June 12, 2014 — Bristol County Savings Bank (BCSB), headquartered in Taunton, Massachusetts, has been designated as an “SBA Preferred Lender,” according to an announcement made today by Robert H. Nelson, Massachusetts District Director of the U.S. Small Business Administration.
Under the Preferred Lenders Program (PLP), high-volume SBA lenders such as Bristol County Savings are delegated loan approval as well as closing and most servicing and liquidation authority, enabling them to make loan decisions more rapidly. The SBA generally assigns a loan number instantaneously for approved PLP loans submitted by participating lenders. To earn the PLP designation, lenders must establish a successful track record and display a thorough understanding of SBA lending policies and procedures.
“We are delighted to name Bristol County Savings Bank as our newest SBA Preferred Lender,” said Nelson. “PLP status is the highest lending designation granted by the SBA and we carefully select those we partner with at this level. Congratulations to the entire small business team at BCSB for achieving this status.”
“Bristol County Savings Bank is thrilled that the SBA recognizes our successful track record of lending to small business and has awarded the bank 'SBA Preferred Lending status'. The designation of 'SBA Preferred Lender' was tantamount for the bank to fulfill its mission to efficiently service the small business customers in our communities. The enhancement of an SBA guarantee, combined with the ability to provide rapid loan decisions, will allow many area businesses the access to funds not previously available,” said Leonard Sullivan, First Executive Vice President and Senior Loan Officer for BCSB.
The 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. The interest rate normally will not exceed 2.75 over the prime lending rate. Maturities are up to 10 years for working capital and up to 25 years for fixed assets. For more information about SBA loan programs, visit www.sba.gov.
Bristol County Savings Bank Background Information:
Bristol County Savings Bank, founded in 1846, is a full-service financial institution offering commercial lending, personal and business banking, and mortgage services. The Bank’s Financial Advisory Services division has successfully assisted businesses, individuals and non-profits with the management of their assets since 1989. In addition, the Bank also offers quality property and casualty insurance options for its customers through its majority-owned insurance partner, FBinsure.
The Bank’s steady growth and expansion has resulted in $1.5 billion in assets and over 400 employees in southeastern Massachusetts and Rhode Island. The key words at Bristol County Savings Bank are: "Commitment, Stability, and Community," values that are combined with state-of-the-art technology to meet the needs of its customers. A dedicated local community bank for over 167 years, Bristol County Savings Bank is actively involved in giving back to all the communities it serves both through financial support and the volunteerism of its people.
The Main Office and Corporate Headquarters of Bristol County Savings Bank are located on Broadway in Taunton, Massachusetts. For additional information, please call 508-824-6626 or visit www.bristolcountysavings.com.