Warsaw, NY-based Five Star Bank expanded its suite of small business products and services. Through a partnership with Numerated, a business banking financial technology company, Five Star Bank is now offering digital loan origination for small businesses.
New and existing New York State small business customers with a Five Star Bank business checking account may now apply online for term loans and lines of credit, for total lending exposure of up to $250,000.
“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,” Jeanne Stegmeier, vice president and small business leader with Five Star Bank, said. “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 participation in the Paycheck Protection Program 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.
