First State Bank Gains SBA Preferred Lender Status; Now Offers Streamlined Small Business Loan Approval Process
(St. Clair Shores, Mich.) March 17, 2011 – First State Bank is pleased to announce our recent approval from the federal Small Business Administration (SBA) as a Preferred Lender under the SBA’s Preferred Lender Program (PLP). Designed for lenders who generate high numbers of SBA loans, the program offers a streamlined paperwork process to small business owners who apply for an SBA loan through First State Bank.
“The approval of First State Bank as a Preferred Lender is an exciting development for the business community of Macomb County,” said Eugene C. Lovell, CPA, President and CEO of First State Bank. “As the #1 SBA lender based in Macomb County, the new Preferred Lender status means that local entrepreneurs will gain access to loans more quickly, ensuring that crucial capital is available for equipment, inventory, building or land purchase, or to support growth.”
Al DeFlaviis, Senior Vice President of Commercial Loans at First State Bank went on to comment, “Many businesses can qualify to apply for an SBA loan, more than 90% of businesses are considered small by SBA standards. In general to qualify for an SBA loan, a business must be owner-operated, for profit, and organized as a sole proprietorship, partnership or corporation.”
First State Bank offers a wide array of SBA loans including 7(a) loans, that encompasses SBAExpress and Patriot Express, which provide financial assistance to businesses that wish to expand, acquire another business, purchase equipment or other designated purposes. First State Bank also provides 504 loans, which are fixed-rate, long-term financing options used to acquire major fixed assets for modernization or expansion.
Along with the growth in SBA lending, First State Bank is also expanding its mortgage lending services and continues to add staff to support this expansion.
“We see the potential for significant growth in our mortgage loan business in 2011,” said Marc Reneau, Head of the Mortgage and Consumer Loan Department for First State Bank.
First State Bank is headquartered in St. Clair Shores, Michigan. With over 93 years of service and $585 million in assets, FSB serves Macomb County with 11 branch offices located in Chesterfield Township, Clinton Township, Eastpointe, Macomb Township, Richmond, St. Clair Shores, Sterling Heights, and Washington Township, and a recently opened Loan Center in Sterling Heights located at 16 Mile and Mound Road. For more information, please visit www.thefsb.com or call 866-372-1275.