Integro Bank announced the launch of a new quarterly incubator program to support small business owners. With new challenges coming at small businesses at a steady pace, Integro Bank is well-positioned to expand their support programs with a focus on SBA lending.
January 31st kicks off the program with “2023 Economic & Market Outlook” with guest speaker Michael Melby, the Chief Investment Officer, PFG Advisors, Inc. As an accomplished speaker and educational presenter, Michael Melby has participated in a variety of public and professional forums. He enjoys sharing his ideas and expertise and does so with a zeal and touch of humor that leaves his clients, colleagues and general audiences entertained as well as insightfully informed.
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The push to expand the Integro Bank small business incubator programs is driven by the rising interest rates and larger banks getting tighter on lending. The Small Business Breakfast Connection program provides opportunities to network and connect with subject matter experts within the economic realm for local small businesses to better navigate day-to-day challenges and future economic concerns in a proactive manner.
A program such as this is more important now than it has ever been before. Business owners are increasingly becoming frustrated with small business lending. Lending to small businesses represents only 4.5% of bank activity. Recent data from the U.S. Census Bureau has Arizona at the bottom nationally regarding small businesses getting approved for loans. For every 744 small business loan applications in Arizona, only one is approved.
For small businesses, even when big banks approve a loan “only about 30% of businesses that applied for financing last year got the full amount that they asked for, down from about half in 2019. Firms owned by people of color, firms with fewer employees, and leisure and hospitality firms were least likely to receive the full amount of financing sought. About 68% of applicants got some of the amount they applied for, down from 83% in 2019 and 76% in 2020.”
This ongoing push to change how small business lending takes place and a focus on the needs of small business owners is part of the overall committed effort Integro Bank has implemented. Kendra Vincenty, Director of Government Lending at Integro Bank stated: “Integro bank continues to stand at the ready when it comes to creating a partnership for Small business growth. This type of relationship development will extend far beyond a lending partnership. We are excited to be that source and partner.”
While this program is set to be quarterly, it works hand-in-hand with Integro Bank’s growing small business support programs which include the CEO Club and the INTEGRO360sm platform. For more information on programs, products and services, go online and request a consultation at www.integro.bank.
