There are many factors to consider when evaluating potential lending partners for your SBA loan. One of the most important factors is one you might not have thought of – Does the lender have Preferred Lender Status with the SBA?
This designation is given by the SBA to lenders, like FNB Small Business Finance, through their Preferred Lender Program. These lenders have demonstrated expertise in SBA lending and have a history of efficiently processing and servicing SBA loans.
But what does the Preferred Lender Status mean to you as a borrower?
Quicker approval time: Non-preferred lenders with the SBA are required to send a borrower’s application to the SBA for final approval, which can delay turnaround times. The Preferred Lender Program expedites this process and grants preferred lenders the ability to make credit decisions and approve loans on behalf of the SBA. This means that you may have quicker access to the funding that you need to achieve your goals.
Loan process experts: Since Preferred Lenders are known to efficiently process and service SBA loans, you can be sure they have a thorough understanding of the loan process. At FNB Small Business, we have a consistent process that we follow with every small business owner. From helping you gather initial documents to walking you through closing and funding disbursement, we are here with you every step of the way.
Proven experience and performance: The Preferred Lender Status is awarded to lenders who are proven SBA lending experts. Our team at FNB Small Business Finance is made up of 45 staff members solely dedicated to SBA lending. With several decades of experience, we’ve partnered with countless small business owners of different backgrounds and financial needs. This experience allows us to create an SBA financing solution that is customized to you and your business goals.
At FNB Small Business, we are proud to be a Preferred Lender with the SBA and use our expertise to ensure your SBA loan experience is as smooth as possible. If you’re ready to get the loan process started, reach out to one of our Business Development Officers today!
