Not in Fairfield County?
August 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Patriot Bank receives fed blessing to streamline small-business loan process

Patriot Bank, headquartered in Stamford, has been designated a “Preferred Lender” by the U.S. Small Business Administration (SBA), allowing it to process, close and service most SBA-guaranteed loans without prior SBA review.

Under the Preferred Lenders Program (PLP), SBA lenders such as Patriot are delegated loan approval as well as closing and servicing authority, enabling them to make loan decisions more rapidly.

To earn the PLP designation, Patriot had to demonstrate a successful track record with SBA-guaranteed small-business loans and a detailed understanding of SBA lending policies. Patriot became an SBA-approved lender in 2017.

“When we started facilitating SBA-guaranteed small-business loans, we always intended to offer our customers the absolute best quality of service available, from the start of the application to the ultimate success of the company,” said Patriot President Richard Muskus Jr. “As a Preferred Lender, we will continue to provide support for many more small businesses that want to build themselves and contribute mightily to our economy.”

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. Maturities are up to 25 years for commercial mortgages and up to 10 years for all other purposes.