LAFAYETTE, Calif.--(BUSINESS WIRE)--California Bank of Commerce (OTCQX:CABC) announced today it has been designated as an “SBA Preferred Lender,” according to an announcement made today by Linda Reilly, Acting Director of the Office of Financial Assistance, U.S. Small Business Lending Administration, (SBA). The designation of PLP is the highest Bank designation granted by the SBA and is reserved for top tier bank lenders. To earn the PLP designation, banks must establish a successful track record and display a thorough understanding of SBA lending policies and procedures.
"We are delighted to receive this designation after forming our SBA division three months ago," noted Chris Morin, EVP and South Bay President for California Bank of Commerce. "It is a testament to the experience and knowledge of our SBA Lending Division.”
Under the Preferred Lenders Program (PLP), SBA lenders such as California Bank of Commerce are delegated loan approval, closing, and servicing authority by the SBA. This authority allows California Bank of Commerce to make SBA loan decisions and close loans more rapidly, which enables borrowers to meet time sensitive deadlines.
“California Bank of Commerce is pleased and honored to be named an SBA Preferred Lender,” said Winston Bandong Sr., Senior Vice President and Manager of the Bank’s SBA Lending Division. The SBA Lending Division is located in Fremont and is building a team of SBA lenders to service a broad geographic territory. “Earning this designation and building our SBA division reflects California Bank of Commerce’s dedication to helping the entire business community, financing growth from young to mature companies throughout our communities,” said Bandong.
About California Bank of Commerce
California Bank of Commerce was designed and built to provide a unique banking experience for its clients. The Bank offers a broad range of commercial banking services to closely held businesses and professionals throughout the San Francisco Bay Area. For more information on California Bank of Commerce and our unique banking experience, call us at (925) 283-2265, or visit us at www.californiabankofcommerce.com.
