Adams Community Bank Receives SBA Preferred Lender Status
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ADAMS, Mass. — Adams Community Bank has been designated a Preferred Lender through the U.S. Small Business Administration's (SBA) Preferred Lender Program (PLP).
Adams Community Bank's designation as a preferred lender places the Bank among the SBA's best lenders and empowers the Bank with fully delegated lending authority.
"I'm proud of the efforts our commercial lending team has exerted to attain the SBA's Preferred Lender status," said bank President and CEO Charlie O'Brien. "Their hard work and dedication are unmatched, and this designation supports that."
The status is only given to banks with a history of successfully processing and servicing SBA-guaranteed loans. Other factors considered include performance, loan volume, and explicit knowledge of SBA policies and procedures.
Advantages include control over the approval process, which can cut 4-6 weeks off of an SBA loan's turnaround time and more flexible terms and conditions.
"The SBA's Preferred Lenders Program (PLP) allows experienced lenders such as Adams Community Bank to provide delegated loan approval as well as closing and most servicing and liquidation authority," said SBA District Director Robert Nelson.
"In order to earn this designation, our lenders must establish a successful track record and demonstrate a thorough understanding of SBA lending policies and procedures. Congratulations to Adams Community Bank for achieving this level of status and distinction from the SBA!"
The status term lasts two years, and then the lender must go through a recertification process.
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