IRVINE, Calif., Oct. 6, 2020 /PRNewswire/ -- Sunwest Bank, a privately held, entrepreneurial business bank serving the Western United States, today announced its partnership with BDO, a global leader in accounting services, to further support businesses grappling with the financial impact of the pandemic through the Main Street Lending Program.
"We are excited to partner with one of the top CPA & advisory firms in the country in supporting the needs of entrepreneurs in the markets we serve," said Ben Frank, Sunwest EVP, Head of Commercial Lending. "We have been working with BDO to help our clients and prospective clients learn how to leverage the program to support the cash needs of their business and make good use of flexible capital during a time when many banks have pulled back in there issuance of new debt, due to the economic uncertainties caused by COVID-19. As with PPP, we are dedicated to supporting everyone in need to the very best of our abilities and strong partners such as BDO will help us in succeeding in that endeavor."
The Main Street Lending Program was launched by the Federal Reserve to provide support to small to medium-sized businesses with up to 15,000 employees or up to $5 billion in annual revenue stay afloat amid COVID-19. The minimum loan size is $250,000 while the maximum loan size is $300 million. For more information on the specific loan terms, eligibility and more, click here.
"The Main Street Lending Program presents a unique opportunity for successful companies to restore lost working capital and position themselves for future success in a post-COVID world," said Robert Berdanier, BDO Director, Business Restructuring Services. "We are excited to partner with Sunwest Bank in its efforts to demystify this federal reserve program."
Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $1.3 Billion in assets. Headquartered in Irvine, CA, with operations in California, Arizona, Idaho and Utah; Sunwest is an entrepreneurial business bank with a long tradition of providing excellent service to entrepreneurs, privately held corporations, family offices, small-medium sized business and real estate developers throughout the Western United States. Sunwest Bank is a Member FDIC and Equal Housing Lender. More information about Sunwest Bank and its full line of products and services is available at www.sunwestbank.com.