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Business finance 04 Jan 2018

An easy but important New Year’s resolution – contribute to local small businesses

Exercising more and eating healthy foods top the list of New Year’s resolutions seemingly every year. While those are great and common goals across the U.S., some of those fall by the wayside as the calendar months turn.

There is one under-the-radar, but also important resolution that could be easier for you in 2018 – contributing to local small businesses.  BBVA Compass has stressed the importance of small business in the past through initiatives and products and services, including small businesses across the bank’s footprint.

2017 saw multiple highlights for BBVA Compass in terms of small business support, including the following initiatives and milestones:

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There is one under-the-radar, but also important resolution that could be easier for you in 2018 – contributing to local #smallbusinesses.

  • Small Business Administration shines spotlight on BBVA Compass: The SBA recognized the bank as its Region VI Highest Unit Volume 7(a) Lender in 2017, a region that covers five states, including two states in the bank’s footprint – Texas and New Mexico. Meanwhile, the San Antonio Small Business Administration district office also recognized the bank as the Lender of the Year in the area for fiscal year 2016.
  • Bank becomes largest investor in loan fund for small businesses in Appalachian Alabama: BBVA Compass closed a $5 million equity investment in Pathway Lending last October, becoming the largest investor in Alabama’s effort to build up small businesses in the state’s Appalachian region. Pathway Lending, a Community Development Financial Institution certified by the U.S. Department of Treasury, will operate the state’s new loan fund for small businesses in the 37 counties of Appalachian Alabama.
  • BBVA Compass launches Year of Opportunity for Small Business: BBVA Compass, already punching above its weight in its drive to become the lender of choice among small businesses and entrepreneurs, launched a Year of Opportunity for Small Business by marshaling its expert employees to lead more than 70 workshops in May 2017 on the financial fundamentals of running a small business.
  • Helping businesses after Hurricane Harvey: To help with rebuilding efforts after Hurricane Harvey, BBVA Compass announced special programs and offers for clients and businesses, including discounted loans and credits to those affected by the devastation. But according to BBVA Compass Small Business Products Director Lance Gibson, there are a wide range of resources for owners who have built their living from the ground up.
  • Small business contests across the bank’s footprint: The bank teamed up with multiple organizations to create opportunities for small businesses across the country. Initiatives included contests with the Houston Dynamo and the Phoenix Mercury.
  • Dallas-based social entrepreneur takes home $50,000 prize as BBVA Momentum closes first season in U.S.: BBVA Momentum has been operating since 2011 in countries throughout the global footprint of BBVA, the Madrid-based bank, but this year marked its first foray into the U.S. Chad Houser of Dallas-based Café Momentum, a restaurant training platform for juvenile offenders, won the top prize of $50,000 in December as the BBVA Momentum program for social entrepreneurs closed out its inaugural season in the states.

BBVA Compass’ support of small businesses will be strong again in 2018 – you can be a contributor too if you stick to that simple resolution, too! Happy New Year!

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