First Bank is deeply committed to helping Working Solutions become a lending source for businesses we are unable to fund.
What exactly does this mean? Well, as an established bank with over 100 years of experience and several locations in the Bay Area, we encounter on a regular basis many business applicants that come to us for their borrowing needs. Coming to First Bank for a loan is a natural process for many of these businesses, especially for those that already bank with us.
The economy has been difficult for many small businesses and credit profiles have taken a hit due to higher debt ratios and lower income received. Recent years of economic volatility has proven especially challenging for start-ups. This doesn’t even take into consideration that a start-up has no track record to gauge future performance.
This is where Working Solutions enters the picture. When we encounter a new business customer looking for funding or an existing business that has less than perfect credit, we now have a source: Working Solutions. This local nonprofit provides loans from $5,000 up to $50,000 for startup and existing businesses that need working capital. By referring businesses to Working Solutions, First Bank is helping our customer who in turn is helping the economy. If a loan is funded by Working Solutions, they will establish credit or repair their credit and will be able to come back to First Bank for other conventional lending needs. It becomes a win-win situation. First Bank is committed to our partnership with Working Solutions.