Arvest Opportunity Fund distributed over $7M in loans in 2023
by February 8, 2024 12:49 pm 1,076 views
Arvest Opportunity Fund, a subsidiary of Fayetteville-chartered Arvest Bank, assisted 245 small business customers with $7.16 million in loans in 2023. The company shared the details in a news release Thursday (Feb. 8).
Launched in August 2022 across four states, the program provides loans, lines of credit and financial education to small businesses that don’t meet traditional bank credit requirements.
The program acts as a bridge for customers to eventually access traditional bank products and services.
According to Thursday’s news release, of the applicants who went through the full 12-month small business loan program with the Arvest Opportunity Fund, 70% had an average increase of 41 points in their credit score.
“In order for our customers to be successful, we have to have equal focus on lending and education,” said Hillis Schild, Arvest Opportunity Fund executive director. “Although we’re still relatively early in our journey, our customers who take full advantage of the educational programming are seeing promising results. We are very proud of them as they move forward in reaching their financial goals.”
Other highlights from 2023 include:
- Doubling the lending limit on small business loans/aggregate debt to $500,000.
- Arvest Homebuyer Advantage mortgage product that helps first-time homebuyers who do not have sufficient down payment funds to purchase a home.
- New agriculture loan product that offers up to $500,000 loan amount/aggregate debt.
- Financial Navigator program, which is designed to connect applicants denied certain Arvest Bank lending products with Money Management International, the Arvest Opportunity Fund’s financial education coaching partner.
- Grant award program for small businesses that offers a line of credit to be used to bridge the gap when applying for a qualified grant.