TRIUMPH ASSISTS IN REDESIGNING SMALL BUSINESS ADMINISTRATION LOAN PROGRAM
On November 2, 2011, a Commercial Appeal article appeared outlining a revamped federal CAPLines program to benefit small businesses. CAPLines is an umbrella loan program featuring five different lines of credit that helps small businesses meet their short term and cyclical working-capital needs. According to the article, Karen Mills, head of the Small Business Administration, traveled to Memphis to announce the reformulated program. Mrs. Mills was here to meet with local business Evaporcool as “exactly the kind of small business that can benefit from this initiative.”
Triumph Bank and Magna Bank were noted as the two Memphis Banks which helped redesign the new program, primarily to reduce paperwork for SBA-backed loans. The article states, “by making it easier to apply for the funds, SBA officials hope to boost the number of recipients -- last year only one small business in Tennessee received CAPLines funds.”
Recently, the SBA Tennessee District Office ranked Triumph Bank number two in SBA loans approved by dollar amount made in Tennessee from October 1, 2010 through September 30, 2011. Triumph was also ranked #2 in Memphis-area SBA loans during the same period last year.*
The article also quoted Walter Perry, Tennessee SBA District Director, as saying, "In 2010, Memphis and Shelby County small businesses accounted for 102 SBA-backed loans totaling $54 million, the most in the state. Wonderful things are happening in Memphis and in Tennessee. Our small- business community is exceptional."
President Will Chase reacted to the article by saying, “We’re honored to have been involved in helping to redesign this program. We have always actively supported the growth of small businesses across our community, and are excited at how this can make the funding they need more accessible.”
*From an article that appeared in The Memphis Business Journal, May 2011.