SBA 504 Loan Will Support Construction of the Villas at Killearn
Lakes
WILMINGTON, Del.--(BUSINESS WIRE)--
The Bancorp, Inc. (NASDAQ: TBBK) announces that its Small Business
Lending team has provided an SBA 504 loan to fund construction of the
Villas at Killearn Lakes, a neighborhood of assisted-living homes new to
the Tallahassee community. The Bancorp is the primary financial
contributor in conjunction with Florida First Capital Finance
Corporation.
The Villas at Killearn Lakes offers person-directed assisted living and
memory care services in a unique residential setting. A groundbreaking
ceremony took place May 7, 2018. The $10 million project is slated to
open in early 2019.
“The Bancorp is proud to support this innovative assisted-living concept
and the growth it brings to the community,” said Hetal Engineer, SBA
Sales Manager at The Bancorp. “As an SBA lender, we are committed to
helping both family-run and larger assisted-living providers grow,
refinance and expand their business.”
“Villas at Killearn Lakes is very pleased to be working with The Bancorp
Bank and its SBA financing division,” said Dr. Chris Mulrooney, Partner
and Chairman of the Board for Villas at Killearn Lakes, LLC. “Our
banker, Hetal Engineer, not only grasped the vision of Villas at
Killearn Lakes, but he and his team worked with us every step of the way
to ensure that this project would get funded and come to fruition. The
Bancorp is committed to the Villas' success and to seeing this
innovative model of assisted living and memory care thrive in
Tallahassee.”
About The Bancorp
The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique
needs of non-bank financial service companies, ranging from
entrepreneurial start-ups to those on the Fortune 500. The company’s
subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has
been repeatedly recognized in the payments industry as the Top Issuer of
Prepaid Cards (US), a top merchant sponsor bank and a top ACH
originator. Specialized lending distinctions include National Preferred
SBA Lender, a leading provider of securities-backed lines of credit, and
one of the few bank-owned commercial vehicle leasing groups in the
nation. For more information please visit www.thebancorp.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508005927/en/
The Bancorp, Inc.
Media Relations
Rachel Weiss, AVP
Marketing & Communications Manager
302-385-5410
rweiss@thebancorp.com
or
Investor
Relations
Andres Viroslav, Director of Investor Relations
215-861-7990
aviroslav@thebancorp.com
Source: The Bancorp, Inc.