Amy, a Chinese American restaurateur from Queens, and her husband were looking for a small one family home in a good neighborhood to start their family. After searching near and far for the perfect home, she had the capital to buy a home, but was met with many obstacles and closed doors from other lenders. As a small business owner, her financial situation was unique, yet not uncommon. “Small business owners like myself, we definitely have the income, but it’s the paperwork that doesn’t match up.” Despite having the financial resources and good credit scores, other banks simply couldn’t help her with a loan. “I visited a bank branch and was given a list of documents that I couldn’t provide, including multiple year tax returns. Being in the restaurant industry, our income isn’t always that stable.” Frustrated and defeated, Amy turned to Steven Ho, and Quontic Bank.
Steven reassured her that a Community Development loan would be the “Yes!” she was looking for. “He worked with us to make sure we were eligible and he helped us get a loan with a pretty easy process.”
As a CDFI, Quontic is able to assess the whole financial profile, not just Amy’s tax returns or income documentation to qualify. Due to the bank’s unique standing, Amy was able to close on her dream home in Queens that suits the needs of her growing family that now includes two year old twins. However, her journey didn’t end there. Satisfactorily, she recommended her network of small business owners to take advantage of the great programs too.