Contacts: Shirah Apple (414) 297-1096/414-841-7013
rachel.apple@sba.gov
MILWAUKEE–-Westbury Bank is Wisconsin’s newest U.S. Small Business Administration Preferred Lender, the SBA’s Wisconsin District Office announced today. The Preferred Lender Program (PLP) designation gives the bank the authority to process, close, service, and liquidate most SBA-guaranteed loans without prior review. The result for borrowers is faster processing.
“Only SBA’s most capable lenders receive the PLP designation,” says Eric Ness, Wisconsin District Director for the SBA. “We’re pleased to add Westbury to the list.”
Wisconsin is home to 48 SBA-designated PLP lenders with branches throughout the state. This year, SBA has also eliminated fees on loans $150,000 and under made through its primary 7(a) lending program, reducing borrowers’ costs an average of $950. To date, Wisconsin borrowers have saved more than half a million dollars in SBA loan fees.
For more information on Westbury Bank’s SBA loans, contact Joe Schaefer, Vice President, Commercial Lender at Joe.Schaefer@westburybankwi.com or 262-439-3338. For a list of SBA PLP lenders in Wisconsin, go to www.sba.gov/wi.
