News / Business
Entrepreneurs Turning to Community Banks for Funding
Increased turn downs and delays in processing of loan applications at large National and Regional banks are forcing many entrepreneurs to turn to community banks for funding. In such a crisis situation, First National Bank of Pasco operating in Pasco County, Florida stands out with its financial strength to support small businesses.
There is a widespread belief that national and regional banks are not approving loans for small businesses in the current credit crunch. Although some businesses are still getting loans from these banks, the large banks have tighter borrowing criteria for small businesses. Hence, many entrepreneurs are now turning to community banks for funding.
First National Bank of Pasco, having more than adequate funds in this credit crunch period, continues to grow steadily increasing in assets by another 10 million dollars in the first quarter of 2009. The community bank understands its community and the businesses they serve. Their Chief Loan Officer has vast experience in SBA loans and says FNBPasco lends on cash flow, not collateral.
While discussing advantages and disadvantages of borrowing for small businesses from large national or regional banks versus community banks at MSNBC, Bryan Stevens, a principal at Business Borrowers Alliance, said that when it comes to small business loans community banks can be more lenient in their lending criteria because they know their local businesses better.
“Sound financial management and a real understanding of its community’s needs are the fundamentals of good banking,” commented A.P. Gibbs, the Founding Father of FNBPasco and Chairman of its Board of Directors.
About First National Bank of Pasco:
First National Bank of Pasco: “Your Hometown Bank” was started in 1986 by Andy P. Gibbs, of Gibbs & Parnell, P.A., a Florida law firm. The bank has three locations in Pasco County – Dade City, South Zephyrhills and West Zephyrhills. FNB Pasco prides itself on being a "high tech and high touch" bank, using technology and online banking to help their customers connect to "Your Hometown Bank" from anywhere. Florida Bancshares, Inc., the holding company of FNB Pasco was formed in 2008. The Bank’s President, Robert Sumner, who also serves on FNB Pasco’s Board of Directors, works closely with Mr. Gibbs and the other Board of Directors to guide and manage First National Bank of Pasco securely into the future for its community. Visit www.fnbpasco.com
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