Contacts: Shirah Apple (414) 297-1096/rachel.apple@sba.gov
MILWAUKEE–-1st National Bank in Berlin is now a U.S. Small Business Administration Preferred Lender, giving it the authority to process, close, service and liquidate most SBA-guaranteed loans without prior review. For borrowers, this means faster service.
“The Preferred Lender designation recognizes 1st National Bank of Berlin’s proficiency with SBA lending and makes SBA loans more accessible for small businesses,” says Eric Ness, SBA’s Wisconsin district director. “As a member of our Preferred Lender Program, 1st National is now even better equipped to support Wisconsin’s small business growth.” The bank approved 11 SBA loans totaling $1.7 million during the fiscal year ending September 30, 2015. 1st National Bank holds approximately $375 million in assets and employs 100 people throughout Wisconsin. It is the state’s second-oldest nationally chartered bank.
SBA loans continue to save borrowers money on fees. For the third consecutive year, SBA has eliminated fees on loans $150,000 and under made through its primary 7(a) lending program. In the past two years, nearly 1800 Wisconsin borrowers have saved $1.7 million in loan fees. Military veterans, transitioning service members and some family members can also save 50 percent on fees on 7(a) loans $150,001 to $5 million through September 30, 2016. SBA Express loans to veterans, which have a 50 percent guarantee, also have had their up-front fees eliminated. SBA 504 fees have also been reduced in FY2016.
For more information on SBA lending in Wisconsin with 1st National Bank, contact David Mills, 608.286.3903 or dmills@myfirstnational.com. For more information on SBA resources in Wisconsin, go to www.sba.gov/wi.
