New Bank Aims To Tap Hispanic Business Market
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AP, Tucson Citizen, Jul. 7
PHOENIX—Articles of incorporation were filed for what would be one of the first banks in Arizona to specifically target the Hispanic small-business market.
The Sonoran Bank hopes to open in Phoenix next spring.
It would focus on lending amounts of $50,000 to $300,000 or perhaps a half-million dollars, a need not being met by large banks, said Ernest Garfield, owner of Interstate Bank Developers and who is guiding the board in creating the new lending.
Although the bank wouldn’t turn away consumer accounts, it would not actively pursue them.
Applications for approval are expected to be filed with the state Banking Department and the Federal Deposit Insurance Corp. this fall, after which investors can buy stock, Garfield said.
Garfield said the bank’s assets would come from investors. Plans are to have $135 million to $150 million in assets within four or five years.
Democratic state Rep. John Loredo of Phoenix said there’s a need to invest in the booming Hispanic-owned businesses in the Phoenix area.
“And when these small businesses gain the ability to invest in their business, they do very well,” Loredo said.
Business owner Carlos Yado said he applied for loans with major banks when he was trying to start his business.
“We were trying to get loans from $20,000 to $40,000, but they want that amount in collateral,” he said. “If I had that, why would I need a loan?”
Yado said he looks forward to a bank geared toward Hispanics who are small-business owners.
“If there is a bank out there that wants to help out minorities, I’d be the first to check it out,” he said.
Rachel Gomez said she and her husband struggled to get funding needed to start their Mexican restaurant in El Mirage.
“We really need a bank that will really help Hispanics get started,” she said. “I know so many people who would love to be in business if they could just get a small loan.”
Comments from Readers
From: Tim2
Another multicultural bank. Honky puts the money in and provides FDIC funds when it goes under. Once again, white people are stupid!
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From: Jan
One has to ask, without social security numbers or taxpayer ID numbers, how is interest reported to the IRS? And, without social security numbers or other ways to report to the IRS and Feds, could be some windfall profits to be had by the investors in this bank, not to mention the possibility of extortion of illegal aliens, fearing deportation.
We should all be shocked that an American institution could possibly be complicit in breaking immigration laws by “encouraging and inducing” illegals to remain in this country. I would certainly consider extending loans and offering bank accounts “encouraging and inducing”.
Taxpayers need to remember that banks must be approved by a state banking commission. Looks like the people in Arizona need to be checking the charter on this bank, reviewing the articles of incorporation and finding the officers. It would also be worthwhile that in order to ensure there is no discrimination between citizens and illegals, that if matricula cards are accepted as identification by this bank, social security numbers should not be required of citizens to enjoy the same services.
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From: Tim2
“One has to ask, without social security numbers or taxpayer ID numbers, how is interest reported to the IRS? And, without social security numbers or other ways to report to the IRS and Feds, could be some windfall profits to be had by the investors in this bank, not to mention the possibility of extortion of illegal aliens, fearing deportation”
Excellent comment Jan. If America were truely the ” of the brave”, millions would stop mailing in their IRS 1040 forms.
(Posted on July 14, 2004)