Valley Bank launched a community lending platform

Banking / Finance

The new platform will help Valley grow services for underserved businesses

On September 7, 2022

Wayne-based Valley National Bank has launched a community lending platform as the financial institution ramps up its efforts to offer more products, resources and connections to women and minority businesses.

In the year By 2021, Valley has made more than 6,181 small business loans to businesses in low- to moderate-income census tracts with gross annual revenue of $1 million or less. Valley Community Lending Group, which focuses on providing financial solutions to women and micro-owned small businesses in this space, quickly recognized the need for a separate platform to organize the program in the bank’s four states. This new platform will make the application and loan process much easier and faster by reducing the amount of paperwork that would normally take weeks to complete, Valli said.

The new platform offers women and minority businesses easier access to traditional products like payroll, business loans and merchant services, while also looking at loan criteria through a different lens. Instead of only considering traditional criteria related to cash flow and three years of business history, the bank is also considering personal and business credit scores.

Led by national community lender Tyce R. Sullivan, the department now has 15 dedicated professionals and businesses across Valley Bank’s American footprint from New York south to Florida reach communities that often don’t qualify for traditional lending.

“Community Lending Group is committed to looking at financing these small businesses differently,” Sullivan said. “We analyze their growth potential rather than their current size to determine how we can support long-term growth. The launch of this platform will help us help small businesses on the path to growth and future success.”

Community Credit Regional Leaders:

• Luis De La Hoz, Community Credit New Jersey Regional Director
• Martin Pierre-Paul, Community Credit Florida/Alabama regional director
• Michael Warrington, Community Credit New York Regional Director

“During the pandemic, we know how many businesses are not eligible for emergency funding programs like the Paycheck Protection Program,” Sullivan said. “Small business owners in particular were less likely to apply, not because they didn’t need the money, but because they weren’t set up to qualify.”

Without professional connections or experienced advisors to help find pathways to financing, many small business owners miss out on the necessary documents needed to obtain a traditional loan. In addition to offering its own banking products and services, Valley Bank’s community lending solutions include strong partnerships with national and regional organizations that can provide additional educational, consulting and financial resources. These organizations include groups such as the Small Business Administration (SBA), the Black Business Investment Corporation (BBIC) of Palm Beach County, and the National Entrepreneurship Association (NEC).

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