Alterra Bank recently was notified of being designated for the Preferred Lender Program by the U.S. Small Business Administration, the agency’s highest lender recognition. Gaining preferred lender status from the SBA gives Alterra quicker turnaround time for its loan applications.
The SBA Preferred Lenders Program (PLP) 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.
“Our customers already enjoy working with our local team of SBA lending experts,” Alterra CEO Pam Berneking said. “Preferred lender status will enhance that experience by providing the fastest turnaround available to SBA borrowers, anywhere.”
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.
Founded in April 2010, Alterra Bank has quickly grown into one of the top SBA lenders in Kansas City. In 2012, the bank made 32 loans worth $17.56 million, and followed that benchmark the following year with 60 loans worth $24.21 million.
“Preferred lender status achievement in just two short years is a testament to our level of service and our customers’ satisfaction with our work,” said Chief Banking Officer Jason Moxness.