Five Star Bank Expands Small Business Lending Solutions Through Partnership with Numerated
August 09 2023 - 9:00AM
Five Star Bank (“Five Star” or the “Bank”), the wholly-owned
community bank subsidiary of Financial Institutions, Inc. (NASDAQ:
FISI) (the “Company”), announced an expansion to its suite of small
business products and services. Through its partnership with
Numerated, Five Star is now offering digital loan origination for
small businesses.
New or existing New York State small business
customers with a Five Star Bank business checking account may apply
for term loans and lines of credit, for total lending exposure of
up to $250,000, online at www.five-starbank.com.
“We understand that business owners need ready
access to capital to run their businesses, from managing cash flow
to investing in inventory and equipment to support their growth,”
said Jeanne Stegmeier, Vice President and Small Business Leader
with Five Star Bank. “Through our expanded partnership with
Numerated, new and existing small business customers now have the
option to apply for a loan or line of credit online, enhancing our
ability to provide them with convenient, best-in-class products and
services to help their businesses thrive.”
Five Star originally partnered with Numerated to
support its active participation in the Paycheck Protection Program
(“PPP”) in 2020 and 2021. Through both rounds of the PPP, the Bank
provided some 2,900 small businesses with more than $370 million in
loans. By leveraging the business banking fintech’s online loan
origination capabilities, Five Star is expanding its suite of
solutions dedicated to supporting small businesses. Payment
management, remote deposit capabilities, and access to the Five
Star Bank Marketplace of third-party financial apps are just some
of the ways that Five Star is committed to helping business owners
manage the day-to-day needs of their businesses.
For more information about Five Star Bank’s
solutions for small businesses or to apply online for a loan or
line of credit, please visit www.five-starbank.com.
About Five Star Bank and Financial
Institutions, Inc.Financial Institutions, Inc. (NASDAQ:
FISI) is an innovative financial holding company with approximately
$6.1 billion in assets offering banking, insurance and wealth
management products and services through a network of subsidiaries.
Its Five Star Bank subsidiary provides consumer and commercial
banking and lending services to individuals, municipalities and
businesses throughout Western and Central New York and its
Mid-Atlantic commercial loan production office serves the Baltimore
and Washington, D.C. region. SDN Insurance Agency, LLC provides a
broad range of insurance services to personal and business clients,
while Courier Capital, LLC offers customized investment management,
financial planning and consulting services to individuals and
families, businesses, institutions, non-profits and retirement
plans. Learn more at five-starbank.com and FISI-investors.com.
For additional information
contact:Kate CroftDirector of Investor and External
Relations(716) 817-5159klcroft@five-starbank.com
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