First Port City Bank Earns Preferred Lender Status From Small Business Administration (SBA) (10/20/2020)
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.
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.
