Los Angeles area entrepreneurs are finding a way to “open for business” with the help of small SBA loans, underwritten by a unique program spearheaded by Innovative Bank (IB). This plucky little financial institution recently acquired the Bank of Oakland and then proceeded to carve out a niche in the $5,000 SBA Loan marketplace, using Nevada as a testing ground. Now IB has entered Los Angeles and in a dramatic fashion and is focused on Minority Business Enterprise and its limitless number of small office home office based businesses. Thus, evolved the acronym for IB’s product ---SOHO. Recently, IB has increased its lending policy and has added $10,000 and $15,000 loans to its lending arsenal to satisfy a growing demand for micro-business working capital.
IB’s novel program employs community intermediaries to host loan application workshops, during which the application is completed. The intermediary also reviews poignant information that may accompany the application.... Read More