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Arvest Opportunity Fund, a subsidiary of Fayetteville-chartered Arvest Bank, supported $7.16 million in loans to 245 small business customers in 2023. The company shared details in a news release on Thursday (February 8).
Launched in August 2022 in four states; This program provides loans, lines of credit, and financial education to small businesses that do not meet traditional bank credit requirements.
The program acts as a bridge for customers to eventually gain access to traditional banking products and services.
Among applicants who took full advantage of Arvest Opportunity Fund’s 12-month small business loan program, 70% saw their credit scores improve by an average of 41 points, according to a Thursday news release.
“For our clients to be successful, we need to put equal emphasis on lending and education,” said Hillis Schild, executive director of Arvest Opportunity Fund. “While we are still in the early stages of our work, we are seeing encouraging results from our customers who are making the most of our education programs. I’m very proud of it.”
Other highlights for 2023 include:
- Doubles the loan limit for small business loans/total debt to $500,000.
- Arvest Homebuyer Advantage A mortgage product that helps first-time homebuyers who do not have sufficient down payment funds to purchase a home.
- New agricultural loan product offering up to $500,000 in loan amount/total debt.
- The Financial Navigator program is designed to connect applicants who have been denied certain Arvest Bank loan products with Money Management International, Arvest Opportunity Fund’s financial education coaching partner.
- A grant-awarding program for small businesses that provides a line of credit that can be used to fill gaps in applying for eligible grants.
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