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SBA Grants Commerce Bank Preferred Lender Status
Worcester – Commerce Bank has been designated as an “SBA Preferred Lender (PLP),” according to an announcement made today by Robert H. Nelson, Massachusetts District Director of the U.S. Small Business Administration. New England SBA Regional Administrator Seth Goodall and Director Nelson co-presented the PLP plaque to Commerce Bank President and CEO Brian Thompson at the official announcement made at the bank’s headquarters in Worcester.
Under the Preferred Lenders Program (PLP), high-volume SBA lenders such as Commerce are delegated loan approval as well as closing and most servicing and liquidation authority, enabling them to make loan decisions more rapidly. The SBA assigns a loan number instantaneously for approved PLP loans submitted by participating lenders. To earn the PLP designation, lenders must establish a successful track record and display a thorough understanding of SBA lending policies and procedures.
“We award Preferred Lender status to lenders who have demonstrated their commitment to small business and have the ability to effectively serve this market,” said Nelson. “With PLP status, Commerce Bank will be able to offer small business customers the full range of SBA loan products as well as a faster and streamlined loan approval process. We are fortunate to have banks like Commerce that are so supportive of small business and SBA.”
“Commerce Bank is pleased and honored to be named an SBA Preferred Lender,” said Thompson. “Earning this designation reflects our dedication to helping our vibrant small business community grow and create jobs through our participation in SBA’s lending programs.”
Commerce Bank is a full-service, FDIC-insured, state-chartered financial institution. Founded in 1955 and headquartered in Worcester, Massachusetts, the Bank offers a comprehensive array of innovative financial solutions including commercial and consumer loans as well as deposit, savings and retirement accounts. These services are available through the Bank’s 16 convenient offices located throughout Central Massachusetts and in Boston.
As of December 31, 2012, Commerce Bank had $1.7 billion in assets. For more information, visit www.BankAtCommerce.com.
The SBA, under its 7(a) Loan Guaranty Program, can guarantee loans up to $5 million. Loans are available for most business purposes, such as to purchase commercial real estate, equipment, and inventory as well as for short-term working capital. The interest rate normally will not exceed 2.75 over the prime lending rate. Maturities are up to 10 years for working capital and up to 25 years for fixed assets. For more information about SBA, visit www.sba.gov/ma.