North Brookfield Savings Bank has recently been named by the U.S. Small Business Administration (SBA) as a member of their Preferred Lender Program (PLP). As a PLP lender, the bank is granted authority to issue SBA guaranteed loans without prior SBA review or approval, enabling them to provide faster loan approval for their business customers.
The bank is a full service mutual savings bank with more than $200 million in assets, which is based in North Brookfield MA and was founded in 1854. Tony Piermarini serves at the bank’s Senior Vice President and Senior Commercial Loan Officer who directs the bank’s business lending activities. Rick Egan and Bryan Kaye are the bank’s principal SBA lending officers.
The bank operates three full-service branch offices other than the main bank in North Brookfield, located in Belchertown, Palmer and West Brookfield. Donna Boulanger serves as President and CEO of the bank. The bank has received a Five Star Superior Bank rating from Bauer Financial for 74 consecutive quarters.
The SBA Preferred Lenders Program is part of the agency’s efforts to streamline procedures necessary to provide financial assistance to the small business sector. Under this program, SBA delegates full credit decisioning, and most servicing and liquidation authority, to select lenders with a proven track record of SBA participation.
Business lenders are considered for PLP status only after demonstrating a proficiency in processing and servicing SBA-guaranteed loans. In the case of borrower loan payment defaults, PLP lenders are required to directly process all enforcement actions ahead of requesting SBA guaranty reimbursements.