First Port City Bank Earns Preferred Lender Status From Small Business Administration (SBA)

BAINBRIDGE, Ga., Oct. 20, 2020 /PRNewswire/ -- First Port City Bank (FPCB), Bainbridge, Georgia, is pleased to announce it has been granted Preferred Lender (PLP) Status by the Small Business Administration (SBA), the highest bank designation reserved for top-tier lenders. The Preferred Lender status provides First Port City Bank with the authority to process, close, service and liquidate most SBA-guaranteed loans without prior review to provide faster financing to the small business community.

"Earning the SBA Preferred Lender designation is an important achievement as we continue to enhance our capacity to provide growing small businesses with lending options they need," said Scott Ewing, President & CEO, First Port City Bank. "First Port City Bank is now able to offer small business customers a faster and more streamlined loan approval process."

The Preferred Lenders Program (PLP) was created by the SBA in an effort to streamline lending procedures and the approval process needed to provide financial assistance to the small business community. To earn the designation, lenders must demonstrate a high proficiency in processing and servicing SBA-guaranteed loans and a thorough understanding of SBA lending procedures and policies.

SBA loans have many key benefits that make them an attractive option for small businesses compared to conventional loans, such as:

• Loan amounts up to $5 million
• As little as 10% down on commercial real estate
• Flexible disbursement schedules
• Financing for loan closing costs

Small Business owners can utilize SBA funding for a variety of needs, including:

• Purchasing Owner-Occupied Commercial Real Estate
• Business Expansion or Acquisition
• Franchise Financing
• Partner or Management Buyout
• Financing New Businesses
• Inventory Purchases
• Debt Refinancing
• Working Capital
• Cover Start-up Costs
• Equipment, Machinery, Furniture, etc.

SOURCE First Port City Bank

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