Category Archives: Banking Services
Members of our staff recently attended Vermont-Slauson Economic Development Corporation’s↗ (VSEDC) celebration of 35 years of service to South Los Angeles. VSEDC is one of the many wonderful EDCs we partner with to provide access to capital for small businesses.
In their own words, the primary mission of VSEDC is to “facilitate community development of the South Los Angeles area by providing programs structured to revitalize the physical, economic and social life of the community. In order to realize this objective, VSEDC has developed and implemented a comprehensive approach to community economic development that includes business development, technical assistance and training, residential housing, commercial and industrial development.”
Over those 35 years, the VSEDC has provided assistance to more than 500 businesses.
So, how can they help your business? One of their most popular services – and yes, it’s free – is helping craft business plans. Whether you want to map out a new business or need to present a business plan to a loan officer, the talented staff and volunteers at VSEDC can help guide you through the process.
They’re also brilliant at identifying and directing business owners toward the resources they need. We’re proud to say that one of those resources sometimes includes Grandpoint Bank. VSEDC was happy to learn about our enthusiasm for lending to small businesses, particularly ones in disadvantaged areas of the communities we serve. Through our Small Business Loan program, we can fund three- or five-year term loans or a business revolving line of credit ranging from $5,000 to $75,000.
We recognize that small businesses are the lifeblood of our local economies and often define the character of our communities. Sometimes, a relatively small loan can make the difference between those companies thriving or struggling. We love to grow with our clients and be part of the process of an entrepreneur creating something great. Today’s small business could easily become a major employer for its community, and if we can support those businesses, we love our jobs even more.
It may surprise you to learn that our Small Business Loans can be turned around within two weeks from the time we receive all the information we need from the business owner. After those two weeks (or less), if approved, our customer can leave with a cashier’s check in hand.
Not everyone who visits VSEDC needs a loan, of course. Another popular service the organization provides is assistance with business taxes. Chances are that free help with your company’s taxes will sound terrific — unless you’re running an accounting business.
Does the word Twitter send your heart aflutter? VSEDC offers (again, free!) help to strategize, develop and populate a social media program that’s right for your business. They also offer an entrepreneurial training program, training about how to have a green business, information about tax incentives and credits and so much more.
We very much value our relationship with the fine folks at VSEDC and all of the wonderful small businesses we get to serve. Whether it’s VSEDC or another Los Angeles BusinessSource Center,↗ we encourage small business owners to take advantage of the remarkable resources available through these organizations.
To find out more about Grandpoint Bank’s Small Business Loan Program, contact Darlene Esquerra, Community Development Officer, at 213.542.2703 or firstname.lastname@example.org
↗ Linking to Non-Grandpoint Bank Websites
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The SBA Debt Refinance Program is back! Does your small business have a maturing or high-cost conventional loan for real estate, buildings or equipment? The long-term, fixed rate financing available through the SBA Debt Refinance Program can help small businesses that face significant balloon payments, require financial flexibility or want to take cash out from appreciating assets for expansion.
Under the new program, small businesses that refinance into a SBA 504 loan can take advantage of lower rates, fixed for 20 years, to lighten their monthly debt payments, improve cash flow and stabilize operations.
These parameters can help determine whether this program might be a good fit for your business:
- The debt to be refinanced must be at least two years old.
- The debt to be refinanced must be current during the last 12 months.
- Eligible small businesses can obtain up to 90 percent financing for secured debt and qualified business debt.
- Eligible fixed assets include real estate and equipment.
- Cash out for operating expenses, including debt consolidation, is limited to 75 percent loan-to-value.
- Cash out can be used for eligible business expenses (salaries, rent, utilities, inventory).
- Existing government guaranteed loans are not eligible to be refinanced.
- The eligible debt being refinanced is for the outstanding principal balance.
Other conditions or qualification requirements may apply.
For those considering applying for a new loan, we offer a variety of government guaranteed loan products that require less cash investment up front and offer longer loan terms, which can help bridge the gap for businesses that otherwise would not have access to capital.
- SBA 7(a), 504 and 504 refinance
- SBA Export Express Export Working Capital International Trade
- USDA Business & Industry Loans Food Desert Rural Energy for America Program (REAP)
- Export Import Bank of U.S.
If you would like more information on the SBA 504 Refinance Program or any of our government-guaranteed loan products, please contact Leticia Scearce, Senior Vice President/Government Guaranteed Lending Manager, at email@example.com or (602) 445-6511.
You can now use your Grandpoint Bank credit and debit cards on your compatible Apple® devices to pay at many of your favorite stores and apps. Apple Pay® is an easy, secure and more private way to pay.
EMV chip cards are making it more difficult for criminals to steal or clone credit card information, but there are still vulnerabilities, and when purchases are made online, chip card security features don’t work. Plus, if you’ve used your chip card recently, you’ve probably noticed that it takes much longer to authenticate a purchase than the old swipe cards. Apple Pay brings both convenience and an additional layer of security that even the EMV chip cards can’t provide.
First, paying with Apple Pay is as easy as holding your Apple Pay compatible device in front of the payment terminal and placing your thumb on the device’s Touch ID. Authentication occurs within seconds (and you don’t even have to take your wallet out!). After completing a payment, your phone will vibrate and a confirmation will appear in your Wallet app.
Second, with Apple Pay, instead of using your actual credit and debit card account numbers when you add your card to Apple Pay, a unique Device Account Number is assigned, encrypted and securely stored. Each time you make a transaction with Apple Play, a one-time unique code is generated, adding another layer of protection.
Your actual credit or debit card numbers are never shared by Apple with merchants or transmitted with payment. In addition, paying with Apple Pay is private, as the cashier never sees your name, card numbers or security code.
While Apple Pay is not available everywhere, the list of apps as well as retailers that accept Apple Pay is growing constantly. Simply look for these symbols when you check-out:
Apple Pay will work on:
- iPhone® 6, iPhone 6S, iPhone 6 Plus, iPhone 6S Plus or later model
- Apple Watch®
- In-app, Apple Pay can be used with your iPhone 6, iPhone 6S, iPhone 6 Plus, iPhone 6S Plus, iPad Air™ 2, iPad Pro, iPad mini 3, and iPad mini™ 4
To add your Grandpoint Bank credit or debit card, simply open the Wallet app and click the “+” button in the upper right hand corner.
There is no cost for Apple Pay from Grandpoint Bank. Based upon your device’s data plan, additional message and data charges could apply.
To learn more about Apple Pay, visit the Apple Pay page on our website.