Monterey, CA - The U.S. Small Business Administration today announced that 1st Capital Bank, headquartered in Monterey was approved as a Preferred Lender under its Preferred Lender Program (PLP). Small businesses throughout the Central Coast are able to receive quicker answers on applications for Small Business Administration (SBA) loan assistance when submitting loans with 1st Capital Bank. The designation as a PLP Lender allows 1st Capital Bank special authorization to internally underwrite and approve SBA business loans.
The bank’s authorization to participate in SBA’s Preferred Lenders Program was announced by Carlos G. Mendoza, District Director of the SBA Central California district office in Fresno. PLP status is the highest lending designation granted by the SBA and is only granted to its most experienced lenders.
“SBA clearly has a strong lending partnership with 1st Capital Bank,” said SBA District Director Carlos G. Mendoza. “With this delegation we are confident that the Bank will be able to expand its SBA lending program and continue providing an exceptional level of customer service to their business clients.”
“This is a result of hard work and the Bank’s commitment to provide local businesses with the funding needed to grow their business,” noted Michael Jennings, Vice President, 1st Capital Bank. “We consider SBA lending as a core business for the Bank. The SBA application process is streamlined which allows us to qualify a potential borrower, complete the documentation and fund the loan within a relatively short time period,” concluded Jennings.
1st Capital Bank is a locally owned and managed bank focused on providing lending, deposit and highly efficient cash management services such as remote deposit and online banking for small to medium size businesses and also offers specialized banking services for businesses in the healthcare industry. The Bank is a full service financial institution with branches located in Monterey, Salinas and King City. The Bank’s corporate offices are located at 5 Harris Court, Building N, Suite 3 in Monterey. For additional information on obtaining a SBA loan through 1st Capital Bank, please contact (831) 540-4087 or visit the bank’s website at www.1stcapitalbank.com.
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