NBT Bank Approved As SBA Preferred Lender
SYRACUSE, N.Y.--- U.S. Small Business Administration (SBA) Syracuse District Director Bernard J. Paprocki announced today that NBT Bank has been approved as an SBA Preferred Lender under the agency’s Preferred Lender Program.
In making the announcement, SBA Syracuse District Director Bernard J. Paprocki said, “Only the most active and expert lenders qualify for SBA's premier streamlined lending program. We are pleased to add NBT Bank to our list of Preferred Lenders. This status will allow them to assist even more small businesses in communities where they have a presence.”
Under the SBA Preferred Lenders Program, NBT Bank has been delegated authority by the SBA to approve loans, resulting in faster service to local small business owners in need of capital. The most experienced lenders are designated as PLP Lenders and delegated the authority to process, close, service, and liquidate most SBA guaranteed loans without prior SBA review. With this new lending authority, SBA has authorized NBT Bank to make the credit decision without prior SBA review on most actions.
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