Vibra Bank announced today it is continuing to provide small business loans despite the distressed credit market and the trepidation that remains after the subprime loan fall out.
“We opened our doors in 2008 leaving us in a unique position. We don’t have the bad loan baggage that has crippled the lending power of some other banks,” says Vibra Bank Chairman Enrique Schon. “The timing has given us the ability to be fully committed to actively lending in San Diego. We have lots of capital and no non-performing loans.”
Vibra Bank understands that securing the funds to support or start a small business is not just a necessity for operation, but can be the lynch pin that can make or break a dream.
“We are so grateful that it turned out this way and we are getting a chance to live our dream, but it came very close to not happening,” says Karen Kampf, owner of Kyss Boutique in Carlsbad. “And that would have been a shame because it won’t be General Electric or IBM that takes us out of this recession; it will be the mom-and-pop stores.”
Kampf and her partner Carla Woolover had already been turned down by two banks for a conventional loan, and were days away from giving up the retail lease they’d signed when Vibra Bank came through with an SBA loan.
“There has been a lot of press lately about banks that have slowed down lending; There certainly have been a lot of banks with problems that can distract them from establishing new business,” says Vibra Bank President and CEO Scott Parker. ”If we can support a business that is trying to expand and we feel that it makes good business sense for everyone, we will do it. It’s good for people looking for work and it’s good for the community.”
About Vibra Bank:
Vibra Bank was founded in July 2008 as a bi-cultural community bank specializing in serving specializing in small to medium sized businesses and individuals in all of San Diego County. At Vibra Bank, our desire is to empower and inspire our customers to reach their goals and full potential with the support of the Bank’s resources and our commitment to building quality relationships. The Bank’s stock trades under the symbol (OTC Bulletin Board: VBBK).
