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Legacy Receives Two Recognition's from the SBA - February 13, 2008
PITTSFIELD – Legacy Banks has been recognized with two honors from the Small Business Administration. During Fiscal Year 2007, the SBA named Legacy Banks the Number One Lender to Women. The award is provided to the financial institution, which approves the highest percentage of total SBA loans to women. In 2007, 38.5% of the SBA loans approved by Legacy were for women-owned businesses.
Additionally, Legacy Banks has been approved for the SBA Preferred Lender Program (PLP), which greatly streamlines the procedures necessary to provide financial assistance to the small business community. According to Steven Pierce, Legacy Banks’ Executive Vice President of Lending, the designation will allow Legacy to process SBA loan applications more quickly and easily. “We thank the SBA for their confidence in Legacy Banks as an SBA preferred lender. In Berkshire County and our new rural New York communities, small enterprises make up the majority of the new business community, and the programs offered by the SBA help us lend to those who may otherwise be considered ineligible.”
Under PLP, the SBA delegates loan approval, closing, and most servicing and liquidation authority and responsibility to carefully selected lenders. PLP lenders are nominated based on their historical record and must have demonstrated a proficiency in processing and servicing SBA-guaranteed loans.
Robert H. Nelson, the Massachusetts SBA District Director, commended Legacy on its dedication to the small business industry saying, “Legacy Banks has demonstrated their commitment to small business and has proved that they have the ability to effectively serve this market. With PLP status, Legacy Banks will be able to build on the momentum they have established over the past few years by offering small business customers the full range of SBA loan products as well as streamline and speed up the loan approval process.” |
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