Community bank provides app 'spark'

With all the talk about banks practically refusing to lend money to businesses throughout 2010, one Tampa-based institution is promoting its financing deal for an innovative smart-phone application created by one of its local customers.

GulfShore Bank provided a Small Business Administration loan to Spark Labs for TourWrist, an iPhone app that allows visitors to get a virtual view of wherever they're going, or already are. The app can also be used with the iPad and other nifty Apple gadgets.

Joe Caballero, GulfShore president and CEO, says the bank already had an established relationship with Spark, which recently relocated to new headquarters in Tampa's SoHo District. Being a fairly young bank that deals mainly with small businesses helped, he says.

GulfShore, which was highlighted in the Business Review's June 18 banking issue, was launched in 2007 after the real estate lending frenzy. Since it missed the party, it also dodged the ensuing hangover that many Gulf Coast community banks are still trying to shake off.

“We didn't have the problems of other banks in the market, so we're out there making loans,” Caballero tells Coffee Talk. “We're trying to get in front of as many businesses as we can,” particularly those thinking of moving their accounts from much-larger national banks.

Building a relationship with a business often entails waiting around for the right opportunity to lend, Caballero says. Smaller banks must exercise patience and consistency in dealing with businesses, he says, adding that borrowers should demonstrate passion, commitment and a solid financial plan.