SB Financial Group, Inc. (NASDAQ: SBFG) announced recently that it was named as a Preferred Lender with the U.S. Small Business Administration (SBA).
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.
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.
Jon Gathman, Senior Lending Officer of State Bank, added, “Only a select few organizations merit this designation which provides State Bank with a unique and important competitive advantage. As a Preferred Lender we have yet another tool to provide our clients with the capital and liquidity that is critical to their growth with a fast, efficient approval and closing process that meets or exceeds that of our competitors.”
About SB Financial Group
SB Financial Group, Inc. is a financial services holding company with two wholly-owned operating subsidiaries: The State Bank and Trust Company (State Bank) and RDSI Banking Systems (RDSI). State Bank operates through 17 banking centers in seven Northwestern Ohio counties, one center in Fort Wayne, Indiana; and three loan production offices: two in Columbus, Ohio and one in Angola, Indiana. The company is based in Defiance, Ohio. More information is available at their website, www.yoursbfinancial.com.