The Arvest Opportunity Fund, a wholly owned, non-bank subsidiary of Arvest Bank, assisted 181 small business customers with $4.4 million in loans during the program’s first year.
Launched across the bank’s four-state footprint in August 2022, the Arvest Opportunity Fund began offering loans, lines of credit and lending-related financial education to small business customers that fall just below existing bank credit requirements. The program acts as a bridge that allows customers to move from their current state to a position in which they can fully access traditional bank products and services.
“We believe our approach to investing in people through finance and education is effective in helping our customers achieve their financial goals,” aid Hillis Schild, executive director of the Fund. “We also understand economic uncertainty may be causing some people to hesitate when it comes to starting or expanding a business. We encourage anyone in this position to explore their options. A conversation with a local banker is a good starting point.”
Arvest Opportunity Fund loans are generated from applications reviewed via the company’s Small Business Underwriting (SBU) standards. If the applicant’s credit file does not meet Arvest Bank loan policy requirements, the applicant can agree to have the Arvest Opportunity Fund consider the applicant for funding.
Loan recipients must agree to receive financial education coaching for one full year after funding. Customers who completed the Arvest Opportunity Fund’s financial education coaching program saw an average increase of over 50 points on their credit score.
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