Golden Pacific Bank Receives ABA Community Commitment Award
CBA member Golden Pacific Bank has been recognized by the American Bankers Association for their noteworthy corporate social responsibility with the 2014 ABA Community Commitment Award.
The awards were presented in categories ranging from affordable housing to community and economic development. Winners were announced at ABA’s Annual Convention in Dallas last week.
Golden Pacific was recognized in the “Nontraditional Borrower and Underbanked” category for its SmartBiz, the nation’s first online and automated Small Business Administration loan application process. While the standard SBA loan process can take up to 90 days to complete, SmartBiz enables businesses to pre-qualify and get approved on the same day they apply. Funds can be available after one business week. SmartBiz has been available on a limited basis since late 2013 and has already received over $25 million in applications.
The ABA selection committee chose six banks from a record-high field of more than 170 entries based on the creativity and replicability of programs — traditional or innovative in nature and structure — that embody the ideals of corporate social responsibility and demonstrate success in measurable terms.
CBA congratulates Golden Pacific on this distinguished honor.