Sacramento-based Golden Pacific Bancorp announced it recently raised $3 million to meet growing demand for small-business loans through its online SmartBiz program.
The banking firm, which has Golden Pacific Bank branches in Sacramento, Yuba City and Live Oak, said the new capital also can be used for loans to individual borrowers.
To launch SmartBiz, Golden Pacific partnered with Better Finance Inc., a financial technology company, for what it calls the country’s first online and automated SBA loan application for loans up to $350,000. Businesses that need quick access to low-cost capital can receive $5,000 to $150,000 in as little as five business days.
Golden Pacific said its SmartBiz loan program received national recognition Tuesday during the American Bankers Association’s annual convention in Dallas.
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