Put our expertise to work for your business.
Under the Preferred Lender Program (PLP), high-volume SBA lenders such as Middlesex Savings Bank are delegated loan approval, closing and most servicing. The SBA awards Preferred Lender status to lenders who have demonstrated their commitment to small business and have the ability to effectively serve this market. It's a vote of confidence by the SBA in our ability to underwrite loans in compliance with the SBA standards and guidelines, and recognition by the SBA that we’re a leader in SBA lending programs.
With PLP status, we offer small businesses the full range of SBA loan products, as well as a streamlined, and more responsive loan approval process. As a preferred lender, we make the credit decision on behalf of the SBA.
The SBA, under its 7(a) Loan Guaranty Program, can guarantee loans up to $2 million. Loans are available for most business purposes, such as to purchase commercial real estate, equipment, and inventory as well as for permanent and short-term working capital. The interest rate is not to exceed 2.75% over the prime-lending rate. Maturities are up to 10 years for working capital, and up to 25 years for fixed assets.
For more information about our SBA program, please call John Fossett, Senior Vice President, at (508) 315-5415.
|
