First California Bank has announced that the US Small Business Administration (SBA) has approved the bank under its Preferred Lender Programme (PLP).
Preferred lenders are chosen from among the SBA's best lenders and enjoy full delegation of lending authority. The PLP status will allow the bank to offer a streamlined lending programme to help qualified businesses obtain financing when they may not be eligible for business loans through normal lending channels. Preferred loans account for more than 10 per cent of SBA loans.
The SBA offers numerous financing programmes to assist small businesses as guarantor of loans made by banks and other institutions. The SBA has been assisting businesses with their financing needs since 1953.
Source: Business Wire
