Release Date: January 30, 2015
Contacts: Shirah Apple (414) 297-1096/[email protected]
Internet Address: http://www.sba.gov/wi
Designation For Madison Office Expedites Loan Processing for Borrowers
Madison–-First Business Bank in Madison is Wisconsin’s newest U.S. Small Business Administration Preferred Lender, the SBA’s Wisconsin District Office announced today. The Preferred Lender Program (PLP) gives First Business 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 First Business to the list.”
The Badger State is home to 50 SBA-designated PLP lenders. For the second consecutive year, SBA has also eliminated borrower’s fees on loans $150,000 and under made through its primary 7(a) lending program. In FY2014 this program saved 815 Wisconsin borrowers an average of $900 dollars—more than $729,000 statewide. In addition, military veterans and their spouses may access a 50% fee reduction on 7(a) loans $5 million and under and up-front fee elimination on Express loans up to $350,000.
For more information on First Business’ SBA lending, contact Matt Karnick, Vice President for Business Development, at 608-232-5926 or [email protected] For a list of Wisconsin PLP lenders, go to www.sba.gov/wi.