Mark R. Haranas, president and CEO of MutualOne Bank, announced today that the Bank has been granted Preferred Lender status by the Small Business Administration (SBA).
To achieve this standing under the SBA’s Preferred Lender Program, lenders must have a successful, high-volume SBA performance history, including proficiency in processing and servicing SBA-guaranteed loans, which can range in size up to $5 million. SBA loans can be used to establish a new business or to assist in the acquisition, operation, or expansion of an existing business.
According to Michael Semizoglou, vice president, commercial lending, MutualOne Bank’s experience with SBA loan programs provides a number of distinct advantages for local start-ups and small businesses.
“We are well versed in SBA loan programs, policies and procedures, and being a Preferred Lender allows us to provide expedited loan decisions through immediate consideration and quick responses from the SBA,” he explained.
MutualOne Bank’s SBA loan portfolio includes businesses of all sizes and description, from a variety of industries, says Semizoglou.
“SBA loans are particularly advantageous for businesses that may not qualify under the Bank’s normal lending criteria,” added Semizoglou.
“In many instances, an SBA loan is the perfect answer for the small business community,” he said.