#USA #Fairfax #Small Business #SBA Program #Freedom Bank

Freedom Bank of Virginia Secures Preferred Lender Status

In a significant development for local entrepreneurs, Freedom Bank of Virginia has proudly announced its designation as a Preferred Lender for the U.S. Small Business Administration's (SBA) 7(a) Working Capital Pilot Program (WCP). This initiative is central to providing efficient, flexible, and affordable working capital options specifically designed for small businesses struggling with liquidity issues.

Program Overview

The 7(a) WCP is an innovative offering that provides meticulously monitored lines of credit. These credits are tailored to meet a diverse range of financial needs for growing businesses, enabling them to access capital at crucial moments. One of the program's standout features is its transaction-based lending approach, which allows businesses to utilize asset-based borrowing methods supported by accounts receivable (A/R) and inventory.

This initiative also introduces a new structure for annual fees, aimed at maximizing the accessibility and affordability of working capital for smaller enterprises embarking on their growth journeys. Such features are essential for businesses that require funds swiftly to capitalize on emerging opportunities.

Commitment to Small Businesses

Joe Thomas, President and CEO of Freedom Bank, emphasized the institution's unwavering commitment to fostering small business growth as a foundational principle. “Our involvement in the 7(a) Working Capital Pilot program positions us to offer new and existing small business clients enhanced financing solutions,” he remarked. “We deeply understand the complexities of managing working capital, and our dedicated lending team is equipped with the expertise necessary to address these challenges effectively.”

With the potential to issue credit lines reaching up to $5 million, the program provides small businesses the ability to leverage their receivables and inventory and take transformative steps without the burden of financial anxiety. This structure is beneficial for both asset-based financing and transaction-based projects, ensuring that businesses have the right amount of support when they need it most.

Mark Ingram, Senior Vice President and Small Business Team Lead at Freedom Bank, highlighted the importance of this status. “Being among a select group of providers nationwide receiving Preferred Lender designation for this program reaffirms our role as a trustworthy partner for small businesses. It enables us to assist them in innovating and competing in an ever-evolving economy.”

How to Get Involved

For entrepreneurs eager to explore what the 7(a) Working Capital Pilot Program can do for their businesses, Freedom Bank encourages prospective clients to reach out. Interested parties can learn more about this program's benefits and determine if it's right for them by contacting Freedom Bank's Small Business Lending team through their website.

About Freedom Bank

Freedom Bank of Virginia is a next-generation community bank dedicated to empowering clients to achieve their aspirations. With a robust portfolio of services, including commercial and personal banking solutions, Freedom Bank remains committed to exceptional service and unprecedented technological support.

With branches located across Virginia in areas such as Chantilly, Fairfax, Manassas, Reston, Tysons, and Vienna, the bank continues to expand its reach with corporate offices situated in Tysons, VA, and its headquarters in Fairfax, VA. For further inquiries or to find out more about what Freedom Bank can offer, visit their official website.

This recent acquisition of Preferred Lender status is a testament to Freedom Bank's ongoing efforts to reinforce local economies and support entrepreneurs in achieving their business goals amidst challenging market conditions.