Umpqua Bank, a Roseburg, Oregon-based subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ), is launching a new lending program aimed at supporting the operating capital needs and growth of small businesses in Oregon, Washington and Northern California.
The program, known as MainStreet Small Business Lending, will make available funds to underwrite loans that fall outside Umpqua’s standard underwriting requirements.
Should an application be declined it will automatically go through a secondary review process to determine if it meets the new underwriting criteria established especially for this program.
Umpqua is targeting loans in the $10,000 to $100,000 range. Potential applicants include established small businesses that have had challenges securing financing because of the impact current economic conditions have had on their overall financial condition.
Through the program, companies can apply for loans to be used for:
– working capital,
– business expansion,
– leasehold improvements,
– equipment purchases,
– other general business expenditures.
The bank has 176 locations between San Francisco, Calif. and Seattle, Wash., along the Oregon and Northern California Coast, and in both Central California and Central Oregon.