Univest Corporation Advises Local Businesses: Time Running Out on Temporary SBA Lending Program
Contrary to some news reports,
"loans are available, and at attractive terms."
SOUDERTON, Pa, June 25,
2012 ---- Univest Bank and Trust Co.SM, an SBA Preferred
Lender and a leading community bank lender in the Philadelphia
region based on small business loan volume, is advising locally
owned and operated businesses of the limited time now available to
apply for SBA 504 loans under an advantageous temporary Small
Business Administration lending program. Univest, the full-service
banking subsidiary of Univest Corporation of Pennsylvania (NASDAQ:
USVP), previously announced the availability of $60 million to lend
through the program.
"The SBA implemented the program under the Small Business Jobs
Act, and it is authorized until September 27, 2012," said Patricia
J. Kratz, vice president of corporate banking and SBA officer for
Univest Bank and Trust Co. "This is an excellent opportunity for
businesses of all sizes, but with the deadline quickly approaching,
loan applicants only have until mid- to late July to apply for the
loans and secure financing within the program. Much of the $60
million Univest committed to lending under this program is still
available to eligible businesses."
The temporary SBA program provides businesses the opportunity to
lock in long-term, stable financing at attractive rates, finance
eligible business expenses, protect jobs and hire additional
workers. It enables borrowers to finance up to 90 percent of the
appraised value of available collateral. This allows borrowers with
more than 10 percent equity to obtain additional proceeds to pay
for eligible business expenses. In addition, the program allows any
business with a commercial mortgage that is two or more years old
to refinance its debt, regardless of mortgage maturity.
"Participating in the temporary SBA lending program is just
another way we at Univest demonstrate our commitment to our local
community," said Philip C. Jackson, president of corporate banking
at Univest Bank and Trust Co. "Some news reports suggest that money
is not available for small businesses looking to finance business
expansion, retain current jobs and hire new workers. To the
contrary, loans are available, and at attractive terms."
Businesses interested in applying should contact Pat Kratz at
Headquartered in Souderton, Pa., Univest Corporation of
Pennsylvania (www.univest.net) and its subsidiaries serve the
financial needs of residents, businesses, and nonprofit
organizations in Bucks, Chester, Montgomery and Lehigh counties.
For more information on Univest Corporation of Pennsylvania and its
subsidiaries, please visit www.univest.net.
This press release of Univest
Corporation and the reports Univest Corporation files with the
Securities and Exchange Commission often contain "forward-looking
statements" relating to present or future trends or factors
affecting the banking industry and, specifically, the financial
operations, markets and products of Univest Corporation. These
forward-looking statements involve certain risks and uncertainties.
There are a number of important factors that could cause Univest
Corporation's future results to differ materially from historical
performance or projected performance. These factors include, but
are not limited to: (1) a significant increase in competitive
pressures among financial institutions; (2) changes in the interest
rate environment that may reduce net interest margins; (3) changes
in prepayment speeds, loan sale volumes, charge-offs and loan loss
provisions; (4) general economic conditions; (5) legislative or
regulatory changes that may adversely affect the businesses in
which Univest Corporation is engaged; (6) technological issues
which may adversely affect Univest Corporation's financial
operations or customers; (7) changes in the securities markets or
(8) risk factors mentioned in the reports and registration
statements Univest Corporation files with the Securities and
Exchange Commission. Univest Corporation undertakes no obligation
to revise these forward-looking statements or to reflect events or
circumstances after the date of this press release.