique retail model that has produced
continuous strong growth. The bank has doubled its number of branches
in Pennsylvania in recent years, growing a network of 28 stores in
Berks, Cumberland, Dauphin, Lebanon and York counties.
Commerce's hallmark products and services include seven-day branch
banking, totally free checking, no-fee instant-issue ATM/Visa check
card, free interactive Penny Arcade coin-counting machines, free
online banking and 24/7 Bank-by-Phone.
In addition to retail banking, Commerce offers a diverse portfolio
of commercial banking services including term loans, commercial
mortgages, commercial leasing and lines of credit, and cash management
services.
Commerce Bank/Harrisburg currently has assets of $1.5 billion. For
more information about Commerce Bank/Harrisburg, visit the bank's web
site at commercepc.com.
This press release contains forward-looking statements concerning
future events. Actual results could differ materially due to the
following risks and uncertainties -- deteriorating economic
conditions; increased competition; interest rate movements; market
volatility in the securities markets; legislative or regulatory
developments; merger-related synergies, savings and integration
issues; technological changes; and other risks and uncertainties
discussed in the company's reports filed from time to time with the
Securities and Exchange Commission. The Company cautions readers not
to place undue reliance on these statements. The Company undertakes no
obligation to publicly release or update any of these statements.