SOURCE: Seacoast Commerce Bank

Seacoast Commerce Bank

July 15, 2015 13:42 ET

Seacoast Commerce Bank Funds $3.75 Million SBA Loan for Austin, TX, Small Business

SAN DIEGO, CA--(Marketwired - July 15, 2015) - Seacoast Commerce Bank, a wholly owned subsidiary of Seacoast Commerce Banc Holdings, today announced that it has funded a $3.75 million U.S. Small Business Administration ("SBA") 7(a) guaranteed small business loan to KSY Enterprises to expand its restaurant operations at 7858 Shoal Creek Blvd. in Austin, Texas.

KSY Enterprises, based in Austin, is owned by Suzi K. Yi who has operated Suzi's China Grill at the location for 20 years. The SBA 7(a) loan that was provided to Yi has 25-year guaranteed financing, and allowed KSY to refinance and renovate the existing restaurant, open a new concept, named Pizza Rebel, as well as lease 4,400 square feet to a new tenant, Sleep Experts, at the 1.02-acre site encompassing 10,800 square feet.

The renovation of Suzi's China Grill and opening of Pizza Rebel will provide approximately 25 new jobs, according to Yi.

"This new financing truly helps us grow our business and I especially want to acknowledge the work of Frank Seely, our restaurant construction consultant, for bringing this project together and connecting us with Seacoast Commerce Bank," Yi said.

The SBA financing was arranged by Seacoast's Jim Wilkie, CCIM, senior vice president and business development officer. Wilkie provides SBA financing services to small businesses throughout south Texas.

Seacoast Commerce Bank is one of America's most experienced SBA lenders and is currently ranked 12th among active SBA lenders nationally, according to SBA information.

Seacoast Commerce Bank focuses on lending to small business owner/users who want to purchase, construct, or refinance their commercial real estate properties. The Small Business Administration's 7(a) program is designed for loans of up to $5 million. The SBA guarantees a percentage of the loan for up to 25-years, which is fully amortized with no calls or balloon payments. The SBA Guaranty allows banks to offer small businesses these terms. Most businesses and property types qualify including office, retail, manufacturing, automotive, restaurant, day-care, mini-storage and other service firms. SBA loans from Seacoast are typically funded within 30 days.

In Fiscal Year 2014, in partnership with private sector lenders, the SBA 7(a) program appropriated $18.5 billion in funding to 45,000 small businesses and supported more than 500,000 jobs nationwide.

Seacoast Commerce Bank, a wholly-owned subsidiary of Seacoast Commerce Banc Holdings, is headquartered in San Diego, California, with full-service banking branches in San Diego, Chula Vista, and Glendale, California, and production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Denver, Colorado; Portland, Oregon; Las Vegas and Reno, Nevada; Houston and Dallas, Texas; and Seattle, Washington. For information on the bank please visit our bank website at www.sccombank.com or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001.

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and regulatory matters.

Contact Information

  • For Further Information:
    David H. Bartram
    SBA Division Manager
    Phone: (858) 432-7002