Mark Cuban Lifeline Rescues Texas Businesses via Community Banks
(May 11, 2020) Dallas, Texas - After weeks of the silent treatment from her lending institution regarding the status of her Paycheck Protection Program (PPP) application, a loan that was absolutely critical to saving her small business, Laura Stewart couldn’t wait any longer. Like so many frustrated small business owners, she found herself caught in a big-bank queue of silence while federal relief funds were quickly evaporating.
So, she took a proverbial half-court shot and reached out last Thursday night to American entrepreneur, investor, and owner of the Dallas Mavericks, Mark Cuban - a shot that hit nothing but net.
Though having no prior relationship with Stewart, Cuban had been actively challenging banks to do whatever it took to help businesses just like hers, so it was no surprise he stepped up, immediately referring her to Dallas-based Vista Bank.
Completing Vista’s online application that same evening, Stewart was pleasantly shocked when her new loan officer emailed at 10:13 pm advising of the approval, just three short hours from her original plea for help.
“I am so glad that I reached out to Mark Cuban and couldn’t be more grateful that he took time out of his hectic schedule to help a person he has never met,” said Stewart. “It would be great if all Americans possessed this type of work ethic, attitude, and character, and I’m so thankful that he knew just who to send me to that could rescue my business – Vista Bank. I look forward to meeting the team that stayed up with me that night, making sure my application got funded, and maybe one day, I’ll get to thank Mr. Cuban personally.”
President of The Stewart Group, Ms. Stewart, launched her insurance claims adjustment company in 1998 and typical of so many entrepreneurs, has averaged 60-80 hour work weeks ever since. With revenues sharply down due to COVID-19, this lifeline gave her the fighting chance she needed to save her business.
“Thankfully, Ms. Stewart’s experience with Mr. Cuban was not an anomaly,” said John D. Steinmetz, President and CEO of Vista Bank. “Since referring his Texas twitter following to us last week and individually sending countless small business owners our way, he has truly made a difference for the future of Dallas. We are honored to support these small businesses.”
Vista Bank’s first PPP application was successfully submitted at 3:30 am on April 3. Working around the clock ever since, we’ve processed over 1500 loans, 76% of which have gone to new clients like Ms. Stewart. Loans have started at just $281 and averaged $95,512 each.
About Vista Bank:
Established in 1912, Vista Bank operates 15 locations throughout West Texas, Austin, Dallas, and Fort Worth. One of Texas’ fastest-growing banks with asset growth over 450% in the last decade, Vista broke into the Top 100 Texas Banks by asset size in 2018. The Bank offers a variety of traditional loan and deposit products to its personal and commercial clients, always putting People First. Learn more at www.vistabank.com.