In partnership with the Small Business Administration (SBA), a federal government agency, Independent Financial offers special lending opportunties for entrepreneurs and growing companies.
Independent Bank holds Preferred Lender Program (PLP) Status
Building strong, healthy communities is a cornerstone of our business. Independent Bank holds Preferred Lender Program (PLP) status from the Small Business Administration (SBA). This elevated relationship with the SBA makes it even easier to develop lending programs that can energize local businesses, support innovation and meet the needs of entrepreneurs. The process is much faster, and less cumbersome than it was in the past.
Preferred lenders are chosen from among the Small Business Administration's (SBA) best lenders and enjoy full delegation of lending authority. This status dictates that your loan will not have to be approved directly by the SBA, only by the funding bank.
Independent Bank SBA loans include:
The 7(a) loan program offers the most open-ended terms and qualifications. Business owners can secure 7(a) loans for a variety of business purposes. With this program, you can borrow up to $5 million in funds. Borrowers can use this capital for equipment and real estate purchases, working capital, basic startup costs, or even debt refinancing.
SBA Express loan gives borrowers an expedited turnaround time for faster decisions. Our SBA Express loan follows the same general standards as the 7(a) loan program, with exceptions.
The SBA 504 loan program fits a specific loan purpose—namely major fixed asset purchases such as large equipment purchases, land improvements, or the purchase or renovation of an existing piece of property.
Preferred Lender Status
PLP was developed to reward experienced lenders by:
- Streamlining and adding flexibility to the loan application and servicing requirements
- Expediting loan approval and other SBA decisions
- Allowing lenders to originate and service guaranteed loans the way they do other loans in their portfolio.
Lenders with “preferred” status have broad authority in making and servicing SBA guaranteed loans and can utilize their own underwriting and servicing policies.
If you are considering a SBA loan, speak to one of our expert bankers today. Contact the nearest location.