Fulton Bank grants first loan in small business refinance program

Fulton Bank N.A. recently granted the first loan in Delaware as part of a commercial mortgage refinance program through the U.S. Small Business Administration, made possible under the 2010 Small Business Jobs Act.

The loan was granted to the Admiral Hotel in Rehoboth Beach.

Typically, SBA loans are only for new businesses, but under the Small Business Jobs Act, existing businesses have the ability to decrease their payments and increase cash flow by taking advantage of the refinance loan program.

“Fulton Bank is proud to be able to help small businesses grow in the community,” said Randy Taylor, president, Fulton Bank, Delaware Division. “We are pleased to be able to participate in the programs provided by the SBA.”

The SBA provides programs to small businesses that help them receive loans, loan guarantees, contracts and financial counseling sessions and other assistance at a lower cost than traditional loans.

Fulton Bank, the largest subsidiary of Fulton Financial Corporation, is a community bank headquartered in Lancaster, Pa., with 114 offices throughout central Pennsylvania, Delaware and Virginia.