LOS ANGELES--(BUSINESS WIRE)--American Business Bank (OCTBB: AMBZ), today announced its receipt of Preferred Lenders Program (“PLP”) participant status with the U.S. Small Business Administration (“SBA”).
“Our receipt of this status is a testament to the dedication of our outstanding team toward building and expanding a best in class SBA lending platform that supports entrepreneurial achievement in our communities. Importantly, it furthers our lending power to drive small business development and job growth throughout our region,” said Leon Blankstein, President and Chief Executive Officer at American Business Bank.
The Preferred Lenders Program was created by the SBA to streamline procedures and for quick processing of applications in order to provide financial assistance to small businesses. PLP lenders are approved based on their past record with the SBA and must have demonstrated a proficiency in originating, processing and servicing SBA-guaranteed loans.
“American Business Bank is proud to be a PLP lender, which is the highest bank designation granted by the SBA and is reserved only for top tier bank lenders,” said Stephen Pihl, Regional EVP and SBA Department Manager.
American Business Bank’s lenders have an average of twenty years of experience in helping small businesses through SBA loan programs. Benefits of SBA loans include lower down payments and longer repayment terms than conventional bank loans, enabling small businesses to keep their cash flow for operational expenses and spend less on debt repayment. The Bank’s website at www.americanbusinessbank.com provides more information about the types of loans offered and the SBA loan application process.
AMERICAN BUSINESS BANK headquartered in downtown Los Angeles offers a wide range of financial services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. The Bank has opened four Loan Production Offices in strategic areas including our Orange County Office in Irvine, our South Bay Office in Torrance, our San Fernando Valley Office in the Warner Center, and our Inland Empire Office in Ontario.